Thursday, August 11, 2005

WSJ reporter could use ride on the short bus!

The Wall St. Journal's reporting is losing its
reputation for quality articles as evidenced by the
knucklehead "story" written by Aaron Lucchetti today.

This guy actually was allowed to publish an article
with absolutely no substance. Let me expound.

Lets start with facts.
2/3 vote is needed for the NYX deal
to be approved by the NYSE members. That comes to 910
votes saying "yeah" to enable the deal to go through.

Luchetti writes, "Mr. Urstadt, a real-estate executive
who bought his seat in 2004, will cast only one vote
of 1,366. But his group, a loose confederation of
investors and retired traders, includes about 200 or
300 NYSE members."

First, the difference between 200 and 300 seats is
significant. That's a 33% differential. Pretty
sloppy reporting, if you ask me. Why he can't he
print the factual number is beyond me, and how editors
approve this crappy journalism is even more baffling.

Lets just say that this turkey, Urstadt, has constituents that own 300
seats: 1366-300 = 1066. . .those votes are hardly
enough to counter the seat holders who are giddy
from the increased intrinsic value of their (NYSE
seat) investments.

Next, what in the world is news worthy about, "Thomas
Caldwell, the chairman of the members' association who
controls more than 20 seats, said yesterday he'd like
NYSE seatholders to own more than 70% of the company,
but doesn't feel as strongly about it as Mr. Urstadt."

20/1366 doesn't amount to anything.

This article is pathetic at best and underscores the problems
the WSJ is having with keeping their reputation where
it once was (in the old days of printed news).


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