CNBC Fires Back at Bear Stearns Rumor Charges

Newsbusters.org ^ | July 9, 2008 | Jeff Poor

[Rufus2007]

Although the collapse of Bear Stearns happened back in March, the debate still rages as to what led to the failure of the 85-year old investment bank that had survived years of previous turmoil, including the Great Depression.

After JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon appeared on PBS's "The Charlie Rose Show" July 7 and commented on an August 2008 Vanity Fair article alleging that CNBC reporting could have been part of Bear Stearns' downfall, the cable channel's on-air editor Charlie Gasparino criticized what was claimed in the article and Dimon's reaction on CNBC's July 8 "Power Lunch."

"Well, you know, he [Dimon] said one thing that I'm just - listen, I didn't watch it," CNBC's Charlie Gasparino said, "I'm just going by what appears to be a transcript here: ‘Where there's smoke, there's fire.' Oh really? Sometimes where there's smoke, there's no fire, Jamie. I've got news for you."

[Rufus2007]

This guy is trying to unseat Jim Cramer as CNBC's loose-cannon. Maybe Rush Limbaugh should buy that network.

[kittymyrib]

Yes, Rush should definitely buy CNBC and run old movies on it. At least, that bunch of lank-haired women and hysterical men wouldn’t be passing along every doom-and-gloom rumor they can dig up about US companies every day.
These incompetents couldn’t get a real job in a company, but they fancy themselves “experts” in telling everyone else how to run theirs.
If the stock market goes under, there won’t be any reason for a business channel, but as usual, they haven’t thought that far ahead.

[devane617]

Those bubble-heads, erin burdette, and maria bartaromo, sounds like a bunch of wounded ducks. I mute when they are on. I tried fbc, but it stinks...bloomberg...what can i say. i feel cnbc is in the business to make news, rather than report it...it has turned into a bunch of thugs.

[tom paine 2]

I agree that the money honeys et al rush to every financial story like ambulance chasers.(The Wall Street Journal is the template for CNBC's daily program). But the CEO and Chairman of Bear Stearns had there heads firmly implanted in their asses when they should have been minding the store.

[Rufus2007]

I like Kudlow & Company though. Whenever I get tired of Scott and Lacey Petersen coverage, I’ll watch CNBC for a couple hours.

[BurbankKarl]

CNBC should be indicted as co conspirators.