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Media Navel Gaze: February 25, 2011

Mark Kollar  Follow

Midweek Unpeeled

The markets were taking quite a hit by Wednesday, with the Dow tumbling for the third day in a row, hurt by threats of a civil war in Libya that was helping to push crude oil prices near the $100-a-barrel mark.  Other news included:

  • Wall Street bonuses were down 8 percent for 2010, according to a report from New York State comptroller, but that actually seemed to reflect higher base salaries and deferred comp pay restructuring;
  • Nasdaq OMX is still considering a bid for NYSE Euronext amid the global exchange/acronym soup shuffle;
  • Rahm Emanuel, former Obama chief of staff, won the Chicago mayoral race (without even playing Foursquare!);
  • GM posted its first full-year profit since 2004, an amazing comeback from bankruptcy and a government bailout; and
  • For those on Wall Street bemoaning small bonuses, The Seattle Times editorial board has called on the Washington state legislature to legalize marijuana, saying weed should be legal, regulated and taxed and that the federal appeal should come from the states.

Rolling Stone Receives Polk Award for McChrystal Story

Rolling Stone magazine was named one of the winners of the 2010 George Polk awards for its coverage of Gen. Stanley McChrystal by reporter Michael Hastings, which led to the general's dismissal by President Obama because of his negative comments about the administration.  Other winners from the Long Island University award were AP for coverage of the Gulf of Mexico oil spill, and the New York Times for coverage of Russia. CJP

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