P.ie->ZeroHedge->Financial Times, or whats wrong with the media?

seabhcan

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This is an interesting study in just why the media is broken and part of the reason why the 'markets' are irrational.

A few hours ago i posted a question about the real interest rate charged in the bailout. The initial government press release was ambiguous and I wondered if the quoted average rate of 5.8% was putting the NPRF into the mix to hide a higher rate of 7.25%

http://www.politics.ie/economy/144356-interest-rate-eu-money-not-actually-7-25-taking-account-our-nprf.html

A while later, this was clarified and it seems that the true average rate is indeed 5.8%

However, a well followed, and supposedly well informed blog called ZeroHedge picked up the post and put it on their front page. It would have been a great scoop for p.ie, except for the fact I was wrong.

Ex Domestically Sourced Pension Funds, Blended Irish Rescue Interest Rate Is 7.25% | zero hedge

Then the Financial Times posted the 'story'

FT Alphaville » EU/IMF Irish bailout – the details

Now, many people would be forgiven for believing, maybe even hoping, that such an esteemed publication as the Financial Times might research its stories. The FT is the paper that informs the 'market', and many of the people who move trillions around the world read the pages of the FT and react to its stories. It was reports in the FT that partly lead to the bond rates soaring for Ireland and ultimately the bailout.

We should note with dismay this incident and remember just how provably full of crap is the FT, and the media in general.
 


He3

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A cautionary tale! Now watch and see if the other two outlets are equally fast to admit the error...
 

cyberianpan

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The main poster / founder of zero hedge, tyler durden, is a borderline criminal, who is banned from finance for life

I have no idea why any sane person would lisyen to him
 

cyberianpan

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The main poster / founder of zero hedge, tyler durden, is a borderline criminal, who is banned from finance for life

I have no idea why any sane person would lisyen to him
 

Sync

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To be fair only lunatics think ZeroHedge is well informed.

You get a very small number of idiots here reading only the rubbish thats posted there and on prisonplanet.

They then run here and paste an even more alarmist slant on what ZeroHedge says.

Zerohedge then run a story based on what that post here says.

And the circle continues until eventually their heads explode. Now you would hope your experience would convince said idiots not to blindly believe what they read from a loon who's been proven to be corrupt. It won't though. Because they're idiots.

FT ought to know better.
 

lostexpectation

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ft alphaville often slags off zerohedge for its wild theories, when in fact it cites zerohedge to float these theories on its blog and then blame zerohedge for it.

see rte and p.ie boards.ie and twitter today
 

Doodah

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The FT is obviously part of the news-generation industry.
It publishes opinion pieces on news predicting every possible outcome to events.
As such, it can always claim to be correct in its predictions.
It has a vested interest in chaos, half-truths and rumour.
The bottom line is clicks on it's website, subscriptions and broadsheet purchase.
Stability and honesty doesn't provide growth for its shareholders.
 

Buddies

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The main poster / founder of zero hedge, tyler durden, is a borderline criminal, who is banned from finance for life

I have no idea why any sane person would lisyen to him
Banned twice, he did some pi$$ing off somewhere ;)
 

nuj

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What - no academic tweets in that loop? Tsk. What do they do all day?
 

nuj

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Seabhcán - there is a difference between the FT Alphaville and the main paper - FTA likes to see itself as hip and irreverent, and certainly not bound by the journalistic rules that would apply to its parent paper.

It's up to readers to find that out the hard way, though.
 

rubensni

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Seabhcan should be commended for his/her honesty.
 

Frankie Lee

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This is who cyp was referring to

A 30-year-old New Yorker who was barred from the securities industry last year may be behind an increasingly popular financial blog known as Zerohedge.com, which is catching flack for its obsession with anonymity.

Daniel Ivandjiiski, whose most recently listed address is on the Upper East Side, was barred last September by the financial industry's self regulatory authority, FINRA, for insider trading.

Ivandjiiski is also suspected of being one of the founders of controversial financial blog Zerohedge.com, sources tell The Post.

Ivandjiiski didn't return requests for comment, but he recently told industry publication Hedge Fund Alert that while he writes for Zerohedge, he's not a founder.
DANIEL IVANDJIISKI, WHO WAS BANNED FROM SECURITIES INDUSTRY, MAY RUN ZEROHEDGE.COM - NYPOST.com
 

Bobert

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The main poster / founder of zero hedge, tyler durden, is a borderline criminal, who is banned from finance for life

I have no idea why any sane person would lisyen to him
How do criminal convictions detract from someone's ability? (Unless of course it's a conviction based on incompetence)
 

praxis22

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FT Alphaville is a blog, just like Zero Hedge, it's following is not as rabid as that of ZH and is mostly made of finance professionals and interested observers, (like me) It takes a pop at everyone and repeatedly gets shouted at by Spanish and English people alike when it writes unflattering things about them. It also has several Irish people who argue constantly that the situation is not that bad.

