Media Navel Gaze: June 18, 2012
The Week Unpeeled
Greece and the fate of the euro continued to dominate headlines and the attention of the investment community, with markets rallying through the week, and the Dow ending after back-to-back triple-digit gains Thursday and Friday at 12,767. A narrow victory by the Greek conservatives on Sunday will likely be somewhat positive but tough times still ahead for the Continent, no doubt.
Elsewhere:
- Ex-Goldman and P&G director, Rajat Gupta, was found guilty of securities fraud and conspiracy last week and could face up to 20 years in prison;
- JP Morgan chief, Jamie Dimon, apologized to Congress in his defense of the bank, described in the media as both “proud,” “cool” and “contrite”;
- Lance Armstrong is facing doping charges from the US Anti-Doping Agency, which could put into question his seven Tour de France titles;
- President Obama, using existing legal authority, is permitting young migrants to stay in the US, which means as many as 800,000 will avoid deportation;
- David Cameron appeared at the Leveson inquiry into press standards to refute the idea of any deals with the Murdoch empire;
- The UK government announced its proposals for banking reforms, which will ring fence retail banking from riskier investment banking activity to prevent taxpayers having to bail out banks again;
- The majority of Media and advertising firm WPP's shareholders rebelled against the company’s remuneration report;
- Complimentary copies of Bloomberg Business Week were banned from London City Airport due to their controversial cover on “How to sell drugs”;
- A seventh-generation member of the Fly Wallendas became the first person to walk across the Niagara Falls on a tightrope
