Every investor should study what Spitzer's relationship was like with the media. What he seemed to be able to deliver for a reporter was: 1, to break the story, and 2, to be on the winning side of the story, exactly as long as it held the public's attention.

If you can set this up as a guaranteed coup for the reporter, they will in gratitude let you pin it on whoever you want, and escalate and over-hype the "crime." Truth and reality are the first victims in wars of reputations.

Now clearly he didn't understand that they were there only because of the two rewards as their main incentives. They weren't morally on his side, but using him like Clinton using an intern. They were on the side that offered two tangible rewards.

What I am asking myself today: was S&P's announcement, and the market's subsequent intra-day recovery, enough of an incentive to the media to change sides in its reporting of the Subprime Crisis?


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