Maven: Haunted by Poor Reporting on GDP

And let's end today with a wiggy article by The Wall Street Journal that, as is typical, gives a corporate boss undue credit.

This sort of thing hurts investors because it leads to higher CEO salaries, the biggest waste of shareholder money ever invented.

It also gives investors unwarranted confidence that a CEO can navigate the future.

Too often, CEOs are in the saddle of circumstance, holding on for dear life. The Journal starts by noting that Time Warner(TWX) boss Richard Parsons, formerly on the ropes, has been given a reprieve by a rising stock price.

"Time Warner has gained 25% since mid-August," the paper intones. "The question now is whether Mr. Parsons can sustain the momentum."

Can you really sustain momentum you had little role in starting?

The names Comcast(CMCSA) and Cablevision(CVC) are not mentioned in the article but, uh, they've done similarly well.

In fact, since mid-August, give or take a few percentage points, they're up exactly the same amount as Time Warner.

"While he has not enunciated any new plans," notes the Journal, "there has been ample speculation."

The Business Press Maven speculates that Parsons' plan is to keep his fingers crossed that business will be good for the big cable companies and that there might be all sorts of takeover rumors out there to buoy the stock.

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