Wednesday, October 12, 2011

The Wall Street Journal has been running a circulation scam

I used to subscribe to the Wall Street Journal - it was an excellent newspaper.  Then Rupert Murdoch took it over in 2007.  I now get my financial news at breakfast time from the Financial Times.  I got tired of the pseudo sensationalism that started to dominate the paper.

Murdoch's company, News Corporation, is without a doubt, one of the most crooked, ethically bankrupt companies in existence.  The latest scandal that has emerged is the finding that the Wall Street Journal was buying up copies of its own paper to boost circulation numbers.  Full details are here.  In classic News Corp style, the initial reaction of the company was to deny it, and then, when this didn't work, go ahead and fire someone.

Let's not forget that News Corp is also still embroiled in the phone hacking scandal in the UK in which the "sister" publication of the WSJ, the News of the World, hired hackers to hack and delete phone messages from the cell phone voice mail of a missing girl.  In doing so, the parents thought that their daughter was still alive, because she was accessing her voice mail.  News Corp employees also hacked the phones of the relatives of deceased British soldiers, and also victims of the July 7 London terrorist attacks, as well as numerous phones of celebrities and politicians.  All this occurred with the full knowledge of senior News Corp officials.

Recently Rupert Murdoch has said that the focus by shareholders on the hacking scandal is "disproportionate".