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Times Editor: Lack Of Disclosure On Merkin Op-Ed Is No Big Deal

Here's another one to add to the growing list of "newspapers acting badly"...

Late last month, the New York Times published an op-ed by Daphne Merkin, a contributing writer to the Times Magazine, on the Bernie Madoff mess. The curious premise of the piece seemed to be that Madoff's "victims" (the quote marks are Merkin's) aren't really blameless, since "no one was holding a gun to anyone's head, saying sign up with Mr. Madoff or else."

The argument seemed tendentious at best -- but there was a bigger problem. As numerous bloggers quickly pointed out, Merkin's parenthetical disclosure -- "I did not know Mr. Madoff nor did I invest with his firm, but have a sibling who did business with him" -- didn't come anywhere close to fully informing readers about her personal tie to the case.

That sibling is Ezra Merkin, the financier and former chairman of GMAC, who was the second-largest institutional investor in Madoff's funds, losing billions of other people's money. In a civil suit filed this week by New York Attorney General Andrew Cuomo, Ezra Merkin, who collected over $40 million from Madoff's funds, was charged with "betraying hundreds of investors" by lying to them about how much of their money he had invested with Madoff, and by failing to disclose conflicts of interest.

But the Times doesn't appear to agree that the disclosure was inadequate enough to fix -- even now that Ezra Merkin has been formally charged by state authorities in connection with Madoff's scheme. In a brief phone interview, editorial page editor Andrew Rosenthal told TPMmuckraker that he had no plans to revisit the issue, even to edit the online version of the now-17-day-old article to offer readers fuller disclosure.

Indeed, Rosenthal appeared dismissive. "I answered this call against my better judgment," he said. "I thought you had something more substantive you wanted to talk about."

Pressed as to whether or not he viewed the issue of disclosure in the Merkin op-ed as substantive, Rosenthal replied: "I'm just not interested in discussing it."

Rosenthal's view seems to run counter to that of the paper's public editor, Clark Hoyt, who told TPMmuckraker in an email sent this morning that he plans to address the issue in this Sunday's column. But as the tagline of Hoyt's email makes clear: "The public editor's opinions are his own and do not represent those of The New York Times."

Rosenthal's and the Times' siege mentality strategy is doubly puzzling given that initially he appeared to agree that there should have been more disclosure. Two days after the op-ed appeared, Gawker posted an email from Hoyt to a reader, in which the public editor wrote that "much more needed to be spelled out" about Daphne Merkin's conflict, and added that Rosenthal "agrees that there should have been greater disclosure," but "does not contemplate an editor's note."

Times spokeswoman Catherine Mathis did not immediately respond to a call requesting comment on the op-ed.


55 Comments

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Comments about Merkin's diclosure are more ammusing if you lookup Merkin,."

A merkin (first use, according to the OED, 1617) is a pubic wig, originally worn by prostitutes after shaving their genitalia to eliminate lice or disguise the marks of syphilis. There are many different ways of wearing a merkin, although most involve placing the merkin on the vulva or the scrotum.
en.wikipedia.org/wiki/Merkin

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Kibo: Merkin is one of my favorite words. Hilarious stuff.

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You think that's a Merkin Andrew Rosenthal is wearing?

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Methinks it is a merkin

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Little Ezra Merkin was fond of jerkin his gherkin,
said Mother Gherkin to Ezra Merkin; 'Gherkin, stop jerkin your gherkin!"

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Okay, you got me smirkin!

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Andrew 'Smirkin' Merkin

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meant Ezra

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This is really beneath the dignity of this column. Making fun of his name? I think we have more serious issues to discuss.

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Oh... puh-leeeeze!!!!

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Years ago I had a coed softball team named Jay and the Merkins. I was sooo proud of us.(there was no Jay)

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What is the matter with the NY Times Editors? Where in Hell has their journalistic judgment gone?

Or did they never have any, and we just thought they were competent because those who questioned their competence had no platform for making their questions public before the Internet and bloggers?

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I suspect they may be so besieged by wingnuttery that rational discernment has abandoned them.

Assuming any was there in the first place, of course.

I've occasionally pointed out problems ranging from numerical ineptness to propagation of debunked memes to errors corrected elsewhere but not in the archived online version, and never gotten so much as an acknowledgement, so don't go to the effort anymore.

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Andrew's following in his daddy's footsteps, I see.

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Wait; do I read this correctly? All these years after Judy Wossname and WMDs, the NYT is only now being added to the list of "newspapers acting badly"?

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By that logic, we're hardly "victims" of bad journalism. After all, nobody is holding a gun to our heads and forcing us to buy into all the nonsense being packaged as journalism.

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"Something is rotten in the State of Denmark" - as Shakespeare wrote.

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A few weeks ago, Kurtz over at WaPo admitted that George Will's facts about climate change were wrong but found it so innocuous a lie, he pointedly refused to issue a correction. And now here is another just perfect example of how clueless and insulated they are from the rest of us.

