Tag Archives: Maria Bartiromo
The New York Post is reporting that CNBC anchor Maria Bartiromo has shot a pilot for an afternoon talk show that could take her away from business journalism.
The story, which did not have a byline, stated, “It is believed that the yet-untitled talk show, produced by NBC, will focus on ‘women’s empowerment,’ according to a report in Crain’s New York Business.
“Bartiromo anchors ‘The Wall Street Journal Report’ and co-anchors ‘Closing Bell,’ both on CNBC — but she has long been talked about as break-out personality who might one day move over to mainstream TV.
“The prospect of a new show is also a way to lock her in at NBC, if a proposed Fox News business channel is launched and tries to poach her.”
Read more here.
CNBC anchor Maria Bartiromo says in an interview with England’s The Independent that she reads The Financial Times and The Wall Street Journal and some of the New York papers. She also reads Yahoo Finance and Bloomberg online, as well as the Drudge Report.
Here are some more excepts from the Q&A:
What is the best thing about your job?
I have an ability to interview business people and executives from around the world. Since I came back from the World Economic Forum in Davos (in January) I must have spoken to 1,500 people about different aspects of the economy. I love finding out what people are thinking when it comes to business.
And the worst?
I’m constantly on deadline and it can get very stressful. Today I was up at 5am because I did an appearance on the Today show on NBC and went down to the New York Stock Exchange and talked about the federal reserve and inflation. That was over at 8am and I’m on my way now to interview someone for my Business Week column. I don’t go to the CNBC studios until 11am because my show, Closing Bell, airs at 3pm. Every day varies.
What’s the proudest achievement in your working life?
I have real relationships with people. Because of those relationships, if a company’s in crisis I can access that person and educate shareholders and employers as to what’s happening. I think that the viewers trust that when I have top people in business on I’m going to ask the right questions.
Read more here.
Federal Reserve board chairman Ben Bernanke testified before Congress on Tuesday, and he called his comments to CNBC business journalism Maria Bartrimo at the White House Correspondents Association dinner a mistake. Bartiromo aried a report that noted Bernanke felt that the market and the media had misinterpreted his opinion about the economy, which caused the market to drop.
This wire report noted, “Responding to questions from Sen. Jim Bunning (R., Ky.) at a hearing on financial literacy, Mr. Bernanke pledged that he would make future communications through normal channels.
“Ms. Bartiromo caused a stir in financial markets when she reported that Mr. Bernanke told her at the White House correspondents’ dinner in late April that financial markets had misconstrued previous congressional testimony. Many analysts had taken that testimony to suggest the central bank was prepared to pause its nearly two-year rate-increase campaign, and Ms. Bartiromo’s report caused a jump in Treasury yields.
“‘In the future, my communications to the public and to the markets will be entirely through regular and formal channels,’ Mr. Bernanke said.
“Mr. Bernanke was also challenged by Mr. Bunning on the Fed’s most recent decision to raise the Federal funds rate by a quarter percentage point to 5%, a 16th-straight increase of that magnitude. Mr. Bunning said those rate increases have made it tougher for U.S. households to borrow.”
TheDeal.com Executive Editor Yvette Kantrow notes that a recent BusinessWeek story on how Bank of America wants to build an investment banking business sounds awfully familiar.
Last year, CNBC’s Maria Bartiromo posed the same question to BofA CEO Ken Lewis.
In 2003, both AFX and Reuters wrote the story. In 1999, it was American Banker and Dow Jones News Service.
Also in her weekly column on the business media, Kantrow notes how the media is gushing all over Sallie Krawcheck again, and how getting sued by Donald Trump hasn’t hurt Tim O’Brien at the New York Times.
Read more here.
CNBC star Maria Bartiromo recently sat down to have lunch with David Wighton of the Financial Times at a posh New York restaurant where she was greeted by investor Ken Langone — currently being sued by attorney general Eliot Spitzer about former NYSE head Dick Grasso’s compensation — and then escorted to a corner table.
The reason for the interview is Bartiromo’s recent scoop from her brief talk with Fed chief Ben Bernanke at the White House Correspondents Association dinner. Wighton is the FT’s New York bureau chief.
Wighton writes, “After ordering – sole for her, veal ravioli for me – we talk about how she made her name as the first reporter to broadcast live from the floor of the New York Stock Exchange for her daily slots on CNBC. For 10 years, she shouted out the market news, the winners and losers, the analystsâ€™ buys and sells (mainly buys of course) from the colourful bedlam of the worldâ€™s largest stock exchange, frequently jostled (sometimes deliberately) by traders on the floor.
