Murdoch: Faith-Based Investing!

It seems that Rupert (who's real first name is Keith - go figure) wants to bring that 'Fair and Balanced' charm to the business world that he has so successfully brought to politics in general and foreign policy in particular.  According to this blurb, Rupert wants to make his 'news' empire  "more business-friendly."  Follow me after the break for my personal analysis of this latest turn in Faux 'News' empire...

UPDATE: mrbubs has a good take here.

The article states:

The News Corp. chief said the programming, not unexpectedly, will be "more business-friendly." Broadcasting & Cable also reported that he added CNBC "leap( s) into every scandal. There's an atmosphere to (CNBC) that's negative."

OK - let's back up a second.  CNBC is pretty good at showing stock tickers and making a lot of noise.  I watch the show occasionally when I am working out in the gym.  But, I never got the feeling that the show was all that serious - like say Bloomberg.  They mostly like to do superficial reporting of why the stock market is going up or down at that exact moment.  Yes, they dig into corporate scandals.  But let's face it, scandals affect the bottom line.

If a company is engaging in accounting shenanigans, or if the CEO is abusing company assets, I want to know about it if my hard earned cash is invested in that enterprise.  It has a direct affect on the profitability of the company.

OK, back to the article. Let's get to the meat of what is going on:

In what may have been an aside, Keith R. Murdoch (yes, that's really his first name) also said: "We have to recruit some money honeys," according to Reuters.

Let's just soak that in for a moment.  The simple statement is actually breath-taking.  'Keith' is admitting that it isn't really the content of what you are giving that is important, it is the way in which it is delivered.  As long as it is by good looking bimbo or mimbo and it sounds good, then you have a marketable product.  Oh, and making everything happy, happy, joy, joy attracts views and advertisers too.  Credibility doesn't matter.  Whether someone makes sound investment choices doesn't matter.  What matters is that people get to look at sexy people telling them that everything is blissfully swell.  Even while their portfolios are heading in the toilet.

So, a few days ago, our good friend Rupert admitted that he at least tried to influence the American public into favoring Dubya's plan in Iraq.  We all know how that has worked out.  So now, he wants to do the same thing with our investment money.  Investor beware.

•  Tips for my 401k

  When Rupert starts advising me on his 'news' channel, I'm gunna need 'em.

  by RichM on Fri Feb 09, 2007 at 08:57:46 AM PDT

  •  Avoid Adjustable Rate Mortages

    There!  Howzat?

    by Phoenix Woman on Fri Feb 09, 2007 at 11:50:11 AM PDT

•  i bet lunz is on the payroll

  "it's not what you say, it's what people hear" lunz.
  the two of them probably lunch regularly with shillary.

  i mean, what's a tab among friends?

  by MarketTrustee on Fri Feb 09, 2007 at 09:12:27 AM PDT

  •  I think they've already set themselves up

    for an SEC investigation by simply admitting that they are going to color their reporting given the fact that old Rupert and his family probably own just about every stock they plan on promoting.

    I think it would be better to call this an "Anti-Stockholder News Network (except when the stock is held by the Murdochs or News Corps)"

    by inclusiveheart on Fri Feb 09, 2007 at 12:45:48 PM PDT

•  Rampant product placement soon to come

  all over Faux News. Look for anchors wearing designer labels with the tags still on, drinking brand name soft drinks and alcohol on their desks, reporters flashing Metamucil, Rogaine and Paxil boxes in their hands while juggling the mike.

  Rupert has spoken: businesspeople, I need your cash desperately, will whore for you shamelessly. Your scandals are way safe with me... but you knew that already. What's that? You want to do what? Ok, we can have O'Reilly holding a can of Penzoil during the broadcast. Yes, our reporters can jump out of Hummers and VW's. No problem.

  by doinaheckuvanutjob on Fri Feb 09, 2007 at 10:04:49 AM PDT

•  It helps explain the attacks on NBC News

  Fox has been viciously attacking NBC News for a while.  I see now it was to help set up this baseless attack on CNBC.  Ah, propaganda looks soooo good up close!

  by MQAblog on Fri Feb 09, 2007 at 10:34:50 AM PDT

•  How can they be *more* business-friendly ...

  How can they be more business-friendly than CNBC without risking contracting an STD?

  by Bearpaw on Fri Feb 09, 2007 at 11:46:28 AM PDT

•  Heh. It's IBD TV!

  In other words, it's a TV channel for the rubes who THINK they're getting sound business news, when in fact they're getting archconservative propaganda.

  Real businesspeople read the WSJ (skipping the editorial pages), Barron's, and Business Week.  They don't read Investors' Business Daily.  And they won't watch Murdoch's TV version thereof.

  by Phoenix Woman on Fri Feb 09, 2007 at 11:49:14 AM PDT

•  See Also These Quotes

  (Cross-posted from mrbubs' diary)

  In Jon Friedman's Media Web column at Marketwatch.com, there are some choice words offered by Neil Cavuto, who will be running FBC on a day-to-day basis (Ailes will be his boss):

  • "We're going to be a channel for America -- not for old white men with money. We want to reach women, minorities, young people."
  • "Don't be pompous. Don't be an elitist. Many in our profession try to sound like the smartest guy in the room. Too many business journalists talk only to brokers -- democratize it. If I'm only talking to brokers, I'm limiting myself. . . . ANY story has a unique business angle. I want to encourage a debate. I want to leave you angry, leave you talking."  (emphasis added)

  Since Cavuto (and his likely deputies) have all worked at Fox "News" Channel under Ailes, there's little doubt that they already know exactly how they're planning to approach this venture.  I'd expect that it will largely turn out to be something like a hard-right version of Lou Dobbs, combined with a dash of Jim Cramer-like insanity.

  by The Maven on Fri Feb 09, 2007 at 11:53:55 AM PDT