Wednesday, September 10, 2008
Newspaper misprint leads to stock crash
I'm sure you've all heard the complaints that newspaper readership is declining at a rapid pace, but after I picked up on this story my faith in newspaper readership was slightly bolstered. Unfortunately, my faith in responsible and accurate reporting took a nosedive.
The price of United Airline's stock fell by 75% after the South Florida Sun Sentinel reported the airline's bankruptcy. Bloomberg picked up the report, setting of an internet frenzy that pushed the stock of a cliff and actually led to a halt in trading. Too bad the story is actually six years old and someone at the newspaper simply put the wrong dateline. What the heck are those reporters, editors and copy editors actually doing at the Sentinel?! Someone should really be held accountable.
(Hat tip to Peter Himler at The Flack)