The Five Dumbest Things on Wall Street This Week
1. News to the Bancrofts
Youth will be served at News Corp. (NWS).
Rupert Murdoch's media conglomerate made headlines this week by naming a new director. News Corp., which owns the Fox television network, tapped 27-year-old Natalie Bancroft to fill an opening tied to the pending acquisition of Wall Street Journal publisher Dow Jones (DJ).
The appointment raised eyebrows because Natalie Bancroft is neither a titan of industry nor a publishing industry veteran. She's an opera singer who lives in Europe.Moreover, she got the slot only after her family -- the Bancroft family that controls Dow Jones through its supervoting stock -- fumbled its chance to place a high-profile journalist on the board, by making ill-advised nominations and missing deadlines. Still, News Corp. CEO Rupert Murdoch insists he has the right candidate. As TheStreet.com's Nat Worden
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