Irresponsible mainstream media

The mainstream media are becoming more and more irresponsible.

From the same network that had Heather du Plessis-Allan breaking 5 laws in order to try and claim there was some sort of loophole for buying firearms you now have them leaking Reserve Bank information that was under embargo.

Worse than that they shopped the embargoed information to a blogger who showed he had more ethics than them and dobbed them in.

The Reserve Bank has ended its 20-year practice of allowing journalists and analysts embargoed access to its Monetary Policy and Financial Stability Reports.

This comes after the March 10 Official Cash Rate was leaked from the media lockup prior to the official release time.

The Bank commissioned Deloitte to investigate the leak which came to light after the “Croaking Cassandra” blogger, Michael Reddell, claimed he had been alerted by a media organisation that the bank was unexpectedly going to drop the OCR by 25 basis points.

He says he got the tipoff at 8:04 — 56 minutes prior to the release time.

The Deloitte investigation found that a journalist from the MediaWorks-owned “Newshub” was the culprit who had sent a story to their Auckland newsroom during the embargo period.

The newsroom then contacted Mr. Reddell.

Journalists have to hand in their phones before entering the lockup but there is a suggestion that the culprit may have set their phone to act as a hotspot.

Sneaky, furtive and now their actions have affected all other media and reduced access to information.

Reserve Bank Governor Graeme Wheeler said the leak was a serious and disappointing breach of many years of trust.

“It created the opportunity for improper gain on financial markets and damage to the integrity of the Bank’s communications,” he said.

“I am extremely disappointed that the information was leaked initially and then communicated more widely.

“The fact that several people outside the Bank, who had access to the information improperly, failed to alert the Bank immediately, was irresponsible and left open a significant risk that the Bank could have closed down quickly with an immediate official release.”

Ironically the CEO of MediaWorks is Mark Weldon, the former CEO of the New Zealand stock exchange operator, NZX.

Yes very ironic. Mediaworks, Newshub and everyone involved should hang their heads in shame.

They won’t and the slide will continue. You simply can’t trust the mainstream media anymore.

 

– Politik

 


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  • sheppy

    Let’s hope for once there is actually a punishment for this that fits the crime, and that the organisation cops a fine that represents the massive damage this could have done to the financial market.
    I’ll not hold my breath!
    The race to the bottom for the media party continues

  • Curly1952

    Response to last sentence – I don’t and I won’t!!

  • Ross

    It might not be completely relevant, but I find the Australian case of a 60 minutes news team sanctioning and financing the kidnapping of two children from a foreign country quite shocking. These people honestly believe they’re above the law.

    The Mediaworks nonsense regarding the RBNZ embargoed release shows the culture that exists there. This was not just one individual involved. Thankfully, it looks like the blogger actually didn’t divulge the highly sensitive information, despite the claim from the RBNZ he should have alerted them immediately. He’s certainly acted with honesty and integrity as far as I can see.

    • George Carter

      That case looks to be a symptom of the media actually wanting to be the news. unfortunately for them they’re now in the headlines for all the wrong reasons and it could cost them dear!

  • shykiwibloke

    I look forward to Hagers next book – dirty media. Oh wait….

  • DangerousE

    I wonder if any journalists were short the kiwi that morning? That kind of information 56 minutes before the announcement could make someone a lot of money. Not professional at all media, wheldon should know better. Heads should roll.

  • Crowgirl

    Between this, HDPA’s firearms stunt and the crew of 60 Minutes in Australia thinking that child abduction is a legitimate journalistic technique, the MSM are really giving school kids a run for their money in the immaturity stakes. They can’t be trusted to behave as professionals anymore.

  • XCIA

    You would have to say that in the annals of Granny’s long history, never have there been so many lying, cheating and downright criminal mongrel excuses for human beings as there are now under her roof.

  • niggly

    Was the journalist named? If not, why not, because if a Minister leaked such info, the MSM would be naming and shaming them and asking them to resign (then demand the Party leader stand them down).

    • sheppy

      If it was someone outside of the left, Angry Andy would be emailing everyone too, asking them to sign a petition demanding a full enquiry, citing the current one as being done by John Keys mates.

  • JustAnotherLurker

    I understand that all embargoed copies for ALL journalists have been stopped because of one Newshub ratbag. Why didn’t the RNZ simply ban Newshub from all future releases? Why punish everyone?

