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USA Edition | Today Is Sunday, May 19, 2013 |
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Welcome To Newsroom Magazine
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Thanks To You We're Growing Faster Than Ever Before
Chances are you've noticed that Newsroom Magazine is a very different publication.
We care about journalism -- and we're well aware many other organizations do it far better than we.
Our editorial standards, rules of custody, and skeptical editing for everything we produce, disseminate or expose to public viewing reflects a seriousness of purpose.
Six years after our founding, Newsroom Magazine continues to evolve the online publishing and preservation model we pioneered.
There is good news to share: Newsroom Magazine is is thriving.
And some less good news: Our limited resources, both journalistically and financially, are limiting our expansion of content.
Online News Preservation
In the six years since its founding, Newsroom Magazine has extended the field of news publishing into previously uncharted areas.
We take a long range view of news -- one that considers both timeliness and historical merit.
What we do, and how we do it, was not possible in the print media era -- for our content is both timely and timeless in the sense that we share the power of immediacy with all online media plus the perseverance of an encyclopedia.
Newsroom Magazine's publishing model goes beyond immediacy -- for unlike the newspaper era -- what we publish is permanently preserved. And tagged, indexed, and constantly updated by automated sitemap sharing with Google, Yahoo, Bing, Yandex, Baidu, Sogou, Ewatch, Alexa, Facebook, and others at home and far away.
All of our content, is meant to be preserved. Thanks to the capture and storage of our content at Google, including all updates and changes, and full collection archiving by the U.S. Internet Archives, everything we say, write, opine -- whether wise, foolish, or inconsequential-- is preserved.
Newsroom Magazine content remains forever online, searchable and accessible 24 hours a day worldwide.
What's Hot Is Rarely What Matters
What we publish today is rarely as timely as the more traditional publications and online newspapers. What we choose to publish, sometimes days or months after a story first breaks, or on a subject neglected by most commercial media, is chosen to reflect one aspect of an ongoing reality for long term preservation.
From a handful of English-only readers when we published our first article -- the 1958 Edward R. Murrow speech before the Radio Television Directors Association in Chicago -- we have grown and wizened about our responsibilities to our readers and our own limitations and shortfalls.
Our most read article so far this year, The Adventures Of Bernie In Wonderland, was published November 23rd, 2009. The article consists of the unexpurgated SEC interview of Harry Markopolos in the Bernie Madoff Ponzi swindle case. It is not very interesting reading and it is very long -- but we published it in the belief that what it revealed was important and unlikely to remain online in its original format.
Newsroom Magazine's Storehouse Grows Every Day
The number of publications who devote themselves to publishing credible, responsible and probative content for posterity has dwindled.
Today Newsroom Magazine publishes a storehouse of credible, probative and relevant content -- well over 5000 articles including commentaries, essays, definitions, photographs, stories, reviews, discussions, tutorials, and logical explanations.
Our readership is nearly three times was it was only last year. Few might come to our content for entertainment -- for our purpose is otherwise.
If You Publish, They Will Come
We are read on Capitol Hill, along K Street, and in the halls of government inside the beltway and around the world.
We are read daily on college campuses at home and abroad. We're visited from military ships at sea. We serve law-firms, major corporations, Wall Street the UK Parliament, state governments and cities with credible useful information.
Some of the world's most prestigious news organizations use Newsroom Magazine for fact-checking.
Government Information Unfiltered, Sometimes Imperfect
The amount of official news proffered each day by government, whether at home or abroad, is accelerating. Some of it newsworthy, most of it not.
Our job is to thoughtfully choose what's worthy of the attention of our readers.
About 1% of government issued news we receive each day qualifies as newsworthy. Only the most relevant, or reflective of government at its best, or at its worst, or evidence of overreach, or ineptitude makes it newsworthy.
We leave the issue of deciding which if any of these qualifications applies to what we publish up to the reader.
Formatted For People On The Go, Or On The Hunt
All of our government news content includes above the headline call out meant to convey the principal facts, action or information for those with little time to read a long document.
Our job is to carefully and skeptically choose relevant governmental content for our readers -- and to include the unexpurgated original source material, whose chain of custody we control.
Online Editorial Standards, Ethics And Purpose
Our commitment to time-honored journalistic standards and a clear statement about the ethics to which we agree to be held today and tomorrow, Newsroom Magazine began publication when the Internet was young -- 2006.
Our prime mission then, as now, is to publish non political ideas, definitions, essays and editorials.
To speak to the state of this honorable calling.
And to inform the public about those things, events and ideas that matter most to us all.
Today, tomorrow, forever.
Editorial Standards & Policies
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Jamie Dimon, like nearly every other bank executive working today, is the product of an egregiously flawed MBA curriculum that remains largely absent ethical foundation, or corporate commitment to the interests of non-leveraged stakeholders ranging from employees and public sector service providers all the way to national interests and security.
