Media Navel-Gaze: November 7, 2011
The Week Unpeeled
Not a week of great headlines from all corners of the world, from Greece (referendum?) to MF Global (Refco redux?) to Kim and Kris (referees, please) but busy nonetheless. For example:
- MF Global went bust and bankrupt, customer money went missing (reportedly found at JP Morgan) and Jon Corzine of Goldman Sachs chief, New Jersey senator and governor fame went looking for a job (this is becoming a completely twisted way-too-connected story with CFTC chief Gary Gensler having to step down from the investigation because of his friendship with Corzine (really, is anyone paying attention to details here?);
- The US jobless rate fell to 9.0 percent in October (from 9.1 percent in September) with 80,000 new jobs added to payrolls, an extremely modest pace but one that dimmed double-dip prospects (The Fed is projecting an 8.6 percent rate for 2012);
- Groupon went public, with prices climbing at one point by as much as approximately 55 percent on its debut and closing at $26.11 a share, with a market cap on Friday of $16.7 billion (more than, as WSJ pointed out over the weekend, Macy’s, Delta or CBS);
- “Papandemonium” no doubt held center stage in Cannes at the G20 meeting after the Greek PM scrapped plans to hold a referendum on the latest rescue package agreed upon by the EU and will instead seek to form a coalition with the main opposition party;
- Robin Hood taxes: At the G20 summit, Bill Gates joined activists from around the world in calling for a Financial Transactions Tax, which is gaining support from groups such as Oxfam, the World Wildlife Foundation. Gates has recommended that there should be a small tax on trades of stocks, derivatives and other financial instruments to help fight poverty and deprivation around the world; and
- The Dow ended Friday at 11,983, down 2 percent for the week after a stellar October.
Andy Rooney Dies at 92
The legend of “60 Minutes,” who appeared in 1,097 closing segments of the most popular news show on TV ever had just retired after more than 60 years in television journalism, starting his career with the birth of TV. The tributes to Rooney showed his depth as a television journalist and producer. But did you know he never started his show asking, “Did you ever…” That can be linked to Joe Piscopo on “Saturday Night Live” in his impressions of Rooney. An honor, indeed.