“‘When I first got there it was tough. Nobody had done it before. And there were a lot of people who didnâ€™t want me there. They said to themselves: â€˜Who is this person? She has a camera, she is a woman, sheâ€™s in my way.’
“But Bartiromo stood her ground, sometimes jostling the traders back. The viewers, and many of the traders, loved it. ‘I think people rooted for me.’
“Itâ€™s a particularly exposed form of television, and she believes this is partly why many viewers feel a personal connection with her. “The cameraâ€™s very transparent. Whether you liked me or not, you knew what you were getting and it was me.’”
Bartiromo later says she loves business journalism and that she think anyone could have done a good job of covering the market hoopla in the late 1990s. “Journalists everywhere could have done a better job being sceptical,” she said. “At the same time, I donâ€™t know whether anyone would have listened. I donâ€™t know.”
Read more here.
With new Federal Reserve Board chairman Ben Bernanke, the investing world has had to learn how to decpiher his public statements and understand what he, and the Federal Open Market Committee, is saying when it announces its rate decisions.
Business journalists, after 17 years of interpreting former chairman Alan Greenspan, now have the same task. Judging by today’s coverage of the Fed’s move to raise interest rates, they’re still trying to figure out what message Bernanke is trying to deliver to the markets, and to consumers. If you look at this afternoon’s coverage, some media reporters conflict with what other media reports are saying. That means, as we saw last week when Bernanke talked to CNBC’s Maria Bartiromo, that the business press has yet to figure out where Bernanke is headed.
MarketWatch reporters Gregg Robb and Rex Nutting write that today’s decision “left the market in the dark about whether it would raise rates again.” Later, they write, “Financial markets were initially disappointed there was not a clearer sign that the Fed would pause in its campaign rates hikes, but gradually warmed to the statement as the day went on.”
Associated Press economics writer Jeannine Aversa came up with the same angle. She wrote that the Fed “suggested what happens next will be much less predictable. Chairman Ben Bernanke and his Fed colleagues left their options wide open to order yet another increase or to take a break in their two-year rate-raising campaign.”
Reuters’ Tim Ahmann, however, leaned in his coverage to the theory that the Fed may pause its rate hikes in the future, noting a “possible rate pause.” He also said that the markets were not happy with the rate hike increase on Wednesday. Ahmann wrote, “While the decision was widely expected, the carefully crafted statement from the FOMC, which was meeting for only the second time under new Fed Chairman Ben Bernanke, was a bit more hawkish than financial markets had expected.”
Bloomberg News’ coverage, however, said that the Fed may not be finished with its rate hikes. Scott Lanman wrote, “Additional increases “may yet be needed,” the Fed said, even as the central bank forecasts economic growth to slow from the first quarter’s 4.8 percent annual pace, the fastest in more than two years.”
Meanwhile, the media coverage of the event is also being scrutinized by the traders. Rob Hanna, a principal in a money management firm in Massachusetts, writes that CNBC was making too much of one word in the Fed’s statement.
Hanna wrote, “CNBC seemed to focus on the addition of the word ‘yet’ which changed the beginning of the sentence from ‘further policy firming may be needed’ to ‘further policy firming may yet be needed’. My old English teacher (Ms. Malorek) would say they mean the same thing. If I handed in a paper with ‘yet’ in it, it would come back to me with the word crossed out and a note saying I was being too wordy. In this case there may be a subtle difference, but I basically agree with Ms. Malorek. It isnâ€™t too significant. As a trader, the second part of the sentence is what is of major importance to me.
â€œâ€¦the extent and timing of any such firming will depend importantly on the evolution of the economic outlook as implied by incoming information.â€?
“In other words, they may raise rates again in June. They may not. Itâ€™s going to depend on the data. Since the next meeting is June 28 & 29th, that means there will be plenty of economic data between now and then. It also means that the market will be on data watch. I expect we may see some real whipsaws in the next seven weeks as every big market player suddenly begins doubling as an economist. These whipsaws will likely be nothing but noise, but should create some tradable opportunities. Traders should be on alert.”
TheDeal.com Executive Editor Yvette Kantrow, like many others, has a few words to say about how CNBC personality Maria Bartiromo “scooped” the rest of the financial press world by talking to Federal Reserve Board chairman Ben Benanke at the White House Correspondents’ dinner last Saturday night and getting him to say that the media and the market had both misinterpreted his earlier comments.
Kantrow writes, “Last week wore on, the story became less about Bernanke’s market-moving utterances and more about his decision to, inadvertently or not (and that’s still a mystery), deliver them through Bartiromo. It’s hard to imagine the same ruckus breaking out if, say, Bernanke, instead of talking to someone whose nicknames include Econo Babe, whispered into the ear of a wonkish, relatively obscure Fed watcher at one of the wire services. Though the markets probably would have reacted the same way, it’s doubtful the event would have remained such a topic of conversation.
