15 July 2011

News Corp Scandal, Heads Roll, 2 CEOs Resign: Dow Jones, News Corp

Rupert Murdoch pimps the newsRupert Murdoch Pimps The News, Image by DonkeyHotey via FlickrFrom Denny: The bigger they are they harder they fall. First, it's the News Of The World tabloid newspaper that abruptly closes down. Then CEO of News Corp International, Rebekah Brooks, resigns today. The pressure was on from the Prime Minister - with the help of two investigations on both sides of the Atlantic.

Now, the latest development is that the CEO of the Dow Jones, Les Hinton, resigned.  Dow Jones is also owned by Rupert Murdoch.  Hinton was Chairman of News International at the time of the alleged phone hacking found out in the UK.  News International is News Corp.'s British newspaper unit.  Hinton was there for 12 years before moving over to head up Dow Jones.

There isn't much that Rupert Murdoch does not own. The list is practically endless. It's no wonder few people or politicians dared to oppose him on anything. But some things, well, not even a guy this influential can control or win.

There is only so much a media mogul can do when he finally gets found out for just how scummy a corporate culture he has cultivated at his newspapers for well over a decade. They are accused of hacking the phones of at least 4,000 people, many of whom were terrorist or murder victims, including hacking the email of a dead soldier.

Suspicions are aimed at News Corp here in America. There is an investigation into whether they also hacked the phones of 9/11 victims and their families. The FBI will look into if News Corp violated any U.S. wiretapping laws.

An interesting development is that the Prime Minister demanded Murdoch back out of his bid for broadcaster, satellite TV network, BSkyB. That turn of events has investors, greedy hedge fund managers, scrambling and dumping shares of what they presumed would be hugely profitable. In only one week the worth of parent company, News Corp, is down by about $400 million. Shareholders in other Murdoch companies are bailing out as well this week in anticipation of negative results from the two investigations in America and the UK.

Check out how Hugh Grant exposed News Corp wrong doing, also in the New Statesman:

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