And they hold conventions and wring their hands and whine the question over and over, "Why, o why do they not read us anymore"? When we, the customers tell them that though, the response is always, "You don't know what you're talking about so shut up and leave the adults in peace to figure this out". I won't even go into their refusal to accept responsibility for their skewed and biased "journalism" that has helped start two wars and ruin our economy.

They deserve to fail. Disasterously.

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Daphne Merkin...what an unfortunate name.

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Honestly, though. Isn´t she right?

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This is totally outrageous. Rosenthal should resign. I cannot believe he allowed that column to be printed with that misleading "disclosure." Is he friends with Daphne Merkin? Then for him to snidely dismiss inquiries from the public editor...I swear I think this may be the end for him.

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Wow, I had no idea these two Merkins were related. I've been reading Daphne for years. Her book "Dreaming of Hitler" contains essays about "the subversive thrill of shoplifting" [hmmmm] and "the sexual pleasures of spanking."

"As the saying has it, "There's a little larceny in everyone," writes Daphne in the essay "The Shoplifter's High."

Especially among your relatives and acquaintances, Daphne!

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I'm guessing that in her eyes, shops are responsible for shop-lifting, not shop-lifters! (am I right?)

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Nope - among the upper classes, at least, it's due to a "psychological hunger," quasi-sexual in nature, often done by depressed women in order to feel a sense of accomplishment - it "creates the illusion that the world is available for the taking." [Madoff!]

Or, it's due to a sense of "enraged entitlement" - women have paid so much for consumer goods throughout their lives that it's time for a little payback. A mode of "fighting back." "A female survival mechanism."

"I suppose I don't believe in taking what isn't mine...." writes Daphne....."except that the world appears to be crammed full of people, like corporate raiders and shifty lawyers, who take what isn't theirs in more socially acceptable ways."

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In that case why are the greedy financiers not included?

Thank you for the explanation - not that I buy it of course! :)

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It starts at home, doesn't it?
I wonder what kind of parents sire a swindler and a shoplifting spanker.
Maybe Judd Apatow (sp?) can give us a movie:
Meet The Merkins

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Daphne has written extensively on how horrible it was to grow up a Merkin.

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Those of you who argue that the "victims" helped create the crime likely agree that the crime of rape is largely prompted by the kind of clothing women wear. If you wore a chador and were always accompanied outside by your brother, husband or father, and your home had great security, the likelyhood of bein raped would be reduced. Same thing if you stuff money in your mattress, you would deter being ripped off by securities firms and advisers.

And seriously, given the attitude newspapers have toward their own product, there is wonder why people don't want to buy them? Yeah, they need a bailout too, because like rotten investments banks they too need to be subsidized. All these susbisidies are going to make Soviet centralized planning the new "it" in economic theory and development.

And then there is the NYT's arguments that nepotism and hereditary elites are not a problem in the US. Not only do they exist but they are running our country, and its instituions like the NYT, into the ground.

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I wonder how torture victims create the crime....

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Even if you agree that some of those who lost money with Madoff are the victims of their own greed (and I do, with reservations), it's especially galling that a relative of Ezra Merkin would make that claim.

After all, one of the things Merkin is accused of is not disclosing the fact that he was investing client funds with Madoff, and instead representing himself as personally handling his clients' investments.

And I must echo those who find it rich that the New York Times operates under increasingly compromised journalitic ethics standards, and yet bemoans the fact fewer and fewer people are reading their paper.

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When I was an EM in the navy long ago, there were endless jokes with newbies about "why didn't you go for a merkin fitter rating when you had the chance". I still go there every time I see the word. I even heard it used as a pickup line in a bar in Jacksonville.

Strange world.

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And they wonder why the amount of readers keeps going down.

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Perhaps Rosenthal believes that because the NYT is the establishment's paper of record, no one will know they made such an obvious mistake if they don't admit it themselves.

What makes it particularly egregious is that Merkin's only hook for writing the piece and getting it published was her brother's involvement. I wonder if Rosenthal and Merkin will have to answer questions about prospective jury-tampering.

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There was something else I wanted to say, which is that the Village mentality is hardly limited to Washington, and it's pretty obvious that Rosenthal gave Merkin the space so that she could make a case the the people who count that her brother really shouldn't be blamed for pissing away his clients' money for a fee from Madoff.

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Rosenthal needs to get some better "better judgement".

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No One was holding a gun to Merkin's head, forcing him to funnel funds to Madoff.

Boy, that 'holding a gun to someone's head' is so overused, so improperly.

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The really telling thing about this is that the attitude Rosenthal exhibits on this issue is one that is common throughout the culture of big corporate media organizations. They are among the biggest hypocrites on earth! Everyone else must disclose, everyone else must be 100% clean, everyone else has an "obligation" to be transparent but not if they work at my paper. Is it any wonder why they are all going under? What acrowd of pompous over-rated hacks.

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Is it just me or does Andrew Rosenthal look a lot like Chewbacca?

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Isn't Daphne Merkin famous for a New Yorker essay about how she likes to be spanked? Ah, yes, here it is.

http://www.newyorker.com/archive/1996/02/26/1996_02_26_098_TNY_CARDS_000373793

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likes to be spanked

Not that there's anything wrong with that...

