The Deal executive editor Yvette Kantrow slams business media outlets for their hysterics surrounding the financial troubles of lenders, including Fannie Mae and Freddie Mac.
“With the exception of Burrough’s Bear piece, the media has managed to steer clear of blame for fanning any financial flames, but that’s not likely to last. After all, others might engage in rumor and speculation, but it’s the media that reports it. And fingers are beginning to point. Howard Glaser, a ‘media go-to guy’ on Freddie Mac and Fannie Mae whom Politico revealed to be on the mortgage companies’ payroll, has accused the Bush administration of making up stories about the lenders and leaking them to the press. Glaser was particularly incensed by a page 1, July 11 story in The New York Times that said the government was considering a takeover of the two mortgage giants. ‘That was an extraordinarily damaging story, and it wasn’t true,’ Glaser told Politico.
“It’s curious that Glaser would go after what was clearly a catchup story for the Times. One day earlier, the WSJ had its own front-pager on the government making contingency plans for Fannie and Freddie.”
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