Media Navel Gaze: May 23, 2011
The Week Unpeeled
What a week is an understatement, from LinkedIn to LockedUp, with DSK and Arnold fighting for best OMG headlines: Probably DSK wins because it can claim "world" news status and showed (and what many columnists observed) that the US and France really do see the world differently, not just in attitudes toward women and love but attitudes toward classes (or apparent lack thereof). The reason the story has such legs is not because it is about sex, power, money, crime charges and bankers and chambermaids (btw, who uses that term anymore" apparently French philosophers?), but a story that includes the IMF and its darker side, Davos and its steamy side and New York on all its sides. No doubt DSK was wishing for the rapture, which may be started a little early for some involved. Quick Tom Wolfe, here is your 21 Century sequel to Bonfire of the Vanities!
- LinkedIn shares more than doubled on its first day of trading, prompting few cries of success from Wall Street observers and an interesting read op-ed over the weekend from Joe Nocera in The New York Times, referencing Henry Blodget and others on how this was beyond mispriced;
- Glencore, meanwhile, priced in what some called a "lackluster" debut (because it was as expected in some respects??);
- President Obama issued his Israel "surprise," calling for pre-1967 borders as starting point in negotiations for a Palestinian state;
- Liberty Media Chief John Malone put a bid on Barnes & Noble, suggesting a cable TV meets e-book plan;
- Nasdaq dropped its bid for NYSE amid challenge from the Justice Department;
- Trump pulls out (to which Seth Myers said something like - big paraphrase -- Win the Presidency? He can't even win his time slot); and
- The Dow closed down for the week, ending Friday at 12,512.