Bartiromo/Citigroup scandal: more reaction…
Marketwatch’s Jon Friedman jumps on the story for the second time in a week, a strong indicator of just how hot this story is, with a devastating must read…
Executives at CNBC may feel that their network is a victim because Citigroup appears to be leading the media-relations campaign against Bartiromo.
And of course, by extension, that would mean that big bad Citigroup is also kicking sand at CNBC.
Let’s get this straight: CNBC is anything but a victim. The network originally let Bartiromo manipulate the standard rules of good journalism by looking the other way when she developed a cozy relationship with a powerful source.
CNBC, a unit of General Electric, has insisted that its star broke no rules by flying on the Citigroup jet. It rationalized this questionable judgment by reassuring journalists that it paid her way. But many news agencies have raised the appropriate point, which is whether CNBC actually paid the tens of thousands of bucks that it would cost to fly on a corporate aircraft. A ticket on a commercial airplane, by sharp contrast, would only set CNBC back a few thousand dollars.
If the conduct is proper because it adhered to the rules, as CNBC contends, then the rules are messed up. Change them.
Who are we kidding? CNBC apparently thinks it’s swell for Bartiromo to try to trademark her nickname of “the Money Honey.”
Maria is much more of a celebrity newscaster than a financial reporter. She has adroitly exhibited a knowledge base that goes just below the surface, but the time constraints under which she operates allows her to “get away” before the two minutes are up. She is more than a pretty face, but if you surveyed her viewers, I think you would hear more complements about her looks and style than her intellectual capacity. Unlike print reporters whose work is scrutinized by the column inch, Maria can get away with a 30 second sound bite that dissolves instantly once it’s over. She is a gold mine for GE and CNBC, in the same way that a Katy Couric or Peter Jennings is or was to their respective companies. I am not sure that anyone carefuly reviewed their flight plans as they have Maria’s. The big mistake is that Maria is being judged as a serious business reporter whose reporting can influence markets. I doubt that is the case.
When all is said and done, she’ll survive because she has talent, but don’t confuse her talent with the intellect and skills of a solid business journalist.
Rick Anderson
Comment by Rick Anderson — January 31, 2007 @ 5:51 pm
When I watched Maria Bartiromo once say during an interview, “How do these expenses affect your balance sheet”?, I then knew that Maria knew nothing about business and I turned off the TV. Expenses are related to the “income statement: Maria! You are just a journalist/reporter. One other time she bragged that she had 1000 shares of Citibank also, because she emphasized she was required to disclose her holdings. How ironic, Citibank shares bragged about. She looks rough for her age also. I thought she was about ten years older.
Comment by Jay — February 7, 2007 @ 1:44 am