Goldman Sachs Rips Whistleblower (for 3/16/12)

Goldman Sachs employees responded to now former Executive Director Greg Smith's New York Times editorial by referring to him as an unhappy lower-paid employee dissatisfied with his bonus.  Goldman Sachs employees only look at those who make at least $750,000 annually as financial experts.  CNBC journalists joked that Smith and Rolling Stone journalist Matt Taibbi, who frequently rips Goldman Sachs, would work together with Sesame Street characters to start a new media company. 

About three years ago at this time, CNBC's Jim Cramer got into a media tussle with The Daily Show host Jon Stewart, who accused Cramer and the entire CNBC financial news network of poor reporting during the months prior to the September 2008 market crash.  When Cramer was guest on The Daily Show, Stewart grilled him about shady practices from his days as a hedge fund manager and promoting overleveraged investments that threaten the economic stability of the U.S.  He also criticized CNBC for seeing their main audience as being the Wall Street traders, not pension fund managers and the general public.  Three years later, it seems like Stewart should take a second shot at CNBC reporters.
http://thinkprogress.org/economy/2012/03/14/444514/financial-press-attacks-goldman-column/

Journalists Overpaid, Says Jamie Dimon

JP Morgan Chase CEO Jamie Dimon recently said journalists make too much money, based on the amount of revenue newspapers generate and media companies' lack of profitability.  The Bureau of Labor Stastistics says journalists make $43,780 annually.  In addition to his $23 million salary last year, Dimon also justified JP Morgan Chase's average wage rates of over $340,000 per year on the basis that it, as a Wall Street Bank, has to hire the best employees.  Attitudes like this from Wall Street CEOs and others in the Top 1% explain why those in the bottom 99% distrust Wall Street Bankers.  Media companies should not be allowed to go bankrupt, but their purpose is to truthfully disseminate the news.  With the amount of money both Dimon and his bank makes, he can hire public relations specialists to help dress up the facts to present to overworked journalists and make the bank look better than it really is.  The consolidation of media companies occurred because of pressure from the banks to be profitable, leading them to pursue the most sensationalizing stories as opposed to the news stories that people need to hear.  As a result, most people do not trust network news and Jon Stewart, even as a comedian, has taken the role of America's most-trusted news broadcaster.

http://www.huffingtonpost.com/2012/02/28/jamie-dimon-newspaper-reporter-pay_n_1307989.html; http://blogs.wsj.com/deals/2012/02/28/jamie-dimon-want-to-make-sure-everyone-hears-him/?mod=wsj_share_twitter

Law Firm Office Representing in GM in Bankruptcy Hosts Romney Fundraiser

Mitt Romney's campaign held a fundraiser last week in New York at the law firm office of Weil, Gotshal, & Manges, which got wealthy off of fees from GM to represent it in bankruptcy.  Even though Romney opposed the bailout of GM and Chrysler to save the auto industry, he could not pass up an opportunity to get his hands on more money for his campaign.  This lust for money can best be described as a type of personal profiteering that is more ruthless than the business practices of Wall Street Banks, since they invested nothing to bail out the auto industry.

http://thinkprogress.org/economy/2012/02/16/427288/romney-fundraises-office-gm-bankruptcy/