Tag Archives: Bloomberg
TALKING BIZ NEWS EXCLUSIVE
Bloomberg News has dropped John Wasik‘s award-winning personal finance column, the writer confirmed to Talking Biz News on Monday.
Running for the past eight years, the column was eliminated as Bloomberg moved to consolidate its purchase of BusinessWeek. Earlier this year, Wasik had shared the personal finance beat with Jane Bryant Quinn, whose column was cut in late July.
“It was a great run,” Wasik said. “Matt Winkler (editor in chief) gave me the opportunity to write about the housing crisis, derivative problems and pitfalls in retirement, college and financial planning long before last year’s meltdown.”
“I believe in what I’m doing and hope to get back on deadline soon. I hope to build upon my work and expand the reach of personal finance reporting even more. This beat has never been more important to struggling Americans. “
Wasik is the author of 13 books, including “The Audacity of Help: Obama’s Economic Plan” and the “Remaking of America” and “The Cul-de-Sac Syndrome: Turning Around the Unsustainable American Dream,” both published by the soon-to-be downsized Bloomberg Press. His Bloomberg column had been picked up by papers on five continents including The Financial Times, International Herald Tribune and Boston Globe.
The company closed its deal for BusinessWeek last week.
Edgecliffe-Johnson and Freeland write that Bloomberg chairman Peter Grauer said “Bloomberg was working on a web-based product for the property business, saying real estate was ‘a very large asset class round the world, particularly in New York.’
“It has also begun trials of Bloomberg Law, a web-based service aimed at competing with the legal information businesses of Thomson Reuters and Reed Elsevier, although Mr Grauer said he had no interest in creating a cheaper ‘Bloomberg-light’ version of its core terminal.
“The group had looked at 70 investment opportunities in the planning cycle it was now completing, he said, and would fund ‘a considerable amount of them.’
“Having hired 1,100 people last year, most of them software engineers, ‘we will, Iâ€™m confident, have a similar investment profile this year,’ he said.”
Read more here.
Former BusinessWeek staff writer Gary Weiss notes that the content in the first issue of the magazine under Bloomberg ownership has some telling keys as to how the magazine’s journalism will change — particularly the lack of a forward-looking spin in one article written by Bloomberg writers.
Weiss writes, “But the main thing that struck me was the writing style — flat, and lacking in what we used to call ‘forward spin.’ The way BW articles have traditionally been written, a point of view was always present even in the briefest article. By the end, or ‘kicker,’ you knew what the writer (actually the magazine itself, given the group editing) thought about the subject matter. It was formulaic and perhaps hackneyed, but it worked. Here is a good example of what I’m talking about, a Matt Goldstein article from 2007. Note that it has a particular point of view, which the Paulson article lacks.
“The Paulson article begins by raising a question it doesn’t (and really can’t) answer, which is whether Paulson is a ‘one megahit wonder.’ No analysis, no stab at ‘forward spin.’ Instead we have a competent article that, I believe, breaks news by describing Paulson’s latest and not-so-great investment returns.
“By the way, if it is a news beat, why doesn’t the article say so? Why did I have to go to Google News to find out if it is? Why doesn’t it say ‘according to documents obtained by BW’ or something like that? The reader ought to know if he’s reading it in BW first. And the magazine should not be afraid to thump its chest a bit if it has a scoop, even a minor one.
“In all, a nice piece, but basically not dramatically different than what you’d find in Bloomberg.”
Read more here.
The final issue of the bimonthly, controlled circulation publication is the December 2009/January 2010 issue.
The staff of the magazine had been laid off last month in the purge of employees that Bloomberg was not going to take with its acquisition of BusinessWeek.
“BusinessWeek.com’s Small Business Channel will deliver the same quality journalism and insights that small business professionals depend on, as well as targeted opportunities for advertisers looking to reach them,” said Bloomberg BusinessWeek Chairman Norman Pearlstine in a statement. “Because of the role small business plays in the overall business and economic environment, coverage will also be incorporated in our global print edition.”
