Apr 19, 2013

The Stockholm syndrome infecting business reporting

Paddy Manning exposed the incestuous nature of business journalism in Crikey. It raises bigger questions about who finance journalists represent, writes ex-business hack Jim "Mr Denmore" Parker.

“Twenty Ways to Bulk Up Your Cash”. That was the breathless headline in The Australian Financial Review on September, 27, 2005. “It’s shop till you drop for ordinary people with money to park,” the article gushed. “And the range of investment options is so vast, it’s very nearly an embarrassment of riches.”

The most interesting trend, we were told, were nifty new high-yielding fixed income products called “collateralised debt obligations” that had previously been exclusive to the big end of town but which were now available to retirees seeking higher yields to supplement their pensions.

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8 thoughts on “The Stockholm syndrome infecting business reporting

  1. klewso

    When you’re looking in the mirror at yourself, who’s got time to be watching your special subject?

  2. Achmed

    Its called propaganda. They use their communcation medium to influence the attitude of the community. As opposed to impartial reporting they present a biased view by selectively presenting facts or ommitting other facts. It is in effect lying by ommission.

    And they keep getting away with it!!!

  3. Mark from Melbourne

    Let’s be honest, most of the mainstream media is just regurgitating press releases or at best actually doing some writing (advertorial). There are some honourable exceptions of course such as Laura Tingle at AFR but then again she’s the political correspondent so has no conflict…

  4. David Hand

    I absolutely agree with this. Of all the sectors of the media, business reporting is the most sycophantic and the most susceptible to corporate PR.

    The only thing I can think of to explain it is the disclosure rules around publicly listed companies. If a business journalist publishes something negative about a coporation that materially affects its standing in the market, disclosure rules have almost certainly been broken.

  5. GF50

    Thankyou, I agree that it is not reporting or analysis, what is being published in Financial Journals is “advertorial” full stop.

  6. AR

    It’s that embarrassment of dead trees again, as the article above. I came across a couple of cartons of Biz Oz mags, Far Eastern review et al some years back, pre GFC and thought that they might be interesting to store in the back shed for posterity.
    CDOs and their unlovely ilk are touted to high heaven, as were the Tiger economies and everything hunky dory.
    Small wonder that archivists will be very unpopular in the near future.

  7. Bruce Maxwell

    In days of yore, financial editors used to be heavyweights whose reporting, analyses and comment commanded respect. A few people of this ilk are still about, but increasingly the responsibility for financial opinion is hived off onto a wide spectrum of economic advisers to various financial entities, who have axes to grind, and blanaced reporting and basic integrity is lost.

  8. Vivek Sood

    I enjoyed reading this article by Jim Parker, In particular I agree with A person who is not technologically skilled has difficulty using computers and the information highway. They can pick up a book and find the same such information. I am currently reading a book along these lines called The 5-STAR Business Network by Vivek Sood. I think the journalist should interview Vivek Sood for this deeper penetrating insights to make the material even more useful for the readership. . THE 5-STAR BUSINESS NETWORKS

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