Want to make a big splash to bolster your chances in a political campaign? A tried and true strategy for some attorneys general has been to champion a populist position by exploiting the legal system for publicity. Just look at the lead up to the launch of former New York AG Eliot Spitzer gubernatorial campaign with his attacks on Wall Street.
And that appears to be the playbook California Attorney General Jerry Brown is using in a lawsuit accusing State Street (NYSE:STT) of cheating the state's two largest pension funds, the California Public Employees' Retirement System and the California State Teachers' Retirement System, of at least $56.6 million.
However, CNBC's Michele Caruso-Cabrera wasn't afraid to ask Brown if that was indeed the case in an Oct. 20 interview on CNBC's "Power Lunch."
Times have been tough financially for media companies across the board and satellite radio has been no exception.
On Aug. 6, Sirius XM Radio (NASDAQ:SIRI) posted a second-quarter loss and the company hasn't lived up to expectations after Sirius and XM completed a merger a little over a year ago. According to "CNBC Reports" host Dennis Kneale, part of the satellite radio's problem is shock jock Howard Stern's compensation and the company's debt.
"I feel so, bad - there's, being run by one of what I think is the best executives in media, Mel Karmazin, a great salesman," Kneale said on CNBC's Aug. 6 "Power Lunch." "But in the end, does it turn out they just overpaid for Howard Stern and they have too much debt? I wonder if John Malone bailed them out temporarily hoping that they kind of go belly-up so they can get a hold of those assets really cheap."
"Last night on this show, I stirred up an angry hornet's nest in the blogs, you know, when I criticized their mean-spirited negativity, bashed them for hiding behind their cowardly cloak of anonymity," Kneale said. "And, I called them dickweeds, a form of pond scum. Well, they have howled with outrage throughout the blogosphere. Blog sites like Dealbreaker, Gawker, Huffington Post, the Business Insider, Zero Hedge and more have incited an online mob to rush to their defense."
If you stand in the way of President Barack Obama's agenda, beware because there may be a litany of consequences that could result from your act - regardless if the obstacle is legitimate or not.
On June 8, Supreme Court Justice Ruth Bader Ginsburg issued a stay to review an appeal by a trio of Indiana pension and construction funds that own a part of Chrysler's secured debt. They claimed the administration's handling of the deal that would have sold Chrysler's assets to Italian automaker Fiat (BIT:F) arbitrarily threw 150 years of bankruptcy law out without process of law.
Is there another shakeup imminent at CNBC? Since the economy has been on the rocks, NBC Universal's financial network has been in the spotlight - political tug-of-war and all. This time, another one of the network's star on-air personalities, Jeff Macke, could be out.
It was either an effort to avoid blaming individuals for ill-advised borrowing or an effort to vilify the banking system, but a segment on the April 20 "CBS Evening News" took a very one-sided view of credit-card lending.
On a day bank stocks struggled and dragged the Dow Jones Industrial Average (DJIA) down nearly 300 points, "Evening News" scrutinized the current state of the banking system's credit-card lending. According to anchor Katie Couric, that sell-off of bank stocks occurred as a result of the realization the institutions would be forced to cover bad loans.
"Wall Street had been on a six-week winning streak, but today it suffered its worst drop in two months as investors rushed to sell bank stocks," Couric said. "[T]he sell-off came after Bank of America reported earnings of more than $2.8 billion last quarter, but that good news was offset by the word that the bank has set aside more than $13 billion to cover its losses from bad loans made in the past."
CNBC has been a hotbed for commentary - both left and right, from Rick Santelli's call for a tea party on the floor of the Chicago Mercantile Exchange to the hiring of former Democratic Committee Chairman Howard Dean as a CNBC contributor.
This time, one of the hosts on CNBC's March 26 "Power Lunch" dropped an expletive during President Barack Obama's online town hall meeting as the network broke away from their coverage (h/t Breitbart.tv):
PRESIDENT BARACK OBAMA: One last point I want to make and I know I'm not suppose to talk this long ...
After nearly two years of favorable treatment from seemingly every corner of the media since he announced his candidacy for the presidency in 2006, Obama is still finding ways to delight his biggest fans.
On his first day on the job, Obama announced "a new standard of openness" at a swearing in ceremony for senior members of his administration. According to CNBC's Michelle Caruso-Cabrera, that was greeted with cheers from the CNBC studio.
"Not to belabor the whole point of the Freedom of Information Act, but politically brilliant in a way to immediately co-opt the press," Caruso-Cabrera said on CNBC's Jan. 21 "Power Lunch." "I mean a big cheer went up here - journalists of the world rejoice and automatically you have pleased a big part of the folks that are going to be covering you."
Newspaper companies as an investment are less lucrative than they once were. Alan D. Mutter, a Silicon Valley CEO, pointed out on his blog that newspaper companies took a hit in 2008 in terms of share value to the tune of $64 billion.
"In the worst year in history for publishers, newspaper shares dropped an average of 83.3% in 2008, wiping out $64.5 billion in market value in just 12 months," Mutter wrote on Jan. 1. "Although things were tough for all sorts of businesses in the face of the worst economic slump since the 1930s, the decline among the newspaper shares last year was more than twice as deep as the 38.5% drop suffered by the Standard and Poor's average of 500 stocks."
Immediately following the interview, CNBC Media and Technology Editor Dennis Kneale observed the demeanor of Nelson and warned the scandal would be exploited by Democratic presidential nominee Sen. Barack Obama, Ill., for political purposes.
It's not often someone in the media challenges the liberal point-of-view - especially on the issue of taxes when they become a means to redistribute income.
CNBC "Squawk Box" fill-in co-host Michelle Caruso-Cabrera wasn't afraid to buck the trend and challenge Democratic presidential nominee Sen. Barack Obama's senior economic adviser Austan Goolsbee.
Goolsbee appeared on the August 14 "Squawk Box" to defend an op-ed he wrote for the August 14 Wall Street Journal outlining Obama's tax plan. Caruso-Cabrera invoked the name of Milton Friedman, an economist who was a primary defender of free markets throughout the 20th century. Ironically, Friedman taught at the University of Chicago, where Goolsbee is a faculty member.
"WWMD, Austin - what would Milton do? Remember that," Caruso-Cabrera said. "Remember your roots - what got you to where you are."