Among the SmallBiz staffers who lost their jobs were senior correspondent Amy Barrett and staff writer Amy Choi.
Read the announcement here.
His column apparently replaces the one that had been written by Steve Wildstrom, one of the BusinessWeek staffers who was not retained by Bloomberg.
Jaroslovsky had been an executive editor at Bloomberg until May, when he began writing the column.
Prior to joining Bloomberg, Jaroslovsky held a variety of positions at The Wall Street Journal and its parent, Dow Jones & Co. In early 1994, he was selected to help create and launch The Wall Street Journal Online
(WSJ.com) and became its first managing editor, with responsibility for organizing and managing its news operation, a post he held until 2001.
Jaroslovsky founded and was elected the first president of the Online News Association, an organization of journalists dedicated to promoting excellence in digital journalism. He has taught courses on the Internet
and online news at Duke University’s Sanford Institute of Public Policy and at the Columbia School of Journalism.
Awards include Editor & Publisher’s EPpy for outstanding individual achievement in online media; Columbia’s Hearst New Media Fellowship; the White House Correspondents Association’s Aldo Beckman Memorial Award for his coverage of the Reagan administration; and the Council for Advancement and Support of Education award for an article he wrote for Stanford Magazine.
A California native, Jaroslovsky received a bachelor’s degree in political science from Stanford University, where he later chaired the board of directors of the Stanford Alumni Association.
The cover story was written by longtime BusinessWeek staffer Stanley Reed. However, a sidebar to Reed’s Dubai piece was written by Bloomberg staff writers Jonathan Keehner and Serena Saitto. (A Bloomberg staffer notes that the Keehner and Saitto story includes the word “but,” which has been banned by editors there for its copy.)
Most of the other content in the issue appears to be written by BusinessWeek staffers such as Steve Baker, Peter Coy, Jay Greene and Burt Helm.
Baker and Greene are among the staffers who were not retained by Bloomberg.
Meanwhile, the biggest noticeable change is that Bloomberg wire copy is beginning to appear in great quantities on the BusinessWeek site.
Bloomberg bylines found on the BusinessWeek site Thursday include Federal Reserve reporter Steve Matthews, U.S. conglomerates reporter Rachel Layne and Bloomberg reporter Tim Mullaney, who ironically used to work at BusinessWeek.
Senior writer Steve Baker wrote, “My career at BusinessWeek, which wraps up tomorrow, was an education. Iâ€™d start ignorant, and then learn on the job from sources and colleagues. Thatâ€™s the great privilege of journalism, and BusinessWeek was the best place imaginable for it. When I was sent from Pittsburgh to Paris to cover technology in 1998, I knew far more about blast furnaces than semiconductors. When I came back to New York four years later as acting technology editor, Iâ€™d never worked as an editor or covered technology in the United States. People helped, and picked me up.
“Many of those people are already scattered, and dozens more are leaving with me. Iâ€™d say Iâ€™ll miss them, but I plan to stay with them on the networks. Why would I ever venture out alone when I have the greatest colleagues? Theyâ€™re the treasure of my career, and to forgo them at this point would be insane.”
Innovation department editor Reena Jana wrote, “Itâ€™s been a huge privilege and honor to report and write about innovation and design for BW for four amazing years. And to have you as readers and, more important, commenters.
“I am grateful for all that BusinessWeekâ€™s brilliant editors and readers â€” you â€” have taught me. And Iâ€™m looking forward to learning more.
“Please keep the conversation going on BusinessWeek.com! And please read the new Bloomberg BusinessWeek in its many platforms for continuing coverage.”
Chief economist Mike Mandel tells his readers that he will launch a new blog after a month’s hiatus. The new blog will focus on innovation and growth.
Silicon Valley bureau chief Rob Hof writes, “Most of all, Iâ€™ve had the chance to work with really smart, dedicated people â€” including the many sources and readers who took so much time to help educate me. Iâ€™m hopeful that BusinessWeekâ€™s new owners, who are clearly an energetic bunch steeped in the same journalistic ethics that kept me at BW, will maintain those standards and also help the colleagues they hired build a new magazine for these new times.
