Full Disclosure
In good times for journalists, reporters avoid jobs at news organizations known for sacred cows — those are stories off limits because of personal ties the publisher (or publisher’s spouse) has to the person or organization the story is about. These aren’t good times and reporters don’t have that luxury. When you already survived two rounds of layoffs and know there will be more to come, you become careful about the stories you pitch, especially if you need that paycheck to pay your mortgage.
This is how circular the media-financial complex is. Bank of America runs an ad in the Times-Standard. When it pays the bill for the ad, the money spirals up to MediaNews in Denver, which applies some of it to the debt it still owes Bank of America. Some of it goes to paying operating expenses, a tiny portion of which is the salaries of the 8,700 people who work for MediaNews which gets back to Bank of America through direct deposit, which almost immediately, through electronic bill paying, is transferred to B of A mortgages or B of A Visa cards. Some of the operating expense money goes straight to Singleton, because under the bankruptcy reorganization he will be paid more than $600,000 in salary and up to $500,000 in bonus for being chairman and doing such a great job of running the company. If he pleases his board, he might do better. The board of directors at B of A just awarded its CEO, Brian Moynihan, a nice 19 percent raise in salary to $950,000.
If I were Singleton, I’d take that pay packet and invest it in B of A stock. It’s already risen about 500 percent over the past year, according to Google Finance. If he does, and the stock continues to do that well, he might end up his own boss.
Marcy Burstiner is an assistant professor of journalism and mass communication at Humboldt State University. She recently took a 10 percent cut in her salary through forced furloughs and word is she might have to eat that cut next year without the days off. Watch for next month’s column when she tells you how great a job Arnold Schwarzenegger is doing as governor.
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on the cover
Railroad!
Proposed lines ‘set rich blood a-tingling’ in early 1900s
Some Other Proposed North Coast Railroads
Choo-choo Fantasies
Exposing this east-west rail nonsense
seven-o-heaven
Undeterred Will
Will chides Andrew for lack of attention to detail and makes plans for his inevitable victory.
Recent media maven
May 17
If You Tweet in a Forest
April 5
Not in My Court Yard
March 1
Take the Money and Run With It
Today
44th Annual Kinetic Grand Championship Race
STAFF PICK / events, art, outdoors, sports, for kids, free / 9 a.m.-6 p.m. A 3-day, 42-mile kinetic sculpture race over land, sand, mud and water! LeMans start at the Noon Whistle on the Arcata Plaza. Follow the race through Manila, Eureka and into Ferndale on Memorial Day for the Glorious Finish. kineticgrandchampionship.com. 889-3024.
Flow 2012 Fashion Show
STAFF PICK / events / 8 p.m. Arcata Theatre Lounge, 1036 G St. Student designed and produced clothing. Fundraiser for Arcata Arts Institute. $35/$25 students. artsinstitute.net. 822-1220.
Woodside Preschool's Rummage/Bake Sale
events / 8 a.m.-noon. Woodside Preschool, 900 Hodgson St, Eureka. www.woodsidepreschool.com. 445-9132.
Lanphere Dunes Restoration
STAFF PICK / outdoors / 9:30 a.m.-12:30 p.m. Meet at Pacific Union School. Help remove non-native invasives at the Lanphere Dunes Unit of the Humboldt Bay National Wildlife Refuge. Tools and gloves provided, wear work clothes and bring water. Carpool to the protected site. 444-1397.
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TWO Comments
Comment / By Skeptical / Feb. 6, 12:28 p.m.
Yes- Google should provide a share of their ad revenue to the article’s originator. That is fair.
Having said that- there are only occasional stories in newpapers or magazines that gave me as clear an understanding as the comments that have followed the stories. Most articles seem to be written to support the point of view of the writer in both content and topic selection or so full of limited understanding. This is writing with blinders on - the comments let me know the wider view point that frequently expains the things that seemed unreal in the actual article. So my understanding is not limited by the writer or publisher. Even the idiot comments (I know, I know) provide understanding of a sort. This is the real advantage of the internet. No one source of information comes down from the mount, take it or leave it, without challenge.
We are becoming conditioned not to buy into every small group’s agenda. Hooray for that.
Comment / By Jessica / Feb. 9, 7:52 a.m.
Hey Marcy!
Banks own the paper I work at too!