It's tempting to blame the media for failing to spot scandals such as Enron, but the real villains are the lawyers and PR advisers that stifle the news
What do Dame Marjorie Scardino, chief executive officer of Pearson, and William Harrison, chairman and chief executive officer of JP Morgan Chase, have in common? They both have seen their share prices collapse by two thirds from the peaks of March 2000, and they both think the media is partly to blame. In a conference call to analysts in July to discuss the slide in his bank's shares, Harrison kicked off with this observation: 'We are now dealing with a political and media frenzy that is quite extraordinary.'' Scardino, who as overseer of the Financial Times should be better informed...
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