Re: Profits
AskAsa
11/4/2011 8:00:59 PM
@Tenacious, you should take Chase Carey's remark with a grain of salt as large as all of Australia!
Chase Carey is a very, very smart, decent, nice guy (yes, I knew him personally years ago) who has made a career of working for some of the most egomaniacal men in the media industry. (If Rupert Murdoch's abuse is even in the league of Jon Dolgen's, I'd be surprised.)
Trust me, he didn't get to where he is by offending those guys. And he certainly didn't get to the position of being the non-family "favored son" at News Corp. by dissing the real family members.
Remember in the Legend of Little Black Sambo how Sambo let the tigers chase each other around the tree until they were reduced to a pool of melted butter? See any parallels here?
News Corp.'s profits dipped despite strong advertising gains at its broadcast and cable channels because of special charges, including a restructuring charge for its scandal-plagued U.K. newspapers, according to a conference call with analysts yesterday.
Oh, and COO Carey, in response to a question about James Murdoch's future at the company, Carey said, "we have great confidence in James. James has done a good job, and we are not contemplating any changes."
So there you have it. Nothing changes.
There's an old saying in the labor movement that freedom is something every brother's son must win again and again. Captains of industry have at least this in common with their workaday counterparts. One wonders if capitalists would not be so short-sighted and quarterly-results-minded if their assets could be passed intact to their progeny, but I digress.
It should be clear by now that the Murdoch heirs will not get their father's empire served up to them on a silver spoon. Rupert Murdoch was exceedingly useful in his day, but as the stakeholders witness his passing of the torch to his sons, their sober assessment of the facts certainly doesn't paint the succession in a favorable light.
Re: Independence goes a long way
ProfR
11/2/2011 9:09:21 PM
That would be good also.
In the end, I think any deal that is done to get the firm out of this problem should include the appointment of some independent board members.
Re: Independence goes a long way
Phoenix
11/2/2011 8:41:24 PM
Your picture of two children sitting at board meetings is really hilarious. It looks like the Murdochs are running out of options to keep the family at the helm of things. If all these accusations are proven and they face charges only the two kids seem to be able to survive. I wonder what will happen if things really turn bad? Will they put Mrs. Murdoch in front?
I thought it was M-I-S-C-H-A-G-A-S-S. The editors must by goyim.
I had a professor in college who used to tell us before every test that we would get the grade we deserved, which is actually a lot more profound of a statement than it initially appears to be. He meant that "deserving" would reflect the totality of our efforts--or lack thereof. Kind of like the efficient market for grades...
Similarly, News Corp. will get the Board it deserves. No more, no less. Somehow, the market has made its peace (or not) with the Murdoch corruption. But insofar as it isn't new news, it IS reflected in the stock price!
Re: Independence goes a long way
Value Hiker
11/2/2011 12:17:07 PM
In News Corp's case, it is even worse. The company has the dual class shares hierarchy, which guranteed the management team has the controlling vote power. Things can turn really ugly if the Murdoch family plans to play hardball with common shareholders.
Good in business- not so much in morality
tokyogai
11/2/2011 9:17:50 AM
I think the arrogance and disregard for the laws are not at all unusual for Rupert or the family he sired. Getting caught is unusual for them. They have done a stellar job in the business at a time when many of his competitors have failed. For that he should be applauded, but how he did it and the laws he may have broken along the way should not be forgiven. That means overall, it is time for them to go ( maybe even to jail).
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