September 25, 2005


PM raps pink media

The mild-mannered and soft-spoken PM's following words express his deep anger and anguish on the manner in which PMO was pulled in an imaginary news story.
"‘How many mistakes must a journalist make, how many wrong stories, how many motivated columns before professional clamps are placed? How does the financial media deal with market moving stories that had no basis in fact? Investors gain and lose, markets rise and fall, but what happens to those reporters, analysts, editors who move and make the markets?"
The news media (print and TV) published a report that Prime Minster's Office (PMO) is investigating the meteoric rise of stock markets. Sucheta Dalal says, this sensitive issue was handled in a style similar to the Salman Khan-Aishwarya Rai tapes.

We already know, the state of ethics and integrity in journalism. Dr Manmohan Singh has just added accountability in that long list.

BTW, the hottest celeb of last few weeks is Sensex with every single newspaper (including the tabloids) covering its movement with same alacrity as they would cover a spicy story of celebs. Sensex is no longer the sole property of the business section occupying an inconspicuous corner. Does it have anything to do with the word "sex" in it? Apart from making the petty observations like how it added 1000 points in 'n' days, the authors of these articles, pretend to be experts and liberally dish out equally trite advices in a paternalistic way. (Extra credit if the story mentions fundamental analysis, Warren Buffet and Benjamin "God" Graham.) As if it is their duty to save all the lesser-mortals who are going to enter the market with stars in the eyes and greed on the mind!

I remember the oft-repeated cliche in stock markets - "Get out of the stock market when the shoe-shine boy starts giving market tips."

Indian Express carries an edit titled "News, Sen-sexed up".

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