Rupert Murdoch came out swinging at today’s meeting in New York when
Crikey detailed the extraordinary claims made by Deutsche Bank’s former
News Corp analyst Mike Mangan on Eureka Report last week. The summary
presented to the meeting went as follows:

1995: First downgrade from buy to hold sparked a call from News Corp in which he was “abused, insulted and sworn at”.

1998:
Second downgrade from “buy” to “hold” and News Corp called his boss
claiming he was “unprofessional” and jeopardising any corpoate
relationship and fees for Deutsche Bank.

2000: Sell recommendation when stock was at $A56 in today’s terms led to News calling Mangan’s boss and asking that he be moved.

2005:
Another sell recommendation and he was retrenched, albeit after
rejecting an offer to be Deutsche’s New York-based media analyst.

Asked
if he would respond to these serious allegations and then spell out a
company policy going forward in light of the reforms on analyst
independence pushed though by New York attorney general Eliot Spitzer,
Rupert fired right up:

“They are very serious allegations and
they are total fiction…from a guy who is not in a job,” he declared.
“When in public life you’ve got to put up with these fictions.”

Peter Fray

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