Topic: Trade Journalism

A discussion on corporate litigation reveals that Bose was historically blacklisted by many tech and trade publications after the company sued Consumer Reports over a review of the Bose 901 speaker system. While Bose currently dominates the aviation headset market, the lawsuit is cited as a cautionary tale for manufacturers against suing reviewers, as it led to a long-term loss of editorial coverage in major magazines like PC Magazine.

The hosts expand on the idea that journalism's decline began when it moved from a creative trade to a standardized profession. They suggest that "J-schools" like Columbia produce "cogs" for a corporate machine, potentially making the industry easier for intelligence agencies to infiltrate, as seen in Project Mockingbird.

The Wall Street Journal reported that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan rather than U.S. dollars. This move would represent a significant blow to the "petrodollar" system that has underpinned global financial stability since the 1970s. The shift is seen as a response to Saudi dissatisfaction with U.S. foreign policy in the Middle East and the increasing economic influence of China.

Congresswoman Louise Slaughter discusses the Stock Act, intended to stop insider trading by members of Congress and their staffs. She reveals that a former chief of staff for Tom DeLay was caught day trading on government computers during work hours.

Research from the Wall Street Journal and CNBC reveals that members of Congress and their staffers frequently profit from stock trades based on non-public legislative information. The discussion emphasizes that such trading is currently legal for lawmakers, as they are not technically corporate insiders.

The discussion focuses on the Galleon Group insider trading case involving Raj Rajaratnam. The hosts argue the $22 million scandal is a "rounding error" designed to distract the public from larger financial misconduct at Goldman Sachs and JP Morgan Chase. They criticize The Wall Street Journal for using simplified, comic-book-style illustrations to explain the mechanics of the fraud.