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MURDOCH AND THE “WALL STREET JOURNAL”

Submitted by Glen Aaron on July 11, 2011

Rupert Murdoch and his son James, known to have right-wing philosophical agreement with such organizations as the National Center for Constitutional Studies (NCCS), prodigy of the John Birch Society, are shutting down their British tabloid. This comes as a result of being caught in a hacking and bribing scheme that apparently had gone on for years. The Murdochs are better known in the U.S. for their ownership of Fox news cable channel and Fox sports.

For over 70 years descendants of Hugh Bancroft owned the majority of shares of the “Wall Street Journal” and left its management to highly qualified journalists and business managers. The “Journal” became the world model for financial reporting.

In 2007, the Murdochs made a move on the “Journal”, splitting the Bancroft descendants between those willing to sell to the Murdochs and those against it. One of the major issues for the family was whether journalistic independence would be compromised under Murdoch. “He has a history of meddling in his news products”, media expert John Morton pointed out.

“Journalistic independence” be damned, at a gross dollar offer of five billion for the “Journal”, the Bancrofts sold. As has other Murdoch media, the “Journal” has learned to bend facts in favor of opinion.

I write of the history of the “Wall Street Journal” in my book:  “The Observer: The Ronnie Lee and Jackie Bancroft Spencer Morgan Story, a tale of people, greed, envy, manipulation — even crime”

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