The Great Debate UK
Kudos to David Cay Johnston who does a great job in The Audit taking apart The Wall Street Journal and The New York Times for their recent sob stories about how the rich are so much poorer these days.
Johnston, a former Times business reporter, faults both newspapers for running stories that speculate how much poorer the rich have become--even though there isn't a lot of data to support the speculation. He goes on to question the data and facts that both papers relied on as support for their stories.
But what I like best about Johnston's media commentary is his general puzzlement at both the Times and WSJ wasting so much ink on the fortunes of the rich.
These reports display a puzzling sympathy for the best-off in America, part of a trend that I believe has helped cost newspapers readers—identifying with the concerns of the comfortable, often without context about the woes of the afflicted.
Raymond Baer is splitting the family firm. He has noticed the conflict between the private bank and asset manager. Or, as he puts it, “both entities will benefit from their sharpened focus and the absence of competing interests, thus acting pro-actively in the best interest of all of our stakeholders”.