I’m a financial reporter for a certain paper of record, tasked with monitoring the daily mood swings and professional machinations of the Wall Street overclass. Yet I must periodically affect an air of professional puzzlement—about the masters of the universe who make up my beat, about the larger, destructive drift of the speculative paper economy, and about the best way to justify my glorified courtiership. And like all practiced petty cynics, I need to blunt any chance that my ruminations might create any real moral or cognitive dissonance with an exculpatory mood of ironic detachment.
So on a lark—duly approved by my editors, and subsidized by the discreet providers of luxe personal services, who ache to have their carriage trade identified with the .01 percent—I’ve donned all the fripperies and acquired all the emollients of the ultrarich for a day, as part of my paper’s stupendously tone-deaf and section-long celebration of wealth for wealth’s sake.
You would think: There you are, you’ve made it to the New York Times. You, with all of your hard-work, talent, and moxie have lead yourself to a place Gay Talese identified—in the title of his book on the place—as The Kingdom. And how majestic is it, this Renzo Piano building. Nothing can stop you now.
Except for the persistent smell of burning animal flesh beginning from the moment you get to work.
Times public editor Arthur Brisbane criticized the Business Day section’s investment in DealBook in his column this week, and business editor Larry Ingrassia shot back in an internal memo intercepted by Romenesko.
DealBook, the Andrew Ross Sorkin-founded Times blog which now claims a few pages in the print section, focuses on reporting deals hours before they would have been announced and chronicling the lives of Wall Street players like a gossip column. It serves the investors’ appetites, not the public interest, according to Mr. Brisbane.
It struck the Times ombudsman as a foolishly pre-2008 editorial strategy, now that macroeconomic issues dominate business headlines, and now that Wall Street is a downgraded player in international economics.
Facebook just raised $500 million, $450 million of it from Goldman Sachs and $50 million from the Russian firm Digital Sky Technologies, Dealbook is reporting.
That means Facebook is now estimated to be worth more than Yahoo, valued at about $21.7 billion.
Facebook surpassed Google, valued around $189.4 billion, in pageviews this year Read More
The tech blogosphere is hot on the idea that the thirst for public offerings may be slaked next year, after a long drought.
There were just 45 offerings of tech companies in 2010 and only 16 in 2009, Evelyn M. Rusli writes at Dealbook in a post about the outlook for I.P.O.’s in 2011. Read More
In the beginning, DealBook was a newsletter with links to that morning’s Times, and then, when DealBook became a blog, it was a place for the newspaper to compete on news that broke during the day and would be too late for tomorrow’s edition. Now, a re-re-launched third iteration of DealBook has for the past Read More
DealBook, Andrew Ross Sorkin’s finance blog at The New York Times, has a new look — and, it appears, a new spelling. The title now stretched across the site’s banner now reads “DealB%k.”
For some reason, those responsible for the redesign were convinced that a percent symbol’s little circles could make for passable “O” Read More
Slate is shutting down its business site, The Big Money, after nearly two years. Slate group editor Jacob Weisberg and general manager John Alderman announced the news in a memo to their staff this morning.
“The problem, in a nutshell, is that the site is not pointed toward profitability on a fast enough timetable,” Read More