Media Navel Gaze: November 12, 2012

The Week Unpeeled

“Four More Years” morphed into “Fiscal Cliff” quickly last week in the media following President Obama's pretty and somewhat surprisingly convincing re-election on Tuesday. Attention turned immediately to the economy and the budget amid talk -- but just talk -- of compromise.

The UK and European headlines were muted in their celebratory headlines in contrast to the 2008 election results, which were full of applause, with focus now on discussions that America should now focus on the fiscal crisis.  Some coverage, including the front page of The Times, also focused on how Michelle Obama “won the US election” for the President.

The UK coverage, however, also turned quickly to the BBC under a new news scandal when its popular Newsnight show had to completely recant a story alleging child abuse by Lord McAlpine due to the victim's admission of mistaken identity.  That is hit number two to the media organization in as many months.

The BBC general director, George Entwistle, resigned, as a result, after just a short while at the helm. (Interesting side note: The Times coverage included a sidebar on local booking odds on what other BBC execs heads would roll.)

The BBC Today show Saturday morning did -- in my opinion -- amazing tough and pointed interview with Entwistle (its own boss in effect) that led to his resignation, maybe in a little-too-late moment for the journos to get tough at the media company.

Elsewhere: 

  • CIA Director David Petreus resigned amid a confession of an extramarital affair and killer New York Post headlines, “Cloak and Shag Her”;
  • New York “ousted” London as world financial center, according to the Centre for Economics Business Research, based on number of jobs, with Hong Kong in third and expected to take second place in three years;
  • The Dow ended a tough week down 2.1 percent to close Friday at 12,815;
  • The Bank of England Monetary Policy Committee held interest rates at 0.5p and decided not to bring in more quantitative easing;
  • The European Central Bank kept its main interest rate on hold at 0.75pc;
  • Research by Income Data Services in the UK showed that executive pay rose by 27pc last year, despite public backlash;
  • HSBC is at the center of a HM Revenue and Customs investigation after it allegedly opened offshore accounts for high-profile British criminals; and
  • Believe: Beiber and Selena split. End of Story
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