Robert Butche, Publisher, Newsroom Magazine
Washington
Where Are America’s Responsible Bankers?
Readers are invited to add their voice to this and other commentaries. Submissions that meet our published standards for probity and language will be considered for publication under the writer’s name.
Jamie Dimon’s recent announcement that JPMorgan-Chase had booked a $2 billion loss on synthetic securities trading was unsettling. What immediately followed was a 10% slide in JPM’s market capitalization, talk of hearings on Capitol Hill, and investigation statements by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
From what we’ve seen in press reports, those most knowledgeable about the balance of power between lobbyists and politicians seem far from ready to bet on significant change in how American banks are managed, or regulated.
Yesterday the Department of Justice made known it was launching an investigation. Earlier this morning, Reuters confirmed reports that the FBI is also launching an investigation.
Pending the outcome of those investigations, and any charges that might obtain, what we know for certain is that the so-called SuperBankers, both American and foreign, are back doing the same stupid things that resulted in financial dislocation for nations, industries and ordinary citizens.
More On . . .
Super Banks: Structured To Fail
Washington: Held Hostage By Banking Lobby
Acting Comptroller Of The Currency Speaks To Why Tough Times Continue For Community Banks
FED Governor Duke Calls For Less Regulatory Burden For Community Bankers
Bernanke Commends Community Banks For Small Business Lending
Why, one might ask, are the central engines of our capitalist system so prone to engage in behavior that might warrant investigation by Justice, SEC, FBI or CFTC?
The answer is not one of capitalist excess, but one of flawed business school curriculum that leads to MBA training absent meaningful foundations in behavior, social accountability, ethical foundations or personal responsibility.
SuperBanks Not Inherently Bad
Our energized economy depends on giant banks whose size and sophistication makes possible financial support for massive projects that benefit everyone. Big banks need big thinkers and liquidity to serve their critically important role in America’s capitalist economy.
There is nothing inherently wrong with big banks. There is a great deal wrong with big banks being mismanaged, or overtly incentivized for managerial enrichment, or taking non-financing risks with depositor monies.
Bankers who personally take no significant risk while incentivized by rewards for short-term performance, are enabled, if not driven by what has become high-level criminal-like behavior learned and made to seem respectable in today’s most prestigious business schools.
Egregiously Deficient Higher Education
Not every business school is infected, and some, including Johns Hopkins University’s Carey Business School, under founding dean Yash Gupta, were established to broaden business school curricula to include ethics and values.
In the name of efficient use of capital and optimization of earnings our most prominent and seemingly successful business leaders have become largely single stakeholder oriented.
What separates criminal and criminal-like behavior is to some degree reflected in overt distortion of governing law that keeps bank theft unlawful for outsiders but somehow lawful when perpetrated by insiders. Thus while it remains unlawful for bank-robbers to extract un-owned money from a bank it is no longer ( since repeal of Glass-Steagal, for example ) unlawful for bank executives, employees, directors or traders to do so.
Managers driven by the need to post quarterly earnings by engaging in transactions that put at risk their bank’s entire equity position align themselves with a single stakeholder’s interest at risk to all others — including ordinary taxpayers who are on the hook for any and all ensuing losses.
All other stakeholders, community, employees, depositors, taxpayers, social stability and national survival are effectively, if not completely ignored in favor of executive and trader interests.
Seasoned business leaders know-well there is good reason for incentivization that aligns executive and managerial interests with those of the institution and all of its stakeholders.
Bankers As Criminals
There is a great deal wrong, and criminal, when stakeholders are collectively put at risk for what may partially or exclusively be the private benefit of an executive, manager or trader.
Compared to what JPMorgan-Chase says might become even larger losses from activities and risk-taking Mr. Dimon alleges to have been inappropriate ( synthetic-securities trading ), all the bank robberies in history have the feel of being pitifully insignificant.
But bank robbery remains a crime while bank mismanagement and gambling remain little more than criminal-like business as usual.
Bank mismanagement and risk-taking used to be a crime before America’s Band Of Brothers bankers inveighed upon Congress to let them have more fun with other people’s money.
America’s Responsible Bankers
Whatever happened to all of America’s responsible bankers, one might wonder?
They’re still around. Next time you’re out and about drop in on one of your Community Banks to meet some of the men and women who understand and accept being accountable and responsible with other people’s money.
Then, if you don’t already have an account with them, you might consider opening one.
America’s responsible bankers, the ones who finance your community, businesses and governments with your deposits deserve your support — and your thanks.
A Clear And Present Danger
Based on all that we know today the SuperBankers and traders who were collectively and inexcusably let off the hook by the administration at the behest of Treasury Secretary Geithner, and against the pleadings of responsible and experienced financial mavens including Larry Summers, should be investigated and, if warranted, prosecuted for their crimes, malfeasance and contempt for nation.
Anything less constitutes a clear and present danger to American interests that far outweighs external risks including Al-Quida and the Taliban.