Overstock.com CEO Patrick Byrne believes that the business media is contributing to corruption in the stock markets, according to a speech he gave earlier this week at the University of Utah.
“‘The institutions that mediate our social discourse have been captured by powerful private interests,’ he said, adding his claim that ‘hedge funds manipulate the financial press.’
“The dot-com business, Byrne said, has been the overrun by a small group of broker-dealers and hedge-fund operators. That corruption has been protected by a small group of journalists ‘who don’t understand what they’re doing,’ he said.
“Former Columbia Journalism Review employee Mark Mitchell said he is close to releasing an article detailing a similarly corrupt media presence in what he calls the ‘single biggest scandal in American journalism.’ He said the crooks on Wall Street are real, and that they pose a complex problem, not only for the struggling businesses they are taking down, but for all of America.”
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