(CBS) MarketWatch's Calandra Resigns Amid Probe

[barbaraann]

By Jonathan Stempel

NEW YORK (Reuters) - Thom Calandra, the chief commentator for CBS MarketWatch and a founder of its parent company MarketWatch.com Inc. (Nasdaq:MKTW - news), resigned amid probes into his stock trading, MarketWatch said on Thursday.
...
http://story.news.yahoo.com/news?tmpl=story&cid=580&e=6&u=/nm/20040122/bs_nm/financial_marketwatchcom_calandra_dc


Is our entire financial system just rotten to the core? I am thinking it is.

[w4rma]

1. Rotten? yup. I also think that possibilities for blackmail may be high.

Since, I'll bet, that alot of folks made their money through illegal insider trading schemes that could be used against them to tear them down.

[KoKo]

2. And, the CBS Market Watch article on this says CNBC has put the clamps

on their reporters stock ownership. And, some other "unmentioned" financial newsletters have been warned.

[teryang]

3. When did CNBC do that?

As far as I can tell, they only require disclosure of conflicts of interest. For example, Jim Kramer, had been pushing the ATT wireless takeover rumor long before it was publicly announced by Cingular that they were considering the move. He stated that he owned the stock. Where did he get his information? I think this should be investigated. Lucky guess? I doubt it.

[KoKo]

4. Here's a clip about CNBC mention and a link to the CBS Market Watch

article. The link for the article unfortunately extends my browser window beyond DU's normal one....so if link doesn't come through for you just post and I will try to find a better one. Or, just go to CBS "Market Watch" front page from Google.
=============================================================
As a newsletter writer, Calandra was allowed to purchase the stocks that he covered as long as he disclosed his intentions to his readers, the company said. MarketWatch.com said it ordered Calandra to stop trading entirely two days after he received the SEC letter.

"We have told the SEC we will cooperate fully," said Kramer. "We are confident we have appropriate policies. What we don't know is whether they were followed, and that's what we're trying to find out."

Calandra's resignation comes amid growing scrutiny in the business press of trading activity by journalists. Two weeks ago, CNBC tightened its trading policy for journalists, effectively barring any of its reporters from owning shares of stock. Other news organizations said they are also considering tougher policies, and MarketWatch.com Editor-In-Chief David Callaway said his journalists will soon be covered by a new, tougher policy drafted after a request last fall from the company's board of directors.
MORE at............

http://cbs.marketwatch.com/news/print_story.asp?print=1&guid={7BB78C5B-B64A-45A1-869D-3A468788A670}&siteid=mktw..

[teryang]

5. Thanks for the response

Better late than never. (meaning my thanks.) This is a new policy. I can't believe that Kramer and Kudlow will comply with this. Because they haven't in the past. I don't think the other CNBC reporters have either. Perhaps K&K aren't defined as reporters. If they don't own securities what will they do with their millions? Pushing interest rates and financial markets like the bond market is also part of their agenda. Non stock financial trading dwarfs the stock market.