About this blog

Whether we like it or not, economics, and therefore money, is at the center of our lives. Much of what is seen and heard through the news is grim, at best. What does it all mean? How could this happen to the Greatest Country on earth? Weren't we taught that the "free market" could do no wrong, and that it could right itself? At times it appears that policy makers and citizens alike only talk about the economy when the apparent armageddon is near (hence the "contempt" in Econ-Tempt). While I am by no means a professional economist, hopefully I can help clear the air and encourage continued discussion about the role of the government, the free market, risk allocation, and the average citizen in today's increasingly confusing economic climate. Thank you for your support, and enjoy!

Disclosure: I wrote this blog and all posts myself (unless otherwise notated with hyperlinks/sources). All opinions are solely my own and not representative of my employer. I am not receiving any compensation for these entries, and I have no business relationship with any company or entity mentioned in this blog unless otherwise notated in a specific post. Personal portfolio disclosures will be made in blog posts if relevant.

Friday, July 15, 2011

News Corp: What does Les Hinton have to do with News of the World?

News broke today that Dow Jones CEO Les Hinton resined as part of a damage control campaign in Rupert Murdoch's News Corp empire. While most media outlets did not make much of this, I was perplexed! Why would a largely liked CEO of an American news corporation resign because of a scandal involving a British tabloid? Granted, Dow Jones is held by News Corp just as NotW was, but if the incidents in England were isolated as they have been reported by Murdoch, why is Hinton resigning? Now, I am far from a specialist in the field of corporate formalities, but as an FBI investigation is underway in America, it seems that the resignation of Hinton could be a case of abdicating responsibility. When viewed through the lens of a skeptic, this act looks an awful lot like admission of guilt, rather than polite formality.
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