Categories: OLD Media Moves

Weiss: CJR Daily gets it flat wrong on WSJ piece

Gary Weiss, the author of Wall Stret versus America, complains mightily on his blog tonight about how the CJR Daily web site makes some unfounded complaints about a Wall Street Journal article focusing on Warren Buffett‘s gift of $37 billion on Berkshire Hathaway stock to the Gates Foundation.

Weiss noted that the story from the Journal was a “Heard on the Street” column that focused on the impact of Berkshire’s stock price. Yet, the CJR Daily, a blog about journalism run by the Columbia Journalism Review, failed in the most basic understanding of how business journalism works.

The CJR Daily’s critique was this: “Is it because the Journal’s sources actually stand to profit from the very fluctuations they claim to fear (and profit even more if they can whip up some market hysteria with an article in a prominent business newspaper)? We can only speculate, but there is no doubt that there is a deeply cynical strain of business reporting that has come to reduce everything to numbers, seemingly blind to the reality that business affects people — real lives that are either trampled or uplifted depending on the decisions of market players like Buffett.”

And Weiss replied: “Jumping butterballs! What is wrong with these people? There is absolutely nothing in the article suggesting that dark, nefarious market players were feeding info to the Journal, hoping to ‘profit’ from ‘market hysteria.’ Besides, it is beyond me how a story like this, a story so non-earthshaking, could whip up ‘hysteria’ for a stock as large as Berkshire.

“But that’s not what I find bizarre. The obvious answer to the ‘why write it’ was that an editor assigned it or that a reporter thought, with good reason, that it was a good story. For the CJR website to allege, without evidence, that a couple of Journal reporters (this was a joint byline) were manipulated by market players is just… it’s just… yecch. (Oh, and full disclosure: I have never met either Journal reporter.)

“The CJR Daily piece concludes with this sanctimonious cheap shot: ‘Maybe one day the folks on Wall Street will come to realize that good deeds add value, and maybe the journalists who cover that beat will report on the perfect negative correlation between the rise in Berkshire’s stock and the demand for tasteless fortresses and marble statuary in Greenwich, CT.’

“There are plenty of reasons to find fault with financial journalism. I criticize the media severely in my book for touting investment managers and being overly deferential to hedge funds, among other things. But this kind of snarky article seems only to prove that the folks at CJR Daily are having a hard time filling space.”

Read more here. Weiss makes a good argument.

View Comments

  • CJR Daily responded with two posts, one anonymous and the other by an AME, that are unimaginable arrogant and naive at the same time. Amazing that these people hold themselves out to be media critics. They have no credibility whatsoever.

Recent Posts

Dynamo hires former Business Insider executive editor Harrington

Former Business Insider executive editor Rebecca Harrington has been hired by Dynamo to be its…

19 hours ago

Bloomberg TV hires Kerubo as desk producer

Bloomberg Television has hired Brenda Kerubo as a desk producer in London. She will be covering Europe's…

20 hours ago

Jittery CNBC staff reassured by new boss

In a meeting at CNBC headquarters Thursday afternoon, incoming boss Mark Lazarus presented a bullish…

20 hours ago

Making business news accessible to a wider audience

Ritika Gupta, the BBC's North American business correspondent, was interviewed by Global Woman magazine about…

20 hours ago

Rest of World hires Lo as China reporter

Rest of World has hired Kinling Lo as a China reporter. Lo was previously a…

21 hours ago

Bloomberg rises to No. 7 biz news website

Bloomberg News saw strong unique visitor growth to its website in October, passing Fox Business…

21 hours ago