Waiting for the other shoe to drop

Waiting for the other shoe to drop on Wall StreetIt’s been a harrowing couple of days as, one after another, financial institutions sputter on the brink of evaporation. The bulk of my 20 year career has been in financial PR, often representing Wall Street banks such as Lehman Brothers. In good times the work is heady and intellectually stimulating. You get to work with some brilliant people who are masters of complex financial maneuvers.  They are comfortable in their jobs, cocooned in their rich rewards, greasing the wheels of capitalism – until it all comes crashing down.

The financial media, by and large, disdain PR manipulations – they deal in facts and hard currency in legitmate story ideas and sources that can enlighten, analyze and inform. When a crisis hits, like now, Wall Street infiltrates main stream media and the politicians and commentators bellow about rampant greed and corruption that must be stopped.

The reality is that we will survive and occasional bloodletting keeps the system sound. The heap of toxic debt that is poisoning the system will be absorbed or regurgitated and Wall Street will invent new ways to securitize debt that will create mounds of wealth – until it doesn’t. It’s like the real estate market, feeding on natural boom and bust (all those unoccupied expensive condos in New York seem ghostly now).

Andrew Ross Sorkin, DealBook, The New York TimesThis is the time when financial media takes center stage and the machinations behind the fortress of the New York Fed becomes the inner sanctum we all want to crack. This is the time when the New York Times DealBook, edited by Andrew Ross Sorkin (right), becomes the central source we go to at three in the morning when we can’t sleep because we want to know if the Asian markets are preceding turmoil in the U.S. and the other shoe is about to drop. Andrew (he seems so young – what else can you call him?) is not simply a columnist or a reporter, although he is both. He is essentially publishing a newspaper within a newspaper with blogs, breaking news, analysis, background, graphs, charts and myriad visuals. If it’s not all there, you can catch him regularly on Charlie Rose for more.

Financial Online Media Blooms As Wall Street Collapses

Floyd Norris, chief financial correspondent, The New York Times, photo by Fred R. Conrad/The New York TimesFloyd Norris (left), the chief financial correspondent for The New York Times, has been the solid, authoritative dean of financial columnists for over 20 years. Floyd can be dense to read but he has gravitas – you have a vision of him pecking away on a manual Olivetti in a corner office heaped with 10-Ks and Deal memorandum.

But dig it – Floyd is now live blogging, filming videos, loosening up like a kid in a digital playpen. How do I know Floyd is live blogging? The NYTimes comm dept Twittered me an alert. Why is the Times business newsadvancing so rapidly into multimedia news (besides the obvous)? Because Rupert Murdoch is making good on his promise to challenge the Times with the remade Wall Street Journal web offering, rolling out just in time for the “day in which the U.S. financial system was shaken to its core,” as the Journal proclaimed on its home page today.

The Journal on the web has changed dramatically in the past couple of months, thankfully. Under Murdoch, at the Journal, like Fox, the 24 hour news cycle predominates, meaning constantly updated blogs, “raw” reporting (typos to be corrected in later iterations), and plenty of video. Murdoch is stitching together the high drama of financial intrigue with politics and style for a national audience - and he’s doing it in a surprisingly politically inclusive fashion.

The WSJ Labs offers some intriguing options for customizing the Journalexperience with RSS feeds, headlines delivered to your desktop as a screen saver and other techno/info goodies. Wall Streeters are tech geeks who spend their formative years glued into Bloomberg terminals. Murdoch has been at the forefront of integrating critical and frivolous information with new forms of digital delivery.

Ron Lieber, the recently installed “Your Money” reporter for NYTimes, video reported the same mantra you hear during every Wall Street crisis – don’t time the market, continue investing in equities, the stock market has always come back in the past, and will likely do so again – over time. It all depends how much time you have. It may take a while for this drama to play out.

Nocera to PR: Screw You

New York Times curmudgeon and PR basher Joe Nocera remains unrepentant for his mean outing of a PR person who dared send him a pitch he did not approve of.

