TheStreet.com media critic Marek Fuchs writes Monday that business journalists have taken Citigroup’s statement that its earnings would return to normal next quarter hook, line and sinker.
“In a week in which the news from banks helped drive the stock market to new heights, Citigroup’s clever claim was, as is custom, reported by a business media operating in their default mode — as stenographers. We’ll review a few examples of the business media taking dictation from a company that wouldn’t even take their questions. Then we’ll get to the work of one particular journalist — Herb Greenberg — who guides you on how to truly regard the big, reeling bank’s pre-recorded words.
“Normal is as normal does for The Associated Press, who in their just-the-fact’s-ma’am mode was not able to do anything but regurgitate Citibank’s claim. They wrote:
‘The nation’s largest financial institution warned that third-quarter profit will fall because of subprime mortgage and credit market exposure, but said the current period should see a return to more normal earnings levels.'”
Read more here.
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