How much diligence does the media do?
How little due diligence does the media do?
In light of the SBF/FTX debacle, I was wondering how much diligence the media does when looking into a business. I think they are partially culpable—the guy was on the cover of Forbes, Fortune. Did no one ask to see/investigate internal documents before plastering him on the cover? Or did he just give them false information?
When you look at Elizabeth Holmes, Trevor Milton, Adam Neumann, Chamath, SPAC, crypto promoters, etc. It seems like these people come up with an idea, are charismatic—->the media promotes them——>more venture capital FOMO’s in, raising valuations—> more customers use their produce or service—>they become richer.
I understand that most people who are promoted by the financial media are legit, but I am rather shocked at how little diligence it appears some of these publications do, and was curious if anyone had experienced their diligence process firsthand. Do they even ask for internal financial documents/proof?
"Do they even ask for internal financial documents/proof?" - Yes. We can run down the rabbithole of public vs private disclosure, any kind of IR, people who have the means to demand and pay for an audit, or the lack of diligence of the IRS/SEC/CFTC and others to begin with. MSM has the means, but seems to want the story first, and any follow-up is a rewrite later for CYA.
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