Reporting Rumors

I cannot stand stock market rumors, especially the M&A kind started by some obscure newspaper. This is a recurring theme for me and I have written on Rumor Mills before so I won’t rail on that again. But today’s AA rumors started by the same rag, Times of London, and recirculating the same bullshit story they have been pushing since February is over the top. At some point, we all have a responsibility to not perpetuate this stuff and hopefully some well-meaning and duly appointed regulator (say SEC) is going to do their job and punish it.  I am all for freedom of the press, but using the media to start rumors about financial transactions and having the ability to profit from it is not covered by that protection. When they turn out to be untrue (AGAIN!), it needs to be investigated.   However, my disgust on this topic does not stop with tabloid journalism. The bigger issue is when credible media outlets report the rumors as if they are fact and that is inexcusable. Some organizations did a great job mentioning the rumor and simultaneously warning that it is an old and inaccurate speculation.  Others did not and I have lost some respect for them.