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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
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"Dear Sanjeev Parsad,

Thank you for your email. It has been forwarded to the appropriate trashcan, er, department.

We hope you continue to enjoy watching your favorite programs here at CNBC!"



; )
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Markoose, that's probably the response I will get! Cheers!
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What CNBC reads:

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To Whom It May Concern:

In the last 3 years ... before the horrific crash ... CNBC continues to ... educate investors ... I remember clearly in late 1999 how CNBC anchors ... were making disparaging remarks about Wall Street! ... I'm certain it is highly ... probable ... that ... the behaviour at CNBC ... is one that I can only hope ... of ... television ... one day.

"You will be held up as a model of journalistic integrity."

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Thanks Mr. Parsad. Your remarks are most welcome!
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Sanjeev, your letter to CNBC is beautifully written. I applaud your observations on the "integrity" of CNBC and its so called analysts. You called CNBC to task in a very forthright manner. :)

phxhawk
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I agree with you. And that is why I don't even own a TV! There is a lot of garbage out there in the media and I am better off not being influenced by this garbage. You have very good arguments, and I would extend your arguments to main stream media as well.
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CNBC's job is to reflect what is happening in the market on a day to day basis. That is what they did. Hindsight is 20/20, and yes, now we all see the folly of our ways. CNBC may have played a part in the bubble and subsequent crash, but certainly was not the cause. I don't think it is their responsibility to educate stupid investors.

Rt.

Note: I do not work for CNBC, but, as I have stated in prior posts, I remain long on Maria.

;)
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"CNBC's job is to reflect what is happening in the market on a day to day basis. That is what they did. Hindsight is 20/20, and yes, now we all see the folly of our ways. CNBC may have played a part in the bubble and subsequent crash, but certainly was not the cause. I don't think it is their responsibility to educate stupid investors.

Rt.

Note: I do not work for CNBC, but, as I have stated in prior posts, I remain long on Maria."

Sorry Rt., can't agree with you on that. Their job is to educate as much as it is to report the news. I think everyone in their life is responsible for their actions, be it the media, a doctor, a lawyer or analyst. We are all responsible for what we say, what we do, and the message involved with that. Touting stocks, giving CEO's the opportunity to explain why their company will explode, or money mangers given airtime to discuss their investment strategy and why you should be using it, all should accept the repercussions with those opinions. Cheers!

Note: I think CNBC would be more valuable, at least to male viewers, if Maria Bartiromo was allowed to report the news in a bubble bath! Cheers!



;)
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