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Who the hell are these people?

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What would you do if you saw these people advancing on you? What if they ordered you to stand still, or drop to your knees, or put your hands up in the air? One of these thugs, they do remind me of a motorcycle gang, is carrying a shield marked “police.” But you can buy one of those in any army-navy store. These guys have no badges, no insignia, no nametags, no proof they have the authority to order you or anyone else about. I don’t know about you but facing them I’d be scared stiff.

These ghost soldiers confronted residents of our nation’s capital city and it was a sight unseen in modern times. The residents these stormtroopers confronted were almost all peacefully protesting. That is a right guaranteed by the First Amendment to the Constitution. Actually, calling these guys stormtroopers is unfair to stormtroopers, who in Star Wars wore white. They are more like Robocop, the cyborg created by corporations to enforce their interests in a dystopian comic book future.

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The Name Game

Calling another kid by an unflattering nickname is a habit most of us left on the grade school playground. Of course, Donald Trump is not “most of us.” Donald Trump seems to take a particular delight in coming up with a derogatory nickname for people he is not too fond of. “Crooked Hillary” is just one example.

Some of the people he attacks don’t take the bait and engage him in this fashion. I admire them. I don’t think I would capable of that much self restraint. If a punch in the nose wasn’t an available option, and the guy is of course surrounded by Secrete Service agents, I’d at least resort to the obvious retorts. “Donny Draft Dodger” is a good fit. And “Pussy Grabber” would work for an adult audience.

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Going Public: Reporting on IPOs

A few months ago I moderated a training teleconference for reporters as part of the continuing education program of SABEW, the Society of American Business Editors and Writers. The teleconference focused on Initial public offerings—the first sales of stock issued by a company to the public.

The teleconference is now available as a podcast you can play at any time to hear a panel of experts decipher the language of IPOs and discuss how reporters should cover companies as they prepare to go public. We talked about how reporters can use the U.S. Securities and Exchange Commission’s EDGAR database to access IPO prospectuses and which nuggets of information and red flags they should look for in SEC documents when researching companies that are about to go public.

On the panel was John Divine, an investing reporter at U.S. News & World Report, Lauren Hirsch the deals team leaders and correspondent at Thomson Reuters in New York, Tom Taulli who has been involved in the IPO market since the mid-1990s when he co-founded Web IPO, and Jack Willoughby, a senior editor at Barron’s who wrote the financial publication’s “Offerings in the Offings” column.

You can hear the podcast here.

Trump and the Employment Report, fact and fiction, Pt. 2

Numbers are funny things. Even though they appear to be absolute, a clever manipulator can twist them to make pretty much any point he wants to make. Take President Trump’s statement from February: “Ninety-four million Americans are out of the labor force.” It might seem preposterous but it is correct, as the great sage Obi-Wan-Kenobi once said, “from a certain point of view.”

It is the number you get if you take the total U.S. population 16-years of age and older and subtract the people the BLS says are in the labor force. That number includes everyone who is retired, and most high-school, college, graduate or vocational school student. It also includes the disabled, homemakers, some self-employed and those living off their investments.

My guide to reporting the employment report continues at businessjournalism.org….

Trump and the Employment Report, fact and fiction, Pt. 1

The Bureau of Labor Statistics released its Employment Situation Report for February on March 10, showing a healthy 235,000 gain in payroll employment. Asked what President Trump thought about the numbers, White House press secretary Sean Spicer said, “I talked to the president prior to this, and he said to quote him very clearly,” Spicer said. “They may have been phony in the past, but it’s very real now.”

Many of the reporters present laughed. I cringed.

Over the years on public television’s Nightly Business Report, I filed countless “numbers” pieces. The monthly employment reports were most closely watched. For better or worse these reports often had an immediate financial market moving impact, making them lead stories for a market driven broadcast.

I cringed because I believe attempts to undermine the credibility of these reports do a great disservice.

Continues at businessjournalism.org….

Financial Market Reporting, Part 6: Derivatives

Chicago Board Options Exchange

Chicago Board Options Exchange

My series at the Reynold’s Center continues with thoughts on reporting the derivative markets. These are investment vehicles that are derived from others, appropriately called derivatives. Investors do not own the underlying asset, but bet on how that asset will perform.

Options are a common type of derivative. In 1973 the Chicago Board of Trade created the Chicago Board Options Exchange, which at first operated out of an old cloak room off the CBOT trading floor. The CBOE traded listed stock options. Unlike futures, options were not a commitment but gave the buyer an option to buy a stock for a certain period of time.* The option is based on the stock, called “the underlying.”

Continue at businessjournalism.org….

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