ProPublica
Business and financial reporter for ProPublica, and winner of the 2011 Pulitzer Prize for National Reporting
PROFILE
Jake Bernstein
Guest
FROM Jake Bernstein
Which Way, L.A.?
Is Rupert Murdoch's Media Empire Crumbling? Rupert Murdoch's troubles in Britain are escalating fast. Since closing his mass-circulation News of the World , he's had to buy back stock to maintain value in his vast holding company, News Corporation. Today, he abandoned plans to take full ownership of the satellite broadcaster British Sky Broadcasting . The scandal over cell phone hacking and bribery by NOW has been reported for years by the Guardian, but not much by anyone else. Then, last week, the paper revealed that its editor-in-chief had warned Prime Minister David Cameron not to hire Andy Coulson, who resigned from News of the World because of the scandal.
To the Point
Murdoch's Media Empire Exposed Rupert Murdoch's troubles in Britain are escalating fast. Since closing his News of the World , he's had to buy back stock in his News Corporation, to keep up its value. Today, he abandoned plans to take full ownership of British Sky Broadcasting, which the BBC calls "a huge humiliation" and "extraordinary reversal of corporate fortune." The scandal over NOW cell phone hacking and bribery has been reported for years by the Guardian, but not much by anyone else. Then, last week, the paper revealed that its editor-in-chief had warned Prime Minister David Cameron not to hire Andy Coulson, who resigned from NOW because of the scandal. How much did Murdoch know about reporters breaking the law to get juicy stories? Did his executives lie to investigators? Has News Corp violated British or American laws? What does the scandal reveal about the culture of news in Britain and in the US, where News Corp owns the New York Post , Fox News and the Wall Street Journal ?
Which Way, L.A.?
Financial Reform: Unwritten Rules for an Empty Road When he signed the Dodd-Frank finance reform bill less than a year ago, President Obama said it would protect consumers from the reckless behavior of banks that caused the Great Recession, and then got bailed out with taxpayer money. But implementing the measure has run into serious roadblocks. Today, a House committee held yet another hearing . Are taxpayers and the global economy still vulnerable to banks that are "too big to fail?"
To the Point
Financial Reform: Unwritten Rules for an Empty Road When he signed the Dodd-Frank finance reform bill , President Obama said it would protect consumers from the reckless behavior of banks that caused the Great Recession and then got bailed out with taxpayer money. Less than a year after calling the legislation a "key pillar" of economic recovery, he hardly mentions it any more. He's meeting with Wall Street leaders he once called "fat cats," presumably looking for campaign contributions. Republicans, and some Democrats, are delaying the new rules to give teeth to reform. The new Consumer Financial Protection Bureau will open for business on July 21, but Obama still has not appointed a leader. Is the economy still vulnerable to risky practices by banks that are "too big to fail?" What's the future of consumer protection?
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