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Posts Tagged ‘Goldman Sachs’

Morning Media Newsfeed: AP Changes Style | Frum to The Atlantic | Phone Hacker Pressured

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AP Decides That Crimea Can No Longer Be Called Part of Ukraine (HuffPost)
The Associated Press announced Wednesday that it is changing the dateline on all of its stories from Crimea now that the region is being controlled by Russia and not Ukraine. The wire service said that it would no longer identify stories written there as coming from “Ukraine.” Rather, they will carry the dateline “Crimea.” The Hill / Global Affairs “Previously, we wrote ‘SEVASTOPOL, Ukraine (AP).’ But Ukraine no longer controls Crimea, and AP datelines should reflect the facts on the ground,” the news wire wrote in a guidance. Effective this week, the AP said it will now name a city and then Crimea. Politico / Dylan Byers on Media Because of a quirk of geography — the fact that Crimea doesn’t share a land border with Russia — the AP says it won’t use a “SEVASTOPOL, Russia” dateline, which would inevitably spur a heated political debate. The Guardian The AP has waded into controversy before on its quest to avoid controversy. A year ago, the AP banned “illegal immigrant” and “illegal” to describe a person, explaining that “‘illegal’ should describe only an action,” especially as the editors decided it was important not to label people, “instead of behavior.” Slate / The Slatest The latest decision also begs the question, what would the AP do if there were a shared border or if Russia were to grab more land in Ukraine, thereby connecting the regions?

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Author of Goldman Sachs Twitter Parody Account Loses Book Deal

John Lefevre, the 34-year-old former bond executive who wrote the Goldman Sachs Twitter parody account despite never actually working at Goldman Sachs, has lost his book deal.

Lefevre’s @GSElevator account supposedly detailed the absurd conversations overheard in the firm’s elevators, but it was eventually discovered that wasn’t true. Lefevre even admitted to stealing the idea from another parody account.

It was only last week that Lefevre’s identity was revealed, but it seems that’s all the time it took for Simon & Shuster to realize that publishing a book which bases its humor on something that didn’t happen was a bad call.

Lefevre told Business Insider that the decision to cancel the book was a “comical mystery” to him. We pointed it out when his identity was revealed, but once again, just for Lefevre’s sake: The authenticity of the Twitter account was the only thing that made it funny. Without that, it was just random thoughts from some dude. Not exactly book worthy material.

Despite the sad news, Lefevre said he’s got great things ahead:

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Author of Goldman Sachs Parody Twitter Account Never Worked at Goldman Sachs

The man behind the Goldman Sachs parody Twitter account — @GSElevator — has never even worked at Goldman Sachs. Of course. According to The New York Times, the author is John Lefevre, a 34-year-old former bond executive, who now lives in Texas.

Lefevre worked for CitiGroup for seven years, and only started the account — which supposedly repeated absurd conversations overheard in the Goldman Sachs elevator — after hearing about the Conde Nast elevator Twitter account (@CondeElevator). “I thought, ‘This is ridiculous that people are infatuated with Condé Nast,” he told the Times. “If they only saw the elitist, sexist and out-of-touch things bankers say.’ People had no idea what it is really like.”

To recap: Not only is Lefevre’s account a fraud, he stole the idea from someone else. Somehow this isn’t enough to stop Simon & Schuster from publishing a book based GSElevator. A company spokesperson said it is going through with the project.

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Goldman Sachs Parody Twitter Account Lands Book Deal

The anonymous man behind the Twitter account that pokes fun at Goldman Sachs employees has a book deal. The New York Times reports that Touchstone, an imprint of Simon & Schuster, purchased Straight to Hell: True Tales of Deviance and Excess in the World of Investment Banking.

The book is based on the author’s @GSElevator account, which posts bits of conversations allegedly overheard in the Wall Street firm’s elevator. How can this be a book? Touchstone is glad you asked! The publisher said that the author, who is going by “Mr. Stone,” will “offer stories from his career in banking that capture the true character and nature of Wall Street culture today — a world far more abhorrent and way more entertaining than people can imagine.”

The best part about this is that Stone works for Goldman Sachs. He got a book deal by pointing out how absurd everyone who works at the firm can be, even though he has likely said similar things.

We look forward to the eventual book from the author who creates the @WhatTheGSElevatorGuySays account.

Bloomberg News Review Prompts Standards Editor and Ombudsman Hire

After it was revealed that Bloomberg News staffers had used their terminals to spy on Goldman Sachs workersMatthew Winkler, editor-in-chief of Bloomberg News, said the “error was inexcusable” and promised swift changes. That process has now started.

