Wednesday, August 09, 2006

For those who say...

For old people who say journalism and blogs don't mix, it's cretainly going to be harder now that Sharesleuth is up and running. My bet is this guy kicks the ass of a lot of the major publications that don't put the legwork in anymore. He's actually reporting here on the big fuss surrounding the alternative industry and ethanol (which was the subject of dramatic about face in Washington this year. Can we say powerful industrial agriculture lobby anyone?) that makes it possible for the little guy that wants to invest to look out for himself. Gee, a journalist slogging through public records and using what they find (in this case a compnay staffed by shady stockbrokers, complete with an international man of mystery, who have run afoul of the SEC) to tell people something might not be kosher here. These days, it's such a lost art that it read almost like a novel concept -- and that's too bad.

I just hope this thing works out. Lord knows any outlet that's gonna put quality investigative work before the people is SORELY needed.

Problem is, he's also helping one of the big guys to really look out for himself. Investor Mark Cuban who owns the Dallas Mavericks, HDTV and string of corporate yet pretending to indy movie theaters is footing his bill. Cuban is trading on the information turned up by the verteran business reporter doing the work. On the basis of his first piece, he sold short the stock in the company they investigated. They disclose it, but something about that digs a little.

6 Comments:

At 8:46 AM, Blogger Davique said...

speaking of blogs, how about this one? It's awesome!

http://equityprivate.typepad.com

 
At 12:51 PM, Blogger AG said...

That's not even funny. Even though you seem to be our only reader thus far you aren't allowed to bore us to death.

 
At 5:17 AM, Blogger C. Max said...

I love that Cuban is trying to launch an independent online media venture, but he's making a travesty of it by trading on the information he discovers. What Cuban doesn't realize is that journalism without credibility is worthless. If he can gain from the downfall of a company that he writes about, then of course people will believe that financial gain is his primary motivation. He can argue plenty that he's not doing anything wrong, but in this business, all that matters is that people think you're doing something wrong.

Unfortunately, Cuban has become the story, as is so often the case with him. This NYT item gives a pretty good roundup of the controversy, including Cuban's back-and-forth with a former BusinessWeek reporter.

 
At 9:15 AM, Blogger AG said...

Max - Completely agree. It just sucks bc something like this is SO necessary. Maybe nothing is pure anymore, but does it have to be this ridiculous?

 
At 12:06 PM, Blogger Frosty said...

This comment has been removed by a blog administrator.

 
At 12:07 PM, Blogger Frosty said...

Well, he could pretend to have nothing to do with the blog and not disclose anything. Certainly, the bias is inherent, but how much does this happen at other news outlets? It's not like Cuban is the only owner of a news source that has ulterior motives. It's just that he actually admits it.

 

Post a Comment

<< Home