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October 18, 2005
Writing for Dollars: Police Blotter Edition
A pair of British financial journalists is accused of using a daily stock column to inflate the value of their personal portfolios, according to the London Times, which is covering the court case. The men deny the charges against them.
James Hipwell and Anil Bhoyrul, who wrote the Daily Mirror’s City Slickers section, displayed a 'cynical disregard' for their readers and the law by fabricating stories to enhance the value of their holdings, it was claimed. Using a "buy, tip and sale" approach, they would first spend thousands of pounds on shares, highlight the stock as "tip of the day" 24 hours later, and sell it at a profit as soon as the price rose, London’s Southwark Crown Court was told.
The prosecutor claims that "some of the stories behind the tips 'were in fact untrue, inaccurate or otherwise factually misleading', including a story about the alleged development of an Aids vaccine." And while we know there's no justice in the world, I'm pleased to share this additional tidbit: "...the journalists did not always make a profit. In fact the Aids vaccine tip actually saw the share price drop." Which is a small punishment to be sure, but nothing like the pain of spending eternity in hell, which is what these guys should get if they are guilty as charged.
In other corruption news, the Skandia redecorating scandal lives on, South Korea wins the Ms. Congeniality Award and friend and fellow scribe Glenn Fleishman, who is anything but corrupt, recently declined to comment publicly on a tech deal because of a conflict of interest. Nice to see somebody's showing a little restraint. Hey Glenn, got any stock tips?
Posted by Deborah Branscum at October 18, 2005 08:46 PM