Megalextoria
Retro computing and gaming, sci-fi books, tv and movies and other geeky stuff.

Home » General Discussion » News and Politics » ABC, NBC Evening News Shows Ignore Massive Banking Scandal For More Than A Month
Show: Today's Messages :: Show Polls :: Message Navigator
E-mail to friend 
Switch to threaded view of this topic Create a new topic Submit Reply
ABC, NBC Evening News Shows Ignore Massive Banking Scandal For More Than A Month [message #29091] Mon, 17 December 2012 12:00
CyberkNight is currently offline  CyberkNight
Messages: 1499
Registered: July 2012
Karma: 0
Senior Member
American television news outlets continue to devote sparse time to one of largest banking scandals in history. The controversy over whether major banks have been manipulating the LIBOR, a crucial interest rate that banks use to borrow money from one another, has been gathering steam for more than a month since U.S. and U.K. regulators fined British bank Barclays $450 million for its role in trying to rig the rate.

CNN's Erin Burnett has explained that LIBOR is "an interest rate at the core of our entire economy," adding, "It's really not wrong to say that if you can't trust LIBOR, you can't trust anything in banking." According to The Economist, the LIBOR is used "as a benchmark to set payments on about $800 trillion worth of financial instruments." Baltimore City filed a lawsuit against major banks in the first of what may be a wave of such actions, alleging that the LIBOR manipulation potentially cost it millions of dollars in investment returns.

Despite the enormous implications of the scandal, ABC's World News and NBC's Nightly News both ignored the story in the 16 days after news of the Barclays fine broke, as we documented earlier this month. In the 16 days following the period of our original study, the LIBOR blackout has continued on ABC and NBC's flagship evening news programs. Those programs have gone more than a month without mentioning the controversy.

CBS Evening News devoted more than five and a half minutes to the story in the first 16 days following the Barclays fine, but has not returned to the scandal in the subsequent 16 day period despite a host of new developments.

After spending roughly six and a half minutes combined covering the scandal on their evening newscasts and opinion programming between June 27 and July 12, MSNBC, CNN, and Fox News devoted less than 32 minutes to stories related to the controversy from July 13 to July 28, with more than two-thirds of that coverage coming from CNN.

These same news outlets spent significantly more time on trivialities like shark sightings and the Tom Cruise/Katie Holmes divorce than on the banking scandal. For context, ABC, NBC, CBS, Fox News, MSNBC, and CNN spent 44 minutes combined on the LIBOR scandal during their evening programming from June 27 to July 28. By contrast, these same outlets devoted nearly 65 minutes to stories about sharks for only the first sixteen days of that period.

Far from being a dormant story, fallout from allegations that the LIBOR has been manipulated has been steady.

On July 14, the New York Times reported that the U.S. Justice Department had "identified potential criminal wrongdoing by big banks and individuals at the center of the scandal" and was building criminal cases "against several financial institutions and their employees." The Times explained that the "prospect of criminal cases" was expected to "rattle the banking world."

The scandal has also reached Capitol Hill, with both Treasury Secretary Tim Geithner and U.S. Federal Reserve chairman Ben Bernanke being questioned about regulators' response to allegations that banks were manipulating the LIBOR. During his appearance in front of the Senate Banking Committee, Bernanke said the LIBOR is "structurally flawed" and called the controversy "a major problem for our financial system."

Full article: http://mediamatters.org/blog/2012/07/31/report-abc-nbc-eveni ng-news-shows-ignore-massiv/189032


  Switch to threaded view of this topic Create a new topic Submit Reply
Previous Topic: The rights to life and to keep and bear arms are inseparable
Next Topic: China School Knife Attack, Portland Mall Attack Receive Little Coverage
Goto Forum:
  

-=] Back to Top [=-
[ Syndicate this forum (XML) ] [ RSS ] [ PDF ]

Current Time: Sun Oct 22 22:38:13 EDT 2017

Total time taken to generate the page: 0.00431 seconds