Categories: OLD Media Moves

Columnist responds to criticism of banking coverage

Houston Chronicle business columnist Loren Steffy responded Wednesday to criticism of business journalists by a regulator on how the banking crisis is being covered.

Steffy writes, “Earlier this week, John Reich, who heads the Office of Thrift Supervision — a bureaucracy that inherited some of the FHLB’s responsibilities — deemed media coverage of the banking burnout ‘reprehensible’ in a speech to an industry conference in Florida this week.

“He blasted reporters for ‘staking out’ banks, interviewing customers and stoking public fears, saying journalists were ‘seemingly oblivious to the fact that they could drive otherwise healthy banks to fail and push troubled institutions away from potential solutions toward ruin.’

“Banks shouldn’t fail just because someone asks questions. If they do, consumers have reason to be worried, even if their deposits are insured.

“Maybe he doesn’t read his own signs. ‘Supervision’ is part of his office’s name.Yet where was the supervision of IndyMac Bank, a California thrift that failed this month, and other home lenders who were doling out loans to borrowers who didn’t deserve them?”

Read more here.

Recent Posts

Dow Jones reports slight increases in revenue, earnings

Dow Jones & Co., the parent of The Wall Street Journal, MarketWatch.com, Barron's and Investor's…

8 mins ago

The Independent hires Baragona as senior reporter

The Independent has hired Justin Baragona as a senior reporter. He will be covering the intersection of…

2 hours ago

Econ Reporting Hardship Program sets up Ledbetter Fund

Author and editor James Ledbetter was a beloved friend, Economic Hardship Reporting Project Board member…

3 hours ago

FT names Brower US news editor, Edgecliffe-Johnson departing

Financial Times editor in chief Roula Khalaf sent out the following on Friday: Hello everyone I'm pleased…

3 hours ago

WSJ’s Brown is leaving publication

Ken Brown of The Wall Street Journal is leaving the news organization. He is an…

24 hours ago

Jones will not seek another Dow Jones News Fund board term

Dow Jones News Fund President Brent W. Jones announced at the nonprofit journalism training organization’s…

1 day ago