The Motley Fool Discussion Boards

Previous Page

Stocks B / Berkshire Hathaway

URL:  https://boards.fool.com/letter-to-cnbc-17421027.aspx

Subject:  Letter to CNBC! Date:  6/26/2002  4:36 PM
Author:  Parsad Number:  64942 of 250311

Here is an email letter that I sent to CNBC today. If there ever is a response, I shall let you know! Cheers!

To Whom It May Concern:

In the last 3 years, the market has gone from irrational exuberance, to cataclysmic crash, and finally to an abyssmal lack of accountability in corporate America. While I appreciate the journalistic integrity being applied to horrors like Enron and Worldcom, and the hounding of shady analysts like Jack Grubman, I have to wonder exactly what part CNBC has played in all this.

Before the horrific crash that started March 2000, CNBC had played a significant role in perpetuating the stupidity that permeated the stock market. CNBC had more than its fair share of analysts, CEO's and brokers, who were recommending high-flying companies that have ended in flames. The accountability demanded now by your anchors, seemed to be missing when the bull market was in full flight. Exactly what type of responsibility do business journalists accept, or do they hide behind the freedom of the press?

Even now, CNBC continues to throw data at the general public with no real fundamental education. You continue to have analysts and brokers recommend stocks to investors, except you now have them indicate if they own those shares or not. I don't understand how journalists can expect the industry to be the banner of integrity, when the underlying intent of CNBC is not to educate investors, but simply generate advertising revenues for its parent company GE!

I remember clearly in late 1999 and early 2000, how CNBC anchors were making disparaging remarks about Warren Buffett, and I clearly remember the words, "how the mighty have fallen." Yet, after the last two years, he is virtually the only one left standing, and is now being upheld as a paragon of investing and business management, by the same anchors. Your memories are as fleeting as Wall Street's!

I'm certain this letter won't make it to air, and it is highly improbable that it will change any of the behaviour at CNBC, but I felt that the self-righteous stick you are waving, is one that has never pointed at you! I can only hope that the immense power of the television medium that you wield, will one day actually affect investors positively, and perhaps you will be held up as a model of journalistic integrity.

Sincerly,

Sanjeev Parsad
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us