“But such is the power of celebrity. Interestingly enough, even Bartiromo herself seemed shocked by the reaction to her revelation. She delivered the news to viewers Monday during a lead-in to a live interview with Chicago Fed President Michael Moskow on the floor of the Chicago Mercantile Exchange. The pit quickly erupted in noise as traders screamed out orders, making it difficult for Bartiromo to hear Moskow. ‘Excuse me, there’s something going on behind us,’ she told Moskow, seemingly oblivious to her remarks about Bernanke being the cause of the commotion. Another indication that she didn’t quite realize the power of her ‘scoop’ was that she didn’t go on air with the news until 3:15 p.m.”
Read more here. Kantrow notes that it was a big week for both Bartiromo and CNBC, and not just for her scoop.
Marek Fuchs, who writes the Business Press Maven column at TheStreet.com, has his own take on the influence that Louis Rukeyser had on business journalism.
Fuchs writes, “His show, ‘Wall Street Week With Louis Rukeyser’ ran for three decades on PBS and influenced much of the good and a little of the bad in the modern business press.
“A lot of the ways investors understand and misread the market through what they read and watch about the markets is to Rukeyser’s everlasting credit. Or fault.
“For starters, Rukeyser was one of the first to understand that business news could appeal to a wide audience and one of the few to sense that humor could (in fact, should) go hand in hand with market news. He was dealing with the topics of big money, big egos and crowd thought — all the stuff, in the end, of human frailty and comedy.
“Sure, a good number of his puns were groaners, but the point was the honest attempt at levity. And that levity helped demystify high finance.
“Don’t forget, too, that at a time before computers and air travel carried Wall Street far beyond the canyons of lower Manhattan, Rukeyser was looking out at it all from Maryland. Any industry, especially Wall Street, can turn into an echo chamber of thought, and Rukeyser understood that distance brought perspective, something more business journalists should see.”
Read more here, as well as Fuchs’ take on the Maria Bartiromo-Ben Bernanke tete-a-tete last weekend.
Louis Rukeyser, the business journalist whose “Wall Street Week” show aired on TV for nearly 35 years, will be remembered this weekend by two special shows. Rukeyser died earlier this week from a rare bone cancer at the age of 73.
CNBC is airing a one-hour special, hosted by Maria Bartiromo, about Rukeyser on Friday night at 8 p.m. and again at 11 p.m. The show will be repeated on Saturday at the same times.
â€œThe reason we do this is that Mr. Rukeyser was really a pioneer in covering Wall Street, finance and investing,â€? said Tyler Mathisen, manager editor at CNBC. â€œFor 35 years, there werenâ€™t many people important in the world of money who didnâ€™t know Rukeyser, respect him or appear on his program.â€?
A video remembrance of Rukeyser prepared by CNBC’s Bill Griffeth, which hosted his show in 2002 and 2003, can be viewed here. The video also has comments from two of Rukeyser’s long-time guests on his show. They have old footage of Rukeyser from the early days as well, which is fun to watch.
Meanwhile, Consuelo Mack will honor Rukeyser’s career on her “WealthTrack” show on Friday night as well.
During Rukeyser’s long illness, Mack was the guest host for his program distributed by WLIW New York, and on this week’s episode of “Consuelo Mack WealthTrack” she will pay tribute to her public television predecessor and CNBC colleague.
“WealthTrack” airs on presenting station WLIW New York Fridays at 7:30 pm and weekends on public television stations nationwide (check local listings).
CNBC business journalist Maria Bartiromo moved the market on Monday with her interview with Fed chairman Ben Bernanke, who noted that the media had misinterpreted his comments.
The Street.com markets columnist Liz Rappaport repoted, “The CNBC personality reported that the Fed chief said markets were ‘wrong’ to react to his congressional testimony last Thursday as necessarily telegraphing a pause in June. She reported that Bernanke said it is ‘worrisome’ that people don’t see him as an ‘aggressive inflation fighter,’ and claimed that his comments had been designed to create flexibility — not cement faith in the one-and-done scenario.
“‘I think the market is getting used to Mr. Bernanke in his new role,’ said Jack Malvey, chief global fixed-income strategist at Lehman Brothers.
“The remarks, supported by subsequent comments by Chicago Fed President Michael Moskow, called back into question whether or not the Fed will take a breather after raising the fed funds rate in May 10, or hike again to 5.25%.”
Read the rest of Rappaport’s story here.