That said however, the people who write for Alphaville are journalists, and good ones at that, the FT's hedge fund correspondent use to write for Alphaville, and they get comment from people like the CEO of Pimco too. They do actually check with the FT's legal team before writing, but unlike the FT they report real time. This is why they were reporting on a Sunday evening.

As much as I feel sorry for the people of Ireland, reporting what is "breaking news" (and occasionally getting it wrong) is what realtime journalists do. The 5.8% number is up there and what most people reffered too, just as most people take ZH with a large dose of salt.

YMMV obviously.
 

HanleyS

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How do criminal convictions detract from someone's ability? (Unless of course it's a conviction based on incompetence)
Criminal convictions disqualify persons from positions of trust with very good reason.
 

needle_too

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Aug 7, 2007
Messages
918
This is an interesting study in just why the media is broken and part of the reason why the 'markets' are irrational.

A few hours ago i posted a question about the real interest rate charged in the bailout. The initial government press release was ambiguous and I wondered if the quoted average rate of 5.8% was putting the NPRF into the mix to hide a higher rate of 7.25%

http://www.politics.ie/economy/144356-interest-rate-eu-money-not-actually-7-25-taking-account-our-nprf.html

A while later, this was clarified and it seems that the true average rate is indeed 5.8%

However, a well followed, and supposedly well informed blog called ZeroHedge picked up the post and put it on their front page. It would have been a great scoop for p.ie, except for the fact I was wrong.

Ex Domestically Sourced Pension Funds, Blended Irish Rescue Interest Rate Is 7.25% | zero hedge

Then the Financial Times posted the 'story'

FT Alphaville » EU/IMF Irish bailout – the details

Now, many people would be forgiven for believing, maybe even hoping, that such an esteemed publication as the Financial Times might research its stories. The FT is the paper that informs the 'market', and many of the people who move trillions around the world read the pages of the FT and react to its stories. It was reports in the FT that partly lead to the bond rates soaring for Ireland and ultimately the bailout.

We should note with dismay this incident and remember just how provably full of crap is the FT, and the media in general.
The problem is that 5.8% is an average rate.
This of course depends on certain circumstances and I would hazard a guess that 'unforseen' events are one of those circumstances.

Without detailed knowledge of the arrangement its impossible to say what the actual rate will be.

If I borrow €100@6%, €1000@10% and €1Bn@20% the average borrowing rate is 12%.
Of course in reality you'd be paying a far, far higher amount than the average rate suggests.

So, it looks like you might be right after all.
 

Cassandra Syndrome

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Aug 23, 2009
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The main poster / founder of zero hedge, tyler durden, is a borderline criminal, who is banned from finance for life

I have no idea why any sane person would lisyen to him
You called people who doubted NAMA and the banking recaps this time last year as insane. You beat your chest about the now disasterous bailouts and NAMA.

Why should we listen to you now?
 

Cassandra Syndrome

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Joined
Aug 23, 2009
Messages
16,885
To be fair only lunatics think ZeroHedge is well informed.

You get a very small number of idiots here reading only the rubbish thats posted there and on prisonplanet.

They then run here and paste an even more alarmist slant on what ZeroHedge says.

Zerohedge then run a story based on what that post here says.

And the circle continues until eventually their heads explode. Now you would hope your experience would convince said idiots not to blindly believe what they read from a loon who's been proven to be corrupt. It won't though. Because they're idiots.

FT ought to know better.
Ha ha. Just because they don't hold your myopic and soon to be redundant view of the world, does not make them wrong. Remember the thread saying that Ireland has 1 week before end game for example?

Get back to us when you actually post or start a thread of interest and has any sense of compentent analysis of qualitative and quantitative data.

If you were as good at socio economic commentary as you are at warning and sending infractions and banishing threads to the Zoo section within seconds just because they are not to your liking, you would be a star.

But in reality, you are a joke. And calling the more advanced posters here loons and idiots just illustrates what a spiteful piece of barb wired ball of furious envy you are. How you are a mod here is a complete mystery. Nobody respects you and quite a lot of people have nothing but contempt for you.
 

Goodbody

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Sep 21, 2010
Messages
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The main poster / founder of zero hedge, tyler durden, is a borderline criminal, who is banned from finance for life

I have no idea why any sane person would lisyen to him
Sometimes it takes a Cat to catch a Mouse.
 


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