Steve Smith, rich guy with a raise, stiffs shareholders

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.

Why is this the top story?

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.

TV retreats from Iraq

This New York Times reported this week that the the major news networks have stopped sending full-time correspondents to Iraq. That says something important and rather devastating about both the state of the media and the American attention span.

Or maybe the war ended and they forgot to tell us.

From the story:

Joseph Angotti, a former vice president of NBC News, said he could not recall any other time when all three major broadcast networks lacked correspondents in an active war zone that involved United States forces.

Except, of course, in Afghanistan, where about 30,000 Americans are stationed, and where until recently no American television network, broadcast or cable, maintained a full-time bureau….

Resources now are being shifted to Afghanistan, previously known as “the forgotten war,” according to the story. Iraq has become a tamer, less exciting place to be.

Stories from Iraq that are strongly visual — as when an Iraqi journalist tossed two shoes at President Bush this month — are still covered by the networks, though often with footage from freelance crews and video agencies.

“But these other stories — ones that require knowledge of Iraq, like the political struggles that are going on — are going uncovered,” Mr. Angotti said.

Mike Boettcher, a Baghdad correspondent for NBC News from 2005 to 2007, said nightly news segments and embed assignments with military units occurred less frequently as the war continued.

“Americans like their wars movie length and with a happy ending,” Mr. Boettcher said. “If the war drags on and there is no happy ending, Americans start to squirm in their seats. In the case of television news, they began changing the channel when a story from Iraq appeared.”