Categories: OLD Media Moves

The real problem with CNBC

Cenk Uygur, the host of “The Young Turks” radio show, writes on The Huffington Post what he perceives to be the main problem with business news network CNBC‘s coverage.

Uygur writes, “The CNBC reporters and anchors make the Bush press corps look like draconian inquisitors. They are obsessed with access. This is a problem with all of the media, and something Jon Stewart points out all the time. But it is particularly acute at CNBC (and all other business news channels).

“I have a close friend who works at a business news station — and here is the worst kept secret in show business — it’s all about the access. If you piss off the CEOs or the companies, you’re going to get a call from your boss. You have jeopardized our relationship with them!

“That is very thinly disguised code words for — don’t ever say anything negative about a company we cover otherwise your job is in the trouble. The message is clear — go along to get along. This isn’t journalism. It’s public relations by another name.

“CNBC never did any exposes about the enormous risks these financial companies took. They never exposed the insanity of the derivatives market. And they never told their audience that the executives of these companies have been robbing their shareholders blind. Because they didn’t see that as their job. They saw their job as doing whatever it took to keep Wall Street happy and playing ball with them.”