Monday, 21 January 2008

Global Financial Meltdown is all the fault of the International Herald Tribune

According to Steve Goldstein, over at Dow Jones' Market Watch, a tiny little paragraph 9 was responsible for today's Asian and European market meltdown.

LONDON (MarketWatch) -- A story with a headline "French regulator sees 'partial decoupling' of U.S. and E.U. economies" doesn't sound like the kind to derail stocks from Mumbai to Paris.
Particularly when the losses came Monday, for an article published Friday in the International Herald Tribune, a paper best known for re-printing articles from its parent, The New York Times, in newsstands around Europe.
Understandably, the story was slow to get around. But sitting in paragraph nine, there were comments that amount to a profit warning for banks in France as well as those around the world

Best known for re-printing articles from its parent?

Understandably the story was slow to get around?

These aren't very nice things to say about our beloved IHT, even if the writer does work for IHT competitor Dow Jones and the world financial system is collapsing because of a slow to get around cut and paste job out of Paris.

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