A Reporter’s Notepad: My Almost Book On The Blame-Shifters
by ilene - September 11th, 2010 3:35 pm
A Reporter’s Notepad: My Almost Book On The Blame-Shifters
Courtesy of Roddy Boyd, THE FINANCIAL INVESTIGATOR
Editor’s Note: There is perhaps nothing so silly and attention-seeking as the reporter who willingly inserts him- or herself into a story for some narrative purpose or other, but I am going to make a (big) and one-time exception to this rule by posting this.
The backstory: Prior to committing to a book on AIG and its collapse, I had begun to pitch a book called “Shifting The Blame.”
The idea was simplicity itself: I’d take about eight or nine companies–from Overstock to Lehman, from Arthrocare to MBIA–who had hit the skids and who had, at some point, blamed some combination of reporters and short-sellers for their woes. As opposed to, say, embellishing their financials, lying, losing money, hiding losses, incompetence…you take the point. My goal was to fuse investigative reporting and the naturally dramatic arc of their sleazy behavior and comeuppances to make for an eye-opening read. I’d raise a few eyebrows, get some laughs, maybe make a deeper point about free speech, investigative reporting and the real scandals in the market.
My agent, summoning me to a breakfast one Saturday, said she loved the idea but, well, there was another book coming out by a fellow named Rick Sauer and it was going to hit on a few of the same themes. I lamely tried to suggest that Sauer’s book was an “Inside-the-SEC guy-turned-shortseller” type thing, where as my work was a series of inter-connected investigative essays.
No matter. The market is the market and the market didn’t, apparently, want two of these books. So I scrapped it.
This was the preface to the book, telling a story about an earnest PR guy who had the unenviable job of spinning a discredited yarn into gold for his revenge-hungry clients. I found it in a musty corner of the hard-drive and showed it to a few pretty smart former colleagues of mine who said they liked it.
I sort of do too. It’s dated, but like a hiss on an old record album, it gives it some gravity. Maybe.
The origin of this book lies with a series of phone conversations between myself and Jeffrey Lloyd, a partner at the public relations firm of Sitrick and Company, in the early autumn of 2008.
Lloyd, a courteous…
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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...
Ilene is editor and affiliate program
coordinator for PSW. She manages the site