Biz media help oust Merrill Lynch CEO

Jack Flack writes on the Conde Nast Portfolio web site that the business media has been used to help force out Merrill Lynch CEO Stan O’Neal, who is expected to resign soon.

Flack wrote, “While some lauded the NYT’s Wachovia scoop, the story was undoubtedly delivered into the laps of Jenny Anderson and Landon Thomas Jr. by a strategic leak from those who have suffered from O’Neal’s harsh actions.

“Whipping itself up into a echo-chamber frenzy, the business journalism community has made huge assumptions based the slightest of facts, all attributed to unidentified sources. ‘O’Neal angered the board by talking to Wachovia… O’Neal has told friends he’s gone in days… the board talked about specific replacements.’

“Read those stories closely, and it becomes clear that one angry board member could easily drive the dialogue if he was willing to risk working the press.

“And from a reporter’s viewpoint, who cares if you’re being used if you can weave a perceived scoop from a fact or two from a legitimate source, particularly when that scoop fits within the hot drama of the week? And besides, sticking to the espoused story preserves your sources, who will take their whispers elsewhere if you make them part of the story.”

Read more here.