NY Times Screws Up Royally on Morgan

Given the tone of things on Wall Street, this correction qualifies as monumentally important. From the New York Times:

An earlier version of this article cited two sources who were said to have been briefed on a conversation in which John J. Mack, chief executive of Morgan Stanley (MS), had told Vikrim S. Pandit, Citigroup's (C) chief executive, that "we need a merger partner or we're not going to make it." On Thursday, Morgan Stanley vigorously denied that Mr. Mack had made the comment, as did Citigroup, which had declined to comment on Wednesday.

The Times's two sources have since clarified their comments, saying that because they were not present during the discussions, they could not confirm that Mr. Mack had in fact made the statement. The Times should have asked Morgan Stanley for comment and should not have used the quotation without doing more to verify the sources' version of events.

Indeed.

Source

Ben White and Eric Dash, "As Fears Grow, Wall St. Titans See Shares Fall," New York Times

Comments

[Redman:]

This is yet another reason why the media should be held somewhat responsible for spreading rumors in an atmosphere that's all ready on tenderhooks.
In it's zeal to sell papers or the t.v. versions efforts to sell ad space..all we get at times are rumors and inuendo.
Information...accurate information..quality reporting...is what's needed.

2008 Sep 19 07:33 AM

[epeon:]

Interesting. I thought that the New York Times was only shoddy when covering republicans. For example, the aledged improper relationship between McCain and a lobbyist for which there was no evidence but ignoring pretty boy Edwards and his infidelity.

However, I may have to review this thought. Perhaps the New York Times is just simply incompetent in all areas.

2008 Sep 19 09:16 AM

[notsosmart:]

it may not be around for much longer.i havent bothered with it since it endorsed castro in the eisenhower years. i survived.

2008 Sep 19 12:25 PM