    • biscuit barrel

      Because they all cant be trusted. Ask HDPA ?
      The media is now a monkey cage, so the only thing they respect is a fire hose

    • Platinum Fox

      I thought that a suitable punishment for NewShub would have been the benching of all their staff from RBNZ lock-ups for 6-12 months. Accepting that it is easy to set up a hotspot, I can see that the most effective means of eliminating future breaches is to discontinue holding lock-ups.

      Unfortunately, it will mean that there will be more scope in future for unqualified commentators in the MSM to make uninformed statements while really expert commentators are still reading the RBNZ’s release.

    • Left Right Out

      I think punishing everyone is a good move… this time. Other media outlets will police the future embargo lock ins so as things like this don’t happen again…..

      Nothing like getting their peers to keep an eye on each other…. smart move

      • Platinum Fox

        RBNZ isn’t going to have lock-ups in future, so all media will now receive the releases as RBNZ announces the rate decision and have to scramble to put together a coherent comment on the RBNZ decision prior to publishing. Expect half-baked comments from radio and TV commentators who have only seen the rate and haven’t had time to read the RBNZ’s narrative and articles on-line that are strewn with errors due to the lack of time for editing processes to occur.

    • Aucky

      Simple…..because journos switch from one media company to another like fleas on dogs.

      • Uncle Bully

        Fleas and dogs. A perfect summation.

        • Miss Phit

          Fleas on cats please. I like dogs – mans best friend and all that.

          Cats how ever are … well ….not mans best friend, but the flea analogy works for journos – blood sucking irritants.

  • “the culprit may have set their phone to act as a hotspot”? Now where did I hear something similar? Oh yes … the Mediaworks cameraman who “left a switched-on recording device on a cafe table”.

    A series of unfortunate accidents … or a ‘News of the World’ culture? Hmmm.

    • Dan

      What I don’t get though is that if all phones are surrendered, then for that hotspot to work it means their phone was within, say 45 metres in another room. That is possible I guess, which in itself raises security issues. Then what about the laptops and tablets that have 3/4G capability. Are those surrendered too? Methinks these lockups need some sort of scrambling devices in proximity.

      The key here is “trust,” and that trust is broken so expect to see measures like the above implimented I guess.

      • Platinum Fox

        My take is that RBNZ has considered the issue and opted for the easiest and cheapest solution which is to not have a lock-up so that potentially unscrupulous tech-savvy participants cannot beat the lock-up with technology. Having to employ scramblers might be no more than engaging in a technology race with the cheat or cheats.

  • Dan

    One would sincerely hope that any future lockups sees a ban on NewShub reporters, and by that I mean the annual budget. They should be made to get their news on this via other outlets like the rest of us Joe Public.

  • cows4me

    The Reserve Bank should have stayed silent and watched the markets for large currency movements. Then in the next lock up release a false rate in the lock up and let the mongrels greed hang themselves.

  • WBC

    It is fantastic. The media finally being held to account, let it continue!

    Our media is unscrupulous, nasty, devious and utterly devoid of mana. If more institutions stood up and treated them like the spoiled lying brats that they are then maybe we could regain some trust in them. Don’t get me wrong, I’m sure most of them would do just fine writing for investigate or Chem trail truthers etc, but they have no part in telling us about what is going on in the world.

  • Vlad

    This goes beyond the airhead Duplessis Allan’s dumb stunt with firearms. This person has destroyed an advantage that NZ readers and investors (and media) have enjoyed for many years. And put at risk the credibility of NZ’s Reserve Bank. It has been reported around the world. The lockup allowed a period of time for information to be given context and analysis. The fool has destroyed this for all time and the Reserve Bank had no choice but to close the system down. But astonishingly, still the rest of the media makes no effort to find the person and ask him why he did such a mad act that harmed them all. That is a news story. What would they have done if the evidence had pointed to a blogger, or an analyst from the 1%? I know who it is, it took me 5 minutes out on line.

  • oldmanNZ

    but wait…it was leaked all for the interest of the public.

    so the journalist will claim.

  • Dog Breath

    What is it with TV3 and integrity. Thought this would rise when Campbell finished but we seemed have gone from the fat into the fire.

  • Superman

    It’s a funny thing but the media is pushing society back to a system where there won’t be any media.

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