The scandal encompassing the official Republican Minister of Propaganda, Rupert Murdoch, is a gift that keeps giving. The value of Murdoch’s empire has now dropped $7 billion. He certainly deserves it. And after all the screaming Faux Noise Republicans did over the poor 9/11 victims, whenever a Democrat tried to defend the right of Muslims to worship in the neighborhood, we now learn that they apparently tried to bribe NYC police for the information needed to hack their phone records. here’s the latest.
News Corp. (NWSA)’s loss of $7 billion in market value over four trading days shows investor concerns that a probe into alleged phone hacking by journalists at one London newspaper could have a broader impact on the company.
Rupert Murdoch’s New York-based media company tumbled $1.27, or 7.6 percent, to $15.48 in Nasdaq Stock Market trading yesterday, the biggest drop since April 2009. It was the fourth straight decline in the company’s closing price, cutting its market value by 15 percent to $41.2 billion.
The slide is far out of proportion with the lost profits from closing the News of the World tabloid or from delaying the acquisition of the satellite-TV provider British Sky Broadcasting Group Plc (BSY), said David Bank, an analyst at RBC Capital Markets in New York. Investors are concerned about the scandal’s effect on other News Corp. holdings, which include the Fox TV networks and film studios, the Wall Street Journal and three other newspapers in the U.K…
Inserted from <Bloomberg>
That’s the financial information. Ed Shultz interviewed Glen Greenwald on the Fox connection.
Visit msnbc.com for breaking news, world news, and news about the economy
Keith Olbermann covered all aspects of the scandal in depth on Countdown.
There is so much evidence of crime on this side of the pond that Congressional and DOJ investigations are imperative.
18 Responses to “Republican Ministry of Propaganda Hit Hard”
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So he lost a few billion bucks he still has enough to buy his politicians who will let him do what he wants where he wants when he wants. Hell how many SCOTUS justices does he own?
So what—he drops all print media look up the entire conglomerate of newscorp, print is very small portion of his empire.
No one should be allowed to own that much of the press.
Agreed – the FCC should have stepped in long ago.
That’s mindbogglingly, huge! Seven billion drop in equity! …………and still dropping? 😈
I am DELIGHTED that this scoundrel Murdoch is finally getting his just rewards! I hope the scandal spreads here, too, and exposes Fox “News” once and for all for the frauds they are!
It makes me wonder how many of his congressional and senatorial puppets will go down with him. You know he’s gotta have some major dirt on them too. You just can’t trust a rat.
I hope he takes all the Repubs with him because you know they are involved in this some way.
It’ll be a lot of fun to see him go down. He richly deserves it.
I wonder how Murdoch will look in an orange suit?
He needs to check with Boner for some of that orange suntan lotion. It’ll help him blend in on the “inside”. Bawhahahah! 😈
Looks like there are LOTS more shoes to drop … this will NOT end well for Rupert.
And two nice legal wrinkles that Rupert will probably not be able to iron out: The US law means executives can be held to account for bribes paid by overseas subsidiaries, while Regulation of Investigative Practices Act (RIPA) [a UK law] makes company officials liable regardless of their direct role in unlawful practices. “Under RIPA, ignorance of what was going on is not a defence,” said a legal source.
As Carl Berstein points out in this week’s Newsweek opinion piece, the CEO sets the corporate culture for an organization. Even if it cannot be proved that Murdoch was aware of individual instances of phone hacking, he certainly created the hothouse environment that demanded journalists and editors to take no prisoners to get the scoop, at any cost — ethics be damned. It’s becoming increasingly apparent that the phone hacks were not the exception, but the corporate policy of News International, and by extension, other Murdoch media outlets.
I’m waiting to see the reaction of the U. S. political right once the scandal jumps the pond, as it has already done in two instances already. Will they be as quick to abandon Mr. Murdoch as their UK counterparts? Sure hope so, and perhaps we can be rid of the plague of Fox News once and for all.
What about other countries? Murdoch has holdings in Canada, Africa, Australia and elsewhere.
oops… Africa = continent but I believe it’s S. Africa.
Actually it’s much, much worse than that:
http://www.dailykos.com/story/2011/07/12/994037/-BREAKING:-News-Corp-Took-$48B-from-US-Taxpayers-over-4-Years?via=siderec
(PS: I’m sure you knew that, but Australia is also a continent … in fact the only country/continent combo of the seven)
This dirty rotten bastard is bound to be a “cell mate” of mine in hell! I can’t think of a more more wretched individual – unfortunately he’s so old – he’ll die before he gets his “just rewards” – but it may have a “foxy” repercussion – we can all hope!
Murdoch deserves everything that’s coming to him. While the British paper may be a small loss, the rest of his empire may go down with him and all his other holdings in other countries as well. I can’t believe that they would put up with this mess either. Now that it’s crossed the pond, he may be in even deeper shit like RICO laws, civil lawsuits up the ass and criminal charges. I don’t know the UK law system well, but they have civil suits over there that just might bankrupt him, his firms and family. That would be true justice for that slimy asshole and his slimy family. They all knew and they signed off on it. They broke the law and they should all being doing some serious time while being sued by all the victims of his crimes. 👿
I apologize that I do not have the time to answer comments individually today. Thank you.