Journo student: Thoughts and exploits

Writing us into recession?
February 5, 2009, 11:27 pm
Filed under: journalism | Tags: , , ,

Robert Peston, BBC business editor, was yesterday facing the Treasury select committee to justify his reporting of the Northern Rock collapse and the HBOS and Lloyds merger.

When journalists are accused of contributing to a national crisis just by reporting it, you know the blame game has come full circle.

Surely the media did contribute to the run on Northen Rock to some extent but this cannot be cited as the reason for the collapse of the bank. It was all over for them anyway, with or without Peston’s help.

As Peston said: “Northen Rock, frankly, would have collapsed, it would be where it is today, irrespective of whether there had been that retail run.”

He was even questioned about his sources for the HBOS takeover, who he confirmed were, “lots and lots of people.”

Whether he contributed to a run on Northen Rock or rise in HBOS share price seems to be irrelevant- the financial market was not damaged by the journalists who reported it.Anyway, at least they still know what ‘public interest’ is.