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The NYT's coverage of the Madoff scandal from the beginning has generally given the benefit of the doubt to the family. Four days after Bernie exposed himself, the NYT ran a headline, "Inquiry Finds No Signs Family Aided Madoff" which was silly. There were no signs the family didn't aid Madoff if you discounted Bernie's assurances.

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I too have been reading Daphne Merkin for years, as a consequence of which I pretty much assume, a priori, that it's pointless to read her work as if it had the same implications it would if it were, you know, a rational appercu of her subject.

I mean, it could just be me. But fwiw, I've always thought of the near-total absence of sense and/or substance on a basic narrative level as her chief rhetorical attribute, in strictly literary terms. And while I guess I have to admit that I have sometimes found it diverting to try to spot whatever the real self-serving sub-textual emotional drama lay behind the screen of the (typically, if sometimes rather cryptically) disclosed self-serving emotional drama that Daphne Merkin was failing to distinguish from her ostensible subject, it's a pretty fucking tedious exercise most of the time. And a depressing one, too, actually, because: Poor her, to have such an excess of the repressed that its return, in the form of published writing, would probably translate into enough money for her to live on, should she ever find herself tragically bereft of independent income.

Anyway. I had a point. And this was it:

She's condemning not defending her brother in that piece, imo. Because she traditionally depicts herself as the boldly convention-bucking break-away Merkin, who saved herself by refusing to endorse the family myth, thus becoming Glorious and Artistic.

From which it follows that the only Madoff "victim" who didn't have a gun to his head she'd even be sufficiently interested in to bother noticing is the one to whom she's saying, "Ha, ha! Told you so!" -- ie, Ezra Merkin.

That's why there's all that hackneyed shit about family and daddy-substitutes.

And of course, you can sort of see how that'd just be business-as-usual as far as Andrew Rosenthal was concerned, too. Poor little freaks. More to be pitied than censured, I say.

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Interesting comments. I don't disagree with you about Daphne's writings. But it's fun to interpret her comments about larceny literally, isn't it?

And here's an interesting sentence from her op-ed: "It’s interesting to me that institutional investors were the least likely to overlook the irregularities in his [Madoff's] records; they weren’t looking to be part of a family, they were merely looking to make money."

J. Ezra Merkin was the 2nd largest institutional investor in Madoff's funds. So did Ezra overlook the irregularities, or not? Did he see them and ignore them? Of course, you could be an institutional investor, see a scam and see there was money to be made off of it, and invest. Was that Ezra?

Maybe all will be revealed in her forthcoming book on Jews and money.

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I have to agree with you about Daphne. The only time I remember her writing about Ezra was a graphic description in the New Yorker of her immensely enjoying a rather brutal spanking he received as a child. I am not at all surprised that Andrew Rosenthal refused to deal with the issue. When it comes to Daphne and Ezra, collusion or conflict of interest is a nonissue. With friends like her, Ezra does not need enemies.

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"Rosenthal's and the Times' siege mentality strategy is doubly puzzling"

Does the name Judy Miller ring any bells?

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The NY Times is arguably the worst newspaper in the US, given the huge gap between its reputation and its performance. Nothing outside of its sports results and the TV listings can be believed. It's an ethical sinkhole.

I can't wait to see them go out of business. The last published issue of the Times will be a golden moment for journalism.

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I'm just not interested in discussing it

Rosenthal was too busy; he's working on a full scale review of nepotism in the news business...

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By the way, did anyone else notice that small item in the Times the other day with a byline "A. Sulzberger"? Is this Young Arthur, back from the failure of the newspaper he worked for on the West Coast? He should be about 27 now.

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Nobody's holding a gun to my head making me resubscribe to the New York Times. Andrew Rosenthal hates his readers, viz. his response to criticism when he gate Kristol a column on the op-ed page.

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Merkin was quite the philanthropist as well. From the WSJ:

As chairman of the investment committee at Yeshiva University, Mr. Merkin put about $15 million of the school's endowment into Ascot. He thus captured a 1.5% annual fee for himself, even though Yeshiva could have given its money directly to Bernie Madoff -- who was later treasurer of the university's board -- for nothing.

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Contrast this with the Times quick editor's note claiming a book review by a Columbia U prof challenging Nick Kristoff's Darfur crusade should not have been opublished because the book was written by a Columbia prof!

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A pretty rich line from the piece:

"It’s interesting to me that institutional investors were the least likely to overlook the irregularities in his records; they weren’t looking to be part of a family, they were merely looking to make money."

This is nuts. On the scale of the Times' most embarrassing mistakes, it's somewhere below Jayson Blair and nowhere near the horror of Judith Miller's Kremlinesque scheming, but, really, did the Merkin family pay the Times to publish this?

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I read the article as having a very different sub-text which was "my brother is an idiot."

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Maybe if newspapers were able to suss out Bush's ineptness, debunk WMD, cease promoting global warmining deniers, etc. people would be more likely to be willing to pay to buy them.

Where is I.F. Stone when you need him? TPM is a start but they rolled over for Obama.

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Remember, Rosenthal is the one who thought that signing on William Kristol for the op-ed page was a brilliant idea!

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