Mark your calendar. Beginning May 4 and ending May 13, the Supreme Court of the United States will make history. It took the coronavirus pandemic to do it, but over six dates the Court will hear oral arguments on ten cases, and the people of the United States will be able for the first time to hear those arguments as they happen.
This is happening because the Court, like most of us, is practicing Covid-19 social distancing protocols, with the justices and staff working mostly from their homes. The Court first delayed these arguments, then decided to hold the hearings via teleconference.
Jim Lehrer, co-founder and for 36 years the anchor of the PBS NewsHour, died Thursday at the age of 85. He was also the executive editor of the broadcast, moderated 12 presidential debates, and wrote books of fiction and non-fiction, often on topics informed by his interest in journalism, politics and history. The NewsHour remembered and eulogized him on the program that night.
I cannot come close to the heartfelt feelings expressed by his NewsHour colleagues and I highly recommend the program to you. Although I worked for nearly three decades for the public television program Nightly Business Report, public television is about as siloed a group as you will find and I had the pleasure of meeting Lehrer only once. I do remember being tongue tied at meeting the man who is now being mourned as a “giant in journalism.” He of course was friendly and unassuming with me.
As you know I don’t usually report on other reporters. Nor do I link to material behind paywalls, although I support the use of paywalls to enable reporters to make a living. But there is a story justifiably blazing through the cloud that touches on many of the topics I hold dear and deserves a shout-out.
My tip of the hat goes to Joe Heim of the Washington Post and his story, “National Archives exhibit blurs images critical of President Trump.” Heim, in a Twitter post after the story went viral, said his story was in part due to “chance.” I’ll respectfully disagree. Heim was visiting the National Archive when he noticed something that had nothing to do with his reporting assignment. That’s not chance. That’s good reporting. I’ve often told journalism students the best story ideas come from their own observations. A good reporter always keeps eyes open.
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….
I remember one specific lunch with Paul Kangas. Silly, isn’t it? I spent a fair amount of time with Paul during the many years I was associated with public television’s Nightly Business Report. That included several meals with a man who, among many other things, appreciated good food and drink. Why would one particular lunch stand out?
It was 1990. A year before I had moved from Chicago, my hometown, where I worked for CBS, NBC, and as a freelance contributor for NBR, to New York. Here I was NBR’s New York Bureau Chief and Senior Correspondent. Paul had been with NBR since it first went on the air in 1979. A former stockbroker, Paul was at first the broadcast’s stock commentator. Later he added co-anchor to his role.
But Paul was so much more than his title implies. On a broadcast that itself defined a new role for business news on television, Paul set the standard for both the program and the industry.
Today I take on a new project, writing about financial market reporting for the Donald W. Reynolds National Center for Business Journalism, which is based at the Walter Cronkite School of Journalism and Mass Communication at Arizona State University.
Hopefully these thoughts on my experiences over the years will be of value to journalists new to journalism, or just taking up an assignment on the business beat.
Please be gentle with your reviews!
Financial Reporting Part 1
I usually find when a journalist writes about journalism, the result is boring, or self-serving, or both. But with all the discussion surrounding Rupert Murdoch’s bid to buy The Wall Street Journal, the sales of the Tribune Company and
Reuters, and complaints from shareholders about the performance of New York Times stock, I’ll take a chance.
I remember when I was in school, back when dinosaurs roamed the earth, trying to decide between two career interests, the law and journalism. The law seemed the more serious profession. But it was the time of the Watergate scandal. The journalists were the heroes, and the lawyers were all going to jail.
I chose to be a hero. As I look back, I figure I would have made a lot more money had I chosen the law. Otherwise, I remain satisfied with my decision.