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Posts tagged 'CNBC'
Wednesday morning. New York. The Robo-Signers Conference.
Hosted at the swanky Core Club on on East 55th Street this was not an event for the Robosigners themselves — the foreclosure document-signing recruits who sparked a wave of industry uncertainty. Instead it’s a meeting of mortgage-backed securities (MBS) investors interested in exploring potential legal action on faulty loans. Read more
So reckons CNBC’s Jim Cramer who attempted to calm the frayed nerves of investors in Wednesday’s edition of Mad Money.
Put simply, if we don’t a total capitulation in Europe over the next two days (and the German chancellor gets her parliament to approve €123bn in emergency loan guarantees for the eurozone) then everyone will have to admit the continent is merely suffering a downturn and get on with their lives. Read more
All kudos to CNBC for bringing attention to a gravely under-reported story — the crisis facing the US lobster industry.
It was probably a slow news day, we know — but bear with us, it’s not an uninteresting tale (despite the drastic overuse of the word ‘boil’, strap lines like “Claws of Crisis”, and the lack of any cold hard numbers). Read more
In case you didn’t know, there’s an undeclared war going on between the Daily Show’s Jon Stewart and America’s Business channel CNBC.
Quick summary:Satirical comedian Jon Stewart found Rick Santelli’s little rant about “loser mortgage holders” a little rich in light of the network’s own trumpeting of stock markets straight into the financial crisis, its general array of bad financial advice, and its ignorant and arrogant denial of how bad things were. He invited Santelli to explain himself, but the Chicago Mercantile Exchange floor-reporter cancelled at the last minute. But to prove his point anyway the Daily Show team produced a video montage cherry picking some of the network’s most cringeworthy bad calls. This naturally included the now famous moment when Mad Money host Jim Cramer told viewers ‘Bear Stearns IS fine’, just days before the investment bank went down. Read more
CNBC is running an interesting piece of analysis by Michelle Caruso-Cabrera, titled “The Unintended Consequences of Gov’t Intervention”
CNBC, the cable business network, and the New York Times have joined forces to create an alliance against Rupert Murdoch’s News Corp. The two companies announced a content-sharing agreement on Monday in which CNBC, which is owned by General Electric, will supply its video to NYTimes.com, while the Times will make available its business and technology coverage. The alliance highlights how the internet is eroding traditional barriers between media companies, and comes as both companies find themselves under threat from News Corp after its $5bn purchase of Dow Jones. As competitors were aligning against it on Monday, News Corp underlined its focus on international expansion, paying €287m ($422m) for a 14.6% stake in German pay-TV group Premiere. The deal marks News Corp’s return to Germany after selling free-TV station Vox in 2000, and is the first big move by James Murdoch since he took charge of international operations last month.
Sparks are already flying between CNBC and the new Fox Business network, launched on Monday, reports the Guardian. An advertising blitz planned by CNBC took a hit when ads were pulled from the WSJ and other Dow Jones outlets at the last minute. The CNBC ads were replaced with full colour Fox Business ads. Dow Jones declined to comment. All this, even though News Corp does not officially yet own Dow Jones. For its opening day, Fox Business also cheekily placed a reporter in the New Jersey suburban enclave of Englewood Cliffs, where CNBC is based, to admire the “peacocks” – a reference to CNBC’s colourful logo. Fox Business is expected to launch in Europe soon.
Fox Business launches today. The new channel – to be available in 30m homes across the US – aims to bring business news to the “Average Joe”, reports the UK’s Daily Telegraph. Neil Cavuto, one of the new channel’s main anchors, says coverage will be geared to real people rather than financiers and traders. “Wall Street has become Main Street. It’s ubiquitous in our culture and our discussions. It has become sexy in and of itself, owing nothing to the tick-by-tick movements of the market.” Troubles are expected with existing US business channel CNBC – not least over an existing binding agreement the rival channel has with WSJ reporters.
The NYSE filed a proposal with the SEC on Friday which, if approved, would allow websites like Google Finance to display free, live NYSE financial data. Google, along with other members of the NetCoalition, has been lobbying the SEC, NYSE and NASDAQ to liberalise access to their data. Read more