In a blog post yesterday he defends his public ridicule of Amanda Miller of Nike Communications for what he sees as blatant stupidity. Says the fashion-challenged Nocera: ”What offended me was that Miller tried to pitch the idea that children have become fashion accessories. Her glib acceptance of that grotesque notion was what drove me around the bend, and caused me to publish her e-mail. I would do it again in a second.”

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PR/Media Week-in-Review, 07-20-2008

Loren Feldman Goes Too Far

Mark Rose, Editor, PRBlogNews, PR/Media Week-in-Review“How do you know you’ve gone too far until you go there?” – anon  |  This quote should be on the 1938Media web site. As we know, Loren Feldman, the ganza macher of 1938Media, likes to push the edges. Technigga, his digital trilogy to racial stereotypes and the vacuity of social media, was perhaps his boldest stride into comedic social commentary. The whole “black tech” issue came back to haunt Loren recently with a dustup with NPR - he’s like a heat seeking missile for controversy.

What’s to become of Loren Feldman? There was buzz of a C-Net deal, Verizon signed him up for a day or two before they realized his content could not be controlled, he tried integrating into Mahalo like a MTV V-Jay (NO!), he floated the idea of charging for “premium” content (apparently 99 cents was too much for most people), and he hobnobbed with Calacanis in Brentwood and Arrington in the Bay area like Blanche DuBois relying on the kindness of strangers. He even gave up pounding on Shel Israel and absolved Julia Allison - still he could not go mainstream with the digerati.Charlie Chaplin

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Joe Nocera is a big fat idiot

Okay, maybe he’s not big and fat. Nocera, the curmudgeonly New York Times business columnist who has a long history of flagrant animosity toward PR people has had a flare-up.  Apparently, he had nothing of Joe Nocera, columnist, The New York Timessubstance to blog about so he holds up a PR pitch for ridicule. That’s an old trick that is supposed to showcase Nocera’s superiority and publicly flog a poor PR person while condemning the entire industry.

OK, the pitch is inane and Nocera is not a journalist you pitch about children as the new accessories or anything to do with “Brangelina.” Nocera is a serious guy who likes to hobnob with the titans of industry while maintaining the cloak of the ‘serious journalist.’

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PR/Media Week in Review 07-13-2008

Mark Rose, Editor, PRBlogNewsWhat is Ronn Torossian thinking?

Torossian, CEO of 5W PR, really stepped in it this week and hubris and deflection will not save him.  He needs to fire Juda Engelmayer and accept full responsibility for the latest ethical lapse at his company or suffer serious credibility damage.

The thumbnail of this outrageous story: Engelmayer impersonated a prominent Rabbi and fabicated other characters who posted laudatory comments about a 5W client and mimicked critics in blogs and chats. Shmarya Rosenberg of FailedMessiah.com did some sharp investigating and found that the posts were coming from Engelmayer.

At first, Torossian countered with his usual bluster: “I have complete confidence in knowing that my account team who runs these accounts did not make these posts.”

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Rabid Fox PR Takes Buckshot from NYT

Jacques Steinberg, vilified by Fox News PR, photo alteredWhen Fox News is the Story, David Carr’s groundbreaking story in the The New York Times yesterday, is part confession, part reportage, advocacy and above all, deeply personal. It is a great piece of news reporting that could only be personal – the attacks of the Fox News PR bloodhounds are personal, vicious, unrelenting and remorseless.

There’s nothing wrong with aggressive PR, with protecting your own and fighting to get your point of view included. Fox PR crosses the line, any line you want to imagine, when it uses its news and commentary shows to eviscerate its enemies – anybody who does not agree with them. Their doctoring of “enemy” journalist photos for public stonings is not only horribly nasty, it’s bizarre, arguably anti-semetic, and proves that Fox news product is driven by Roger Ailes’ right-wing media/politico PR complex.

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