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Chapter 14. Media Munchkins and Masters: Separating Puff Piece Writers from ...

Chapter 14. Media Munchkins and Masters: Separating Puff Piece Writers from Hard Diggers

“There is no real penalty for being wrong; the journalists, the commentators, and the analysts blithely chalk up their mistakes to the market’s unpredictability and quickly turn to the next day’s haul of hot information. It is a mutual manipulation society that affects anyone with a direct or indirect stake in the market, which is to say nearly everyone in America.”

—Howard Kurtz in The Fortune Tellers: Inside Wall Street’s Game of Money, Media and Manipulation, 2000 (The Free Press)

News reports about the results of Qwest Communications International’s results for the fourth quarter of 2000, published in January 2001, almost uniformly focused on the telecommunications company’s announcement of a 44 percent increase in profits. But, any investor who relied on this information would have been sorely misled.


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