In a review of Bloomberg News’ operations, Clark Hoyt — the former New York Times public editor — suggested the company hire a standards editor and an ombudsman. Bloomberg News is complying with Hoyt’s recommendations. In a letter, Bloomberg’s president, Dan Doctoroffexplained:

We will appoint an Independent Senior Editor to serve as an independent avenue of appeal for issues and complaints around news coverage. This new position will assist in the ongoing development of best ethics practices and training on them. This individual will report to Bloomberg’s Chief Content Officer within the Office of the Chief Executive rather than the news organization.

We will establish a newsroom Standards Editor with the responsibility for making sure that News consistently adheres to The Bloomberg Way’s high standards for accuracy, rigor in reporting, balance and tone.

Should Bloomberg Vet Have Been Fired for Headline Flub?

The editor-in-chief of USA TODAY has tweeted words of support this morning for John Pickering, a Bloomberg News editor fired last week for inputting and tweeting out an incorrect breaking-news headline.

The Thursday mistake, which misreported a trial verdict pertaining to former Goldman Sachs vice-president Fabrice Tourre, was noted by The Huffington Post. On Friday, Keith Kelly of the New York Post followed with the news that Pickering, the editor responsible for the upside-down headline, had been fired.

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Bloomberg News Editor on Spying: ‘The Error is Inexcusable’

Matthew Winkler, editor-in-chief of Bloomberg News, has issued a mea culpa for those staffers who used their Bloomberg Terminals to spy on Goldman Sachs workers. Winkler explained that the practice of using the Terminals to access log-in information dates back to the beginning of Bloomberg News. ”There was good reason for this, as our reporters used to go to clients in the early days of the company and ask them what topics they wanted to see covered,” wrote Winkler. “Understanding how clients used the terminal was more important then.”

While Winkler didn’t say how many staffers were spying, he did admit that Goldman Sachs was right to confront the company about the Terminal use. “Our reporters should not have access to any data considered proprietary. I am sorry they did. The error is inexcusable.” He added that the function that allowed staffers to monitor Goldman Sachs has now been disabled.

Nothing helps move a bad story forward like bluntly admitting you were wrong and vowing to do better, so this is a smart move by Winkler. As long as no more complaints bubble up, we imagine this apology will go a long way toward ending the discussion.

Bloomberg News Reporters Caught Spying on Goldman Sachs Workers

Goldman Sachs is rightfully upset with Bloomberg LP and some reporters at Bloomberg News. The New York Post reports that execs at the investment firm confronted Bloomberg LP after realizing that Bloomberg News staffers were using Bloomberg Terminals to essentially spy on Goldman Sachs’ activity.

Sources told the Post that Bloomberg News reporters could see when Goldman Sachs workers logged in and what specific information they had accessed. In one case, a reporter asked a Goldman exec if someone had left the firm, because that person hadn’t used the terminal recently.

“You can basically see how many times someone has looked up news stories or if they used their messaging functions,” the “Goldman insider” explained. “It made us think, ‘Well, what else does [Bloomberg] have access to?’”

Once notified of Goldman’s concerns, Bloomberg LP “decided to disable journalist access to this customer relationship information for all clients,” said a spokesperson.

Ex Goldman Sachs Exec Greg Smith Gets $1.5 Million Book Deal

Sorry to start your Friday out like this, but we’ve got to tell you: The rich do, in fact, get richer. Greg Smith, the former Goldman Sachs executive who quit with a hilarious New York Times Op-Ed, is getting $1.5 million to write a memoir.

On Wednesday we heard that the deal was going to be about $1 million (which is absurd enough), but The New York Post reports that Hachette Book Group has agreed to pay a $1.5 advance to Smith.

Oh, and get this: that payday is about triple his old annual salary at Goldman Sachs.

USA! USA! USA!

Former Goldman Sachs Exec, Op-Ed Writer Greg Smith Might Get $1 Million for Book

It’s good to be Greg Smith. The former Goldman Sachs executive who penned the now infamous New York Times op-ed about becoming saddened by the direction of the firm, might get $1 million to write a memoir.

The New York Post reports that Smith is being represented by Paul Fedorko at N.S. Bienstock, a talent agency that specializes in TV and radio, and that Fedorko is currently exploring several offers that could clear the $1 million mark.

Lesson learned? If you’re going to quit, do it in the most spectacular fashion possible and hope you get a book deal out of the resulting mess. Oh, we should add that this only applies to people who can afford to quit in a blaze of glory. Otherwise please stop writing that op-ed now.

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