Freedom Lawyers of America
A site that will chronical the dark side of the news to show what happens when freedom is dying and to sell his books SHELLY WAXMAN'S BOOKS. We also foster and certify the proper use of independent contractors. http:independentcontractor.info CHECK OUR WEBSITE http://thelawyer.info WHERE YOU CAN ALSO ACCESS OUR FREEDOM LAWYERS YAHOO GROUPThursday, January 22, 2004
Bad Info
What can I say? I screwed up. Yesterday's top "news" story
("Treasury reneges on 30-year bond holders") turned out not to be
"news" at all, and I heard about it from a number of our vigilant
readers about it almost immediately. Right up front, I'd like to thank
those readers for calling this to my attention.
I'm not going to ask you for any slack, but I would like to explain how
something like this can happen. One of our editors picked up the
story. I browsed the story. It didn't arouse any suspicions with me
(what's new about government breaking promises?), so I ran it. This
is the way things work at RRND. The other editors know to pick up
anything that looks interesting, and to leave the separation of wheat
from chaff to me. So, when bad scoop turns up in this publication --
something that doesn't happen very often -- there's only one person
to blame, and that person is yours truly.
As it turns out, bonds with a provision for early payoff are not
unusual. Sure, the bondholders don't see some of the interest they
expected to see -- but they were offered a preferential rate to begin
with, as compensation for the risk that the bond issuer would decide
to buy them out early.
Not being either a participant or expert in the bond market, there's
no particular reason that I should have known that. I doubt that the
editor in question had any reason to, either.
However, what I _should_ have done -- and what I usually do if a
story involves matters of finance comes across my desktop -- is
check other, and especially more mainstream, news sources. If this
bond buyout had actually been a significant event, a quick Google
search on "bonds" would have brought up screaming headlines from
Forbes, Financial Times, et al. I've done this in the past when I've
seen stories about the Euro beating up on the dollar and such.
Why didn't I do it this time? I wish I could tell you that there was
some really nice, exculpatory explanation -- "the black helicopter
hovered in front of my window; I could see the troopers descending
on rappel, and knew that I absolutely must get RRND out before they
could batter down the door" -- but there isn't. For whatever reason, I
and my bullshit alarm were asleep at the switch (it may have had to
do with the fact that I was still working on a Rational Review article
two hours after I should have been proofing RRND) and you got bad
scoop from us.
I don't like that. I'll attempt to be more vigilant in the future. And I
apologize to our readers for this lapse.
Yours in liberty,
Tom Knapp
Publisher
Rational Review
"The Black Messiah Murders," Sam Cohen #1
"Piranhas On the Loose," Sam Cohen #2
"In the Teeth of the Wind,"
"All Anybody Needs to Know About Independent Contracting"
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