Monday, July 18, 2011

It's The Pirate's Life For, Well, Not Me

I must admit I am reveling in the still-unfolding sinking of Cap'n Murdoch's News Corruption. It's just one thing after another. One of the first things I was taught in the political science department at Ball State University was this axiom: "Power corrupts and absolute power corrupts absolutely." That theory is playing out in London and the storm clouds are brewing over New York. News Corp.'s Rupert Murdoch's connections to and influence over pols in England and in New York are in the midst of being blown to bits, with collateral damage so far taking down Scotland Yard administrators, a British government spokesman, the CEO of Dow Jones and News International's chief executive. Who's next? Argh.
Here's what's at stake:
  • Just in case, News Corp. board members have identified Chase Carey, current COO, to replace Murdoch as CEO.
  • U.S. Senators Jay Rockefeller, Barbara Boxer and Frank Lautenberg (huh, not a Republican in the bunch) have written to Attorney General Eric Holder and SEC Chairman Mary Schapiro asking their agencies to examine whether News Corp. violated the Foreign Corrupt Practices Act following allegations that employees of the News of the World had bribed U.K. police.
  • Lots and lots and lots of money. News Corp. donated $1 million to both the United States Chamber of Commerce and the Republican Governor's Association in 2010. The Chamber vigorously supported the GOP effort to take over Congress that year. What will the GOP do if they lose their "news" channel? (The thought of Bill O'Reilly doing a perp walk? Priceless.) News Corp. has lost $7 billion in 4 days. Shareholders are suing. Murdoch recently took a bath on Myspace, selling it for $35 million, 6 years after buying it for $580 million. Wonder what Fox News would be worth if this thing, as I hope, goes all the way up to include Roger Ailes and his minions.
And, for yucks, I've included a link to the defensive/offensive editorial in today's Wall Street Journal.

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