Impact on financial reporters for ignoring subpoenas
Louis Victor is wondering about the effects on business journalists in response to the reporters who were subpoenaed by the SEC because he says they incorporate their opinions into what they write or state about companies.
Victor writes: “If this weighs down the stock then who is to blame then, Overtstock.com or the financial reporters that found issues with their earnings?
“Jim Cramer, Herb Greenberg and Carol S. Remond should come out fine from this but what does this mean for financial reporting, are financial journalist going to be restricted from giving their opinions or insights that are an asset to the investment community?
“Let’s hope not because the insight that is given from journalist have exposed some of the biggest scandals in the financial industry history, like Enron, Worldcom and Health South.
“So we will see how this develops in the coming weeks.”
Read Victor’s post on the NAMCE wire here.