Thursday, January 22, 2009

The Nueva York Times and Carlos Slim

I have been wondering about all the recent front page stories that have been appearing in the New York Times regarding illegal immigration recently. It appears the Grey Lady is going down on Mexican billionaire Carlos Slim who is giving the paper a $245 million dollar lifeline to stay afloat. Matt Welch at Reason.com has some interesting info on Mr. Slim and what it means for the coverage at the paper. Here are some of the money quotes:

"Let's face it. The New York Times would never strike a deal with a U.S. tycoon of a similar profile, for fear of triggering real or apparent conflicts between the newspaper's coverage and the investor's interests. Not that you could ever find such a U.S. tycoon: The conglomerate of Slim-controlled telecom, banking, tobacco, retailing, insurance, construction, and other interests has been estimated to add up to 7 percent of Mexico's GDP. Even in his heyday, John D. Rockefeller accounted for only about 2 percent of the U.S. economy."

Slims companies control 90% of Mexico's Telephone system and 70% of the wireless phones. I wonder how all the illegals here in the U.S. keep in touch with family in Mexico? Hmmm?

2 comments:

Anonymous said...

In the 1980's another wealthy Mexican businessman named Mario Vazquez Rana, invested millions in the financially troubled American wire service UPI. Rana's goal was a turn-around.

After years of hemorrhaging money, Rana gave up and sold his interest in UPI at a loss.

Carlos Slim is not likely to do any better today with the NYTimes.

Jim S. NY

BCP said...

Anon:

A good point. But, when one person gives a quarter of a billion dollars to prop up a news organization like the New York Times. I expect there won't be to many news stories on that individual from that news organization unless they are positive ones or ones that