The Business of Disclosure

The potential government rescue plans of mortgage giants Fannie Mae and Freddie Mac has been a big news story this week. Politico noticed a non-disclosure by CNBC and CBS News relating to one of the guests brought on to talk about the topic.

On Monday morning on CNBC’s Squawk Box, and Monday night in a CBS Evening News report, Howard Glaser was identified as a consultant, but who he is a paid consultant for was not — specifically, Freddie Mac and Fannie Mae.

CNBC and CBS News admitted the error.

“In this case, we weren’t aware of it. In the future, such relationships will be disclosed to the audience,” said CNBC spokesperson Kevin Goldman in the article.

Said CBS News spokesperson Jen Farley: “Had we known in advance of any relationship, it would have obviously influenced our story.”

Glaser’s consulting relationship had been disclosed in the past, including a May 19 interview with Maria Bartiromo on CNBC.

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