Hit Em Where It Hurts
By Chester
It is sad and unfortunate that the New York Times has chosen to publish the classified details of a legal and effective government program meant to secure the Republic from attack. In fact, it is not just sad, it is enraging. In December, I thought that the outing of the NSA wiretapping techniques was in poor form, but there was a case to be made, and it was made by many, many commentators, that the program was operating in a gray area of the law.
But this latest bit of treason is truly outrageous. The program was legal; it was effective; it was not abused; it had independent auditors; and it was briefed to the members of Congress of both parties who Needed To Know.
I've never written about this on the ole blog here before, but there was a period not long ago when I wrote some things that could have been construed as putting sensitive data in the public realm. Shortly thereafter, I received one email -- one -- from a concerned member of the military. He wasn't a government representative, he was just acting on his own. He made a case that what I had written was not a good idea. I disagreed with him, but I felt disgusted and sickened. I immediately removed the post in question. I emailed the other bloggers who had linked to it and discreetly asked them to remove their links. They complied.
The truth is, I was absolutely horrified that I might have done anything at all to endanger ongoing operations. God forbid I should be the officer who burned an op.
Now this is just a blog, and I had only received one email, but that was enough to make me reconsider. But by its own admission, the President of the United States himself asked the New York Times not to reveal the details of how we spy on terrorist financing. And by its own admission, the New York Times blew him off.
Fortunately for all of you who are as shocked as I am, it turns out that the details of how the New York Times finances its own operations are not secret at all. In fact, The New York Times is owned by a public company, known as The New York Times Company, trading as NYT on the New York Stock Exchange.
I just spent a few fruitful moments on Yahoo Finance and discovered some basic information that may be of interest to many of you readers out there. On the major holdings page, we learn that a significant percentage of the New York Times' stock is held by institutions and mutual funds: 83%, quite a large chunk. Those institutions, especially the mutual funds, are in turn owned by none other than many of you Loyal Readers out there. You might want to find out if you own a little piece of the New York Times in your own 401K or IRA. Take a look at the largest mutual fund holders:
FUND, size of holding
PRICE (T.ROWE) EQUITY INCOME FUND $196,152,500
FIDELITY EQUITY-INCOME II, FUND $133,709,464
PRICE (T.ROWE) MID-CAP VALUE FUND $59,853,088
FIDELITY EQUITY-INCOME FUND $63,835,036
PRICE (T.ROWE) CAPITAL APPRECIATION FUND $53,100,380
VAN KAMPEN SERIES FUND INC.-GLOBAL FRANCHISE FUND $46,467,059
VANGUARD 500 INDEX FUND 1,362,604 $34,487,507
FIDELITY CAPITAL APPRECIATION FUND $37,926,669
FIDELITY PURITAN FUND INC $37,209,406
FIDELITY VALUE FUND $37,118,280
Here's the contact info for some of those funds, if you are an investor:
T. Rowe Price: 800-225-5132
Fidelity: 800-FIDELTY [one might ask them what exactly they render "fidelity" to]
Van Kampen: 800-341-2941 (Say "Representative" or press "**0")
If a few dozen investors were to call the these numbers tomorrow and ask if these respectable blue-chip investment firms are going to continue to hold the stock of a company that sells out the security of the United States, my guess is that would register pretty quickly with the management of those firms. Those firms after all, being in the financial services industry, no doubt have a significant presence in Manhattan. And Manhattan after all, is the site of our most ignominious encounter with our sworn enemies -- whom the New York Times has decided to assist.
Now, what else might we find on Yahoo Finance? Returning to the Institutional Holdings page, [here it is again], one can find a list of Institutional investors in NYT as well, though these are probably less responsive to outraged individuals like you and me . . .
Poking around in the New York Times Annual Report does however yield some useful information. On page 2, we learn that 65% of all advertising revenue for the business segment that contains the Gray Lady comes from national advertisers. Hmm. Interesting. A bit further, on page 12, we find this tidbit [emphasis in original]:
Our largest newspaper properties are dependent on national advertising.
A significant portion of advertising revenues for our largest newspaper properties is from national advertising. As a result, events that affect national advertisers, such as structural changes and challenges to their traditional business models, may change the level of our advertising revenues. Increased consolidation among major national and retail advertisers has depressed, and may continue to depress, the level of our advertising revenue.
Later, on page F3, we learn that the same business segment, the News Media Group, earns 95% of the revenue for the entire company. The role of those national advertisers to the viability of the firm is becoming very clear now.
Googling "largest national advertisers" led me to this new article in AdAge magazine, which is dated -- what are the odds? -- June 26, 2006, and consists of the 51st annual listing of the 100 largest national advertisers in the United States. If you clickthrough you'll get to a lovely PDF with all the info you could need about national advertising in it.
Let's focus on, say, the 3 largest national advertisers in the United States. Here are their Investor Relations contact numbers. Perhaps a few calls suggesting that they refrain from buying advertising in the New York Times might not be a bad idea:
Proctor and Gamble 800-742-6253
General Motors 313-667-1500
Time Warner 866-INFO-TWX
I'll be calling each of these myself during regular business hours tomorrow.
To reiterate the facts, as reported by the New York Times itself: the program was legal; it was effective; it was briefed to Congress; there were independent auditors; there was no evidence of abuse. These are the facts. I know they're true cause I read them in the New York Times.
If you contact any of the above-listed numbers, feel free to leave a comment here about your experience. Or shoot me an email. I'd like to know how it goes.
UPDATE: Ah yes, one final bit of info. According to the contact page on the New York Times Company corporate site, here are some good people to know:
Catherine Mathis
Vice President
Corporate Communications
(212) 556-1981
Paula Schwartz
Assistant Director, Investor Relations and Online Communications
(212) 556-4317
Those might come in handy. |
