| Who is Responsible? |
31 March 2003
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NYSE Bans Al-Jazeera from Exchange Floor, Shame!
The New York Stock Exchange, the very embodiment of Wall Street, banned the Arabic-language TV network, al-Jazeera, from the exchange floor last week. The reason given was a lack of space. Mr. Ray Pellechia said only journalists engaged in "responsible business coverage" could get access to the trading floor. One would have taken him at his word had he been able to define that term.
Al-Jazeera, of course, was showing footage of American and British POWs and dead troops over the preceding week-end, and generally has been an anti-Bush organ. However, to suggest that they are not real journalists, with an ax to grind just as Fox and CNN do, is laughable. Moreover, the word "responsible" coupled with "business coverage" in light of the last three years on Wall Street makes one wonder if Mr. Pellechia has more than a nodding acquaintance with the meaning of the word.
It is in the interest of the NYSE to have an Arabic-language network on its floor. Business journalism is, after all, one step removed from advertising. A breaking story about a company becomes a de facto buy or sell story. According to Gary Long, CEO of Investcorp, about $1 trillion of private wealth from the Gulf is directed to America. It would appear that the owners of that wealth are being told to learn English or go away. That can't possibly be good for business.
Naturally, the NASDAQ and American Stock Exchanges may let al-Jazeera have access to their trading floors. That would be bad for the NYSE, and it may force a reversal of this decision. Better, though, would have been the decision not to paint all Arabs with the Saddam-ite brush.