Biz media missing Fannie Mae scandal

Business journalists have focused so much on the Enron scandal and others that they are missing the significance of the Fannie Mae scandal, acrgues Dan Gainor, the Boone Pickens Free Market Fellow and director of the Media Research Center’s Business & Media Institute, in a column in Sunday’s Pittsburgh Tribune-Review.

Gainor wrote, “Since last year’s study period ended on Feb. 1, 2005, CBS has reported on the Fannie Mae scandal just twice — both the same day of the $400-million settlement. NBC has mentioned it just once and ABC has been completely out to lunch. CNN has mentioned it just six times.

“None of the stories discussed the roughly $30 billion in lost value to stockholders since this scandal has hit the news. None of them mentioned the fact that this was a Democrat scandal.

“When it came to Enron, the media did everything they could to link it to Republicans or President George W. Bush. Back in January, Anne Thompson of NBC’s ‘Today’ showed how it was done. ‘He was Houston’s number-one corporate citizen who morphed into public enemy number one when Enron disintegrated: Ken Lay, friend of presidents past and present. Kenny Boy, President Bush called him, a powerful, influential man with a photograph album of famous figures.’

“Being connected to President Bush was newsworthy. Being connected to President Clinton apparently was not.”

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