“This isnâ€™t really a farewell, because I expect to be writing on many of the same topics and companies in a variety of other venues.”
Senior writer Steve Hamm had trouble posting his last blog item. He writes, “Today is my last day at BusinessWeek, and I got shut out of the corporate Intranet when I was in the middle of posting the last blog item. Seems fitting. (I got back in via a friendâ€™s log-in.) Iâ€™m going to continue blogging on my own at Globespotting.net. I hope to see you there.”
Finally, staffer Lauren Young wrote on her blog: “I feel especially appreciative that I was able to ride the BusinessWeek train for as long as I did. Iâ€™m also thankful to McGraw-Hill, which owned BusinessWeek for the past 80 years. The corporation has a commitment to work-life issues, incredible benefits, and an impressive womenâ€™s network. A flexible work schedule kept me sane during the past five years. In addition, my BusinessWeek managers and peers were especially supportive during a rough period when my son had seven surgeries. For that, I am eternally grateful.”
Bloomberg paid $5 million in cash and BloombergÂ also assumed certain liabilities, including unfulfilled subscription liabilities.
“We share with McGraw-Hill a commitment to editorial excellence and we look forward to building on BusinessWeek’s 80-year tradition of great journalism,” said Bloomberg Chairman Peter T. Grauer in a statement. “The reporting and analytical resources of Bloomberg and BusinessWeek are unparalleled in their ability to deliver timely, credible content to an influential and highly sought-after audience.”
BloombergÂ presidentÂ Daniel L. Doctoroff said that the deal would yieldÂ significant benefits for users of theÂ Bloomberg ProfessionalÂ service, and forÂ its television, online and mobile properties.
Bloomberg is holding a reception at its building Tuesday from 6 p.m. to 9 p.m. for its new employees.
Read more here.
Former Bloomberg reporter Dylan Ratigan praised the work of former Bloomberg reporter Mark Pittman, who died last week, on his MSNBC show Monday.
Ratigan stated, “I want to take a minute to salute a former colleague of mine and a reporter who had the guts not only to take on the Federal Reserve, but to take on the entire banking system. Mark Pittman passed away last week in New York at the too young age of 52.
“Nobel Prize-winning economist Joseph Stiglitz called Pittman one of the great financial journalists of our time. He did a tremendous job explaining and laying out the layering of subprime. But Pittman’s final legacy is yet to be written.
“Just three months ago, Pittman and Bloomberg News won a key legal victory in the efforts to get the Fed to open its books to the public so we can see the back door bailouts that they are providing to American banks.
“But, unfortunately, Pittman did not live to see the end of the battle he started. The Federal Reserve appealing a decision that went in Pittman’s favor. Bloomberg’s response to the Fed appeal due next week. A hearing expected the first week in January.
“So from all of us at the Morning Meeting, we want to take a minute to pay our respects to a man who led the charge, trying to use the freedom of the press to fight for the American principles of fairness and punishing those who would cheat them.
“We would be all better off if there were more reporters like Mark Pittman looking out for America’s interests against those in our government and banking system that would seek to exploit the taxpayer for their personal enrichment.”
Flamm reports, “The column, which will debut in the Dec. 21 issue of the magazine, is being promoted almost as an extension of Mr. Rose’s nightly show. It ‘will showcase smart conversations with the best thinkers, CEOs, politicians and other newsmakers,’ according to a Monday statement from Bloomberg.
“Mr. Rose won’t have much competition in the category of celebrity columnists writing for the weekly. Longtime contributors to the magazine, Jack and Suzy Welch, recently announced they were moving on, and CNBC’s Maria Bartiromo will also disappear from the magazine’s pages following the transition.
“Approximately 100 BusinessWeek staffers have lost their jobs as Bloomberg has taken control of the property in recent weeks.
“Mr. Rose already has a relationship with Bloomberg. His show is rebroadcast nightly on the Bloomberg Television cable network, and it’s taped in a Bloomberg studio.”
Read more here.