This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kass: CNBC and Me

In the email I also suggested that a deeper dive and analysis of the possible impact of the two purchases should have been adopted by CNBC and that the excitement should be put into the proper perspective. (I believe, at the time, Lee separately communicated the limited consequences and importance of Omega's modest purchase directly to Scott as well.)

The New York Post only quoted my email to Scott (which wasn't meant to be made public and without my permission) and suggested my criticism was aimed only at CNBC, which was not accurate. (Again, I had sent similar emails about the coverage of the Apple story to Bloomberg and Fox Business Network.)

While the New York Post column centered on the personal email, the thrust of my criticism is that, too often, all of the business media slides into hyperbole and sometimes superficial reporting that has a sensationalistic title but fails to put the events in the proper perspective.

To be fair, the reporter closed her story with a quote that I had sent her in an email, but the damage had already been done with the over-the-top title of the column and the release of the aforementioned personal email:

My criticism is of the entire media business. The reason I point this out is because the small investor piles in when Apple is up 10 percent. It's caveat emptor, but the poor lemmings pay top dollar....

The job [of the business media] is not to regurgitate the headline, but to provide additional information to the retailer. These activists have learned how to basically manipulate the news purveyors and it's a very dangerous thing. It's good for people's careers and you all do it to gain favor without thinking about it. This is a very important story.

-- Doug Kass, " CNBC Cheerleaders" by Claire Atkinson (New York Post; Aug. 18, 2013)

The day the New York Post article was published, I emailed the reporter and emphasized, again (because I had sent her a previous email before the article was published and spoke to her on the phone), that my criticism was aimed at general business media reporting and not directly to CNBC.

But by that time it was too late as the column was already published.

Upon reflection, I suppose, it was the New York Post being the New York Post.

But, with the benefit of hindsight, I wish I had not even spoken to them. Since someone at CNBC sent the New York Post reporter a personal email I had sent to Scott Wapner, I wanted to clarify my general criticism of the media. That clarification was to no avail, however, as one can see from the printed New York Post story.

Again, it should be emphasized that the New York Post has had a history of writing critical, overblown and embellished columns about CNBC. Remember Rupert Murdoch's News Corporation (NWSA - Get Report) founded CNBC competitor Fox Business Network and owns the New York Post -- Twenty-First Century Fox (FOX - Get Report) was spun off from News Corporation in 2013, but both companies are still Murdoch controlled.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free

Markets

Chart of I:DJI
DOW 15,764.96 +104.78 0.67%
S&P 500 1,841.50 +12.42 0.68%
NASDAQ 4,285.2790 +18.4420 0.43%

Our Tweets

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs