It seems more likely than ever that we will have a double-dip recession, and that the debt crisis in Greece and Europe will help drag the world economy into the second trough.
So where was the press before the debt crisis hit last week? Why are we again, playing catch-up on such a hugely important development?
As Journal Communications stock plummeted in value and Journal Communications employees lost their jobs, CEO Steve Smith did the real corporate thing: he grabbed the money and screwed his stockholders.
Reported the paper in March:
Total compensation increased almost 22% last year for Journal Communications Inc. chairman and chief executive Steven J. Smith, according to a regulatory filing by the company Thursday.
Smith earned no bonus, but his salary rose 3.7% to $798,077. He received stock awards worth $1,672 and option awards valued at $397,003, a proxy statement for the Milwaukee-based media company and publisher of the Journal Sentinel said. The biggest change in compensation was in the value of Smith’s retirement benefits, which grew to $233,110, compared with $74,782 in 2007. He received other compensation last year worth $16,095.
Journal Communications posted a $224.4 million loss in 2008.
And then, this morning, we are treated to this:
Citing “the challenging economic environment,” the board of Journal Communications Inc. said Thursday it will suspend the dividend on Class A and Class B shares of its stock.
Quarterly dividends on the shares had been cut to 2 cents from 8 cents in February.
“While we regret having to make this difficult decision, we believe this is the prudent choice in order to maintain financial flexibility,” said Steven J. Smith, chairman of Journal Communications. “Given the continued challenging economy and business conditions, we believe that this will allow the company to continue to direct a significant portion of its cash flow to debt reduction.”
What a damned joke.
You might want to consider a new slogan.
The excellent Gail Collins’ take on “Live Like You Mean It.“
Two — count ‘em, two (that’s less than half the fingers on one hand) — researchers at UWM say global warming may take a little longer than a zillion other scientists think.
The global-warming nay-sayers glom onto and distribute a distorted, incorrect version of their research and use itto argue that the global warming issue isn’t settled.
The JS runs this on top of the front page, with a headline and lede that does not mention the part of the story that is about the misuse of the research and how it spread.
So why is this story even the lead story in the paper anyway? On a scale of 1 to 10, its newsworthiness seems about 0.
Early prison release, reality and partisanship
Thursday, February 25th, 2010You would think that the JS, given its tough, tough economic circumstances, would understand about other institutions facing tough, tough economic circumstances.
That is not the case, however, when it comes to the state’s early prisoner release program. There’s a non-story there, and the JS was all over it. The state is letting some non-violent offenders out of prison a month or two early.
Some of them — surprise! — re-offend.
Police Chief Edward Flynn complained to the paper that the state is increasing the city’s costs. The JS, journalistic watchdog that it is, does nothing to verify or investigate Flynn’s assertion — does the chief seriously believe that if these folks are held an extra month they won’t re-offend? That the city won’t be spending time and money re-arresting them?
The early release program is pretty much of a non-issue (at least until just one of the released inmates commits some heinous crime two weeks before his original release date — then political hay will be made until the cows come home to Wisconsin Avenue) blown out of proportion to create a faux scandal. If I were in Democratic Gov. Doyle’s administration, I would suspect the paper of having a partisan agenda.
Fortunately, in its totally even-handed manner, the paper carried, on the very same day, a total non-story about two State Department of Justice press releases. Republican J. B. Van Hollen’s shop borrowed wording from other agencies’ press releases about cases they worked together.
Stop the presses! Nothing amiss here!
Gee, think the paper has ever taken a few paragraphs from press releases?
That’s it for now. I must go out and, like the paper, shovel it.
Posted in Commentary, Journal Sentinel, State Government, media | 2 Comments »