Thursday :: Aug 2, 2007

Selling Out The Journal

by Steve

It looks like the Bancroft family's own legal and financial advisors sold out the family and gave conflicted advice in order to push along a sale of the Wall Street Journal to Rupert Murdoch. Who could have guessed that such a thing could happen?

I'm not as worked up about Murdoch's acquisition of the WSJ as many others are. It was clear early on that the family didn't have the necessary control to stop Murdoch from buying everyone off at whatever price it took. Murdoch is simply taking the WSJ down the toilet with him. Sure, he will have even more power than he did before, and yes, his other enterprises will move even farther to the edges of Wingnuttia with the grabbing of this respectable news outfit.

But the simple rule of thumb to evaluate any news outfit is whether or not they are owned by Murdoch or a right wing wannabe, or are trying to move in that direction like CNN is. If Murdoch owns it, they are not a credible source of news, plain and simple. That sad fate has now befallen the Wall Street Journal as well, which despite the Looney Tune editorial pages had one of the best news teams in the world. Not any more.

From this point on, you can ignore everything from the Journal.

Steve :: 10:09 AM :: Comments (7) :: Digg It!