LIVEBLOG: Excellence in Financial Journalism Awards

Pictured at left is Krishna Guha, who worked as a financial journalist for 15 years for the Financial Times before joining the Federal Reserve Bank of New York as its executive vice president. He was the featured speaker at this year's Excellence in Financial Journalism Awards luncheon and is a prior award winner.

Guha spoke to the media's role in holding those in charge of the financial system accountable, but also warned that there must be a balance struck between transparency and the public interest. For example, if the Fed "was obliged to disclose the names of all the intitutions that have had to ask for loans," he said one result could be panic, investors may be scared off -- and the entire financial system could suffer.

**********

2:03 p.m.

NY1 "Money Matters" anchor Tara Lynn Wagner, in accepting her award, thanked the NYSSCPA, and specifically member Alan D. Kahn, for helping her understand complex financial issues that she, as a journalist, had no prior experience with when she first took over the "Money Matters" program. She said Kahn provided her with a "thorough and entertaining crash course" in accounting issues for the segment that won her this award.

**********

1:58 p.m.

NYSSCPA President David J. Moynihan, following remarks by Bloomberg News journalist Jonathan Weil, who wrote and spoke to accountancy's role in the financial crisis: "It is incumbent on my profession to maintain ethical standards and 'do it right.' The public has to trust us ... and we as a profession have to do a lot to get that trust back."

**********

1:50 p.m.

Winners are being annouced and are giving brief remarks:

• Books (General Audience):

Justin Fox, Harper Collins, “The Myth of the Rational Market,” a history of risk, reward, and delusion on Wall Street.

• Books (Business/Financial):

Charles R. Geisst, Bloomberg Press, “Collateral Damaged,” the marketing of consumer debt to America.

• Print-Accounting Magazine (over 1,500 words):

Randy Myers, CFO Magazine, “Taxed to the Max,” how U.S. corporate tax policy is hampering the global competitiveness of U.S. companies.

• Print-Business/Financial Magazine (under 1,500 words):

Aaron Elstein, Crain’s New York Business, “Companies Play Spin the Balance Sheet,” reveals ways public companies are “spinning” their disappointing financial results.

• Print-Business/Financial Magazine (over 1,500 words):

William P. Barrett, Janet Novack, Forbes, “Tax Snitches Are on the Loose,” shows the huge impact the federal 2006 whistleblower reward law is having—and is likely to have—on tax enforcement.

• Print-Business Financial Set of Articles:

Kenneth Silber, Research Magazine, “Historical Research,” a series of articles providing historical perspective bearing on current business and economic events of the day.

• Print-General Magazine (over 1,500 words):

Julie Jason, AAII Journal, “How to Create Your Own Pension: A Closer Look at Immediate Annuities,” takes an in-depth look at the “immediate annuity” as a pension substitute.

• Print-General Audience Series of Articles:

Kathy Chu, USA Today, “The Credit Trap,” a series of articles documenting how banks have used steep fees and questionable practices to profit off vulnerable consumers.

• Electronic Media – Accounting:

Jeremiah Coder, Tax Analysts, “Madoff Investors Face Uphill Battle, Possible Shelter Rules,” brings awareness to tax issues surrounding taxpayer losses from investments in Ponzi schemes.

• Electronic Media – Business/Financial:

Jonathan Weil, Bloomberg News, “Numbers Tell the Story,” how banks used accounting tricks to mask their crippled state and how government agencies abetted financial industry abuses.

• Wire Service – Business/Financial:

AP Business News Staff, The Associated Press, “Meltdown Legacy,” a five week series of articles explaining the lasting impact of the financial crisis and great recession on businesses, governments and consumers.

• Wire Service – General Audience:

Isaac Wolf, Scripps Howard News Service, “Forgive Us Our Debts,” an investigation of the debt collection industry’s practices, particularly the development of a market for resold debt.

• Radio - Feature:

Carole Zimmer, Mark Mills, Kevin Hannigan, WBBR Bloomberg Radio, “Busting the Budget: Fixing Healthcare,” an examination of the health reform debate.

• Radio – Series/General Audience:

John Wordock, Andrew O’Day, Adrienne Mitchell, Tracy Johnke, Steve Potisk, MarketWatch Radio Network, “The Hunt for the Stimulus,” discusses what stimulus tax credits and funding are working and those which are not.

• Television – News Segment:

Tara Lynn Wagner, NY1-Money Matters, “College Tuition 101,” an examination of issues related to paying for college.

**********

1:35 p.m.

NYSSCPA President David J. Moynihan: "I came [to the NYSSCPA] because I was committed to drive home the message what what we do is about quality. That's our job as CPAs: to protect the public interest. As journalists, your job is also to protect the public interest. It's a happy marriage."

**********

1:23 p.m.

Krishna Guha: "The most important time [for journalists] to be skeptical is in good times."

**********

1:10 p.m.

Krishna Guha is speaking, from the point of view of a journalist now at the helm of a financial institution:

"I think in some sense the public institutions of this country ... have a shared responsibility to get the public narrative around the experiences of the past few years right," he said. "What are the right lessons to draw from it?"

Guha called this a "historically important task" that will allow future policy makers "to make the right decisions" and "make their own mistakes" rather than repeat mistakes made by their predecessors. Guha added that rewarding silence or inaction is a dangerous precedent.

"The first responsibility of the media is to challenge public institutions," he said. "Don't let people get away with hiding, obfuscating ... in short, be good journalists."

***********

12:59 p.m.

NYSSCPA President David J. Moynihan introduced the Society's new Executive Director Joanne S. Barry.

***********

12:11 p.m.

Business journalists are gathering at the Yale Club in Manhattan for the Excellence in Financial Journalism Awards, intended to recognize reporters who contribute to a better understanding of business topics. Judges, representing the NYSSCPA and the New York Financial Writers Association, selected the winners. This year's event features, as its guest speaker, Krishna Guha, executive vice president of the Federal Reserve Bank of New York, who also has 15 years of experience as a journalist for the Financial Times.