The Cozy Compliance of the News Corp. Board
If "the market has no conscience," but "corporations are people," then it follows that corporations are dangerous psychopaths.
From the NY Times.
There are many reasons Rupert Murdoch has avoided any serious consequences from the scandal despite hundreds of British citizens having had their phones hacked, dozens or more being bribed in law enforcement and several dozen more of his employees having been arrested.
The market, of course, has no conscience. News Corporation’s share price has risen about 30 percent in the last nine scandal-ridden months and investors might have decided that the bad news from the print division in Britain was really good news for those who believe the company should abandon newspapers altogether.
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There have been reports of corporate misdeeds in America, including computer hacking at its News America Marketing division, but other than some faint rumbles in Washington about further investigations, it’s been mostly smoke, no fire.
“Ask anyone’s mother here who Rupert Murdoch is and you will get blank stares,” said Rich Greenfield, an analyst at BTIG, adding that other News Corporation assets seem unaffected by the scandal. At parties for the White House Correspondents’ Association dinner last weekend, many reporters remarked on how the hacking scandal had very little traction or traffic among readers.
