There are too many bosses at #PhiladelphiaInquirer

Let’s set aside the issue about whether Bill Marimow deserved to be fired as the editor of The Philadelphia Inquirer and discuss a more troubling question:  Who’s the boss?

Former New York Nets owner Lewis Katz. H. F. “Jerry” Lenfest,  South Jersey political boss George E. Norcross III; Krishna Singh, chief executive of the Holtec International Corp.; William Hankowsky, chief executive of Liberty Property Trust; and Joseph Buckelew, chairman of Conner Strong & Buckelew, joined forces last year to buy the Philadelphia Inquirer and the Daily News and website Philly.com for $55 million.

What made them think they would be able to set aside their considerable egos and work together to run one of the largest U.S. newspaper, an industry which none of them had any experience?   I know they spoke of their desire to own the papers for the “benefit of the community”, but what does that mean?    It’s doubtful that they appreciated the depth of the paper’s problems.

Every business needs a boss.   In theory, the boss of Interstate General Media is supposed to be Publisher Robert Hall.    In reality, it remains unclear who is running the company. Norcross has installed his daughter Lexi as the head of Philly.com and has decided to concern himself with such mundane details such as the brand of coffee employees drink in their break room.

About the only thing that the owners all agreed on was that they should hire Marimow, who had done two other tours with the Inquirer.  Former Inquirer columnist Gail Shister noted in Philadelphia Magazine that Marimiow isn’t universally beloved. “As a newsman, Marimow’s moral authority is beyond question,” she writes. “As a manager, the same cannot be said.”

Katz and Lenfest are suing their fellow owners over their decision to fire Marimow.   Given the level of animosity that is evident among the paper’s owners, I don’t see how they can continue to work together.   Winding down this partnership isn’t going to be easy or cheap.  This distraction is the last thing the paper needs.

Further complicating the situation is the long-time romance between Katz and Nancy Philips, a veteran Inquirer editor.  That explains why Marimow was blocking needed change at the paper, according to his critics.  Norcross  told the  New York Times, that Katz “wants to control the newsroom to satisfy his friends and punish his enemies.”  That’s a ludicrous idea.

First of all, herding cats is easier than getting a large group of journalists to agree on anything Katz and Philips  have made little effort to hide their relationship. Robert Hall,who has been associated with the paper for years, must have mentioned it at some point to the company’s owners. Continue reading

Michael J. Fox, the #Parkinson’s cause and me

Michael J.  Fox, god bless him, should win a medal one day for all the good he’s done to advance the cause of Parkinson’s research.    As I wrote in The Fiscal Times, the community could not have asked for a better spokesman.

His “Q Score,” a measure of celebrity awareness and likeability, stands at 28 percent, nearly double the 16 percent average. A whopping 88 percent of adults aged 18 and older know who Fox is, more than double 31 percent average for other celebrities.

My one quibble with Fox is that “The Michael J. Fox Show” is  a mediocre effort.    As a Parkie — Parkinson’s sufferer — I wasn’t expecting every episode to be an infomercial about my disease.  What I was hoping for was some laughs, which have been lacking.  The first two episodes were disappointing.  I thought the third one was a little better.

Maybe the show will get better over time.  Maybe it won’t.

But the fact that millions of people are now aware of Parkinson’s that weren’t before is a good thing.

And if Michael J. Fox or any of his people happen to be reading this blog, I think I have got some ideas that can save your show.

Call me. :)

Wall Street ignores `crazy’ government #shutdown”, at least for now.

Whose running Congress these days? I bet Ozzy Osbourne is the conductor on this “crazy train.”
You see only crazy people and the House Republican leadership want to shut down the government.  As I noted in Investopedia, the shutdown fight could lead to a far more worrisome battle over the debt ceiling, which could lead to the government defaulting on its financial obligations for the first time in our country’s 237 year history.

From the story:

The government is expected to hit its borrowing limit, which it needs to fund its activities sometime in October. Though some people have tried to compare the U.S. with cash-strapped countries such as Greece, there is a critical condition. Greece needed several bailouts because it couldn’t afford to pay its bills. The U.S. can afford to pay its creditors but sometimes threatens not to, a situation that in 2011 cost the US its AAA bond rating

For now, the market is yawning at the impasse in Washington. Major stock indexes are trading up. Gold, though, is plunging which is strange since people usually buy the metal when people get scared about their economic futures.

People can’t relax because this could easily be the calm before the storm.