Former Deutsche Bank managing director Stephanie Rhule interviewed former Goldman Sachs Managing Director Greg Smith on Bloomberg this week. From start to finish, the interview represents perfectly what you can and cannot expect from mainstream financial news outlets. You may get great coverage of the markets, but what you will not get is hard hitting interviews that expose fraud, illegality, corruption and unethical behavior on Wall Street. MF Global coverage by both major financial news networks already cemented this fact into living memory.
During the entire interview, Stephanie Rhule deflected the criticisms made by Greg Smith, against not only his former employer but the TBTF financial community as a whole, and instead chose to pivot each time into an attack on his reputation or by questioning his motivations. There was not a single time when she engaged him on his criticisms of Wall Street.
To pervert the words of Richard Nixon: “We are all Muppets Now.“