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February 5, 2009
The Facts
Yesterday morning CNBC’s Squawk Box had Congressman Paul Kanjorski appear as a guest to talk about the scheduled hearing with Harry Markopolos. Kanjorski is the Chairman of the Capital Market Sub-Committee, and Markopolos is the whistleblower who’s been trying to get the SEC and others to look into Bernard Madoff & his dealings for the past ten years. Near the end of the interview, CNBC’s Becky Quick asked Congressman Kanjorski to respond to a different report that came out the afternoon before from the Inspector General’s office. The report said the SEC doesn’t follow its own policies in terms of recovering shareholder money. Kanjorski responded by saying “I just heard of the report this morning–I haven’t had a chance to read it, and some of us have a tendency to give opinions without knowing facts. I hope I’m not guilty of that misdemeanor”.
After the interview was concluded, Joe Kernen, with an awkward look on his face, said in effect “Wow! We would have to cut this network down from about 17 hours per day to about 1.5 hours per day if we had to get supporting facts before we reported on something”.
My View
Not only have I been severely criticizing CNBC and most of their reporters, but so have many others. In fact, this site and this site are solely dedicated to exposing the true face of CNBC. In trying to understand CNBC’s attitude, I’ve been asking ‘what is CNBC’s official mission statement’. No one knows, and they’re not telling. But with Joe Kernen’s statement, I think we now know what we’ve really known all along; useless talk, BS, “spin”, partisan politics, pro-business, anti-working class, etc., etc., etc. And Kernen said it right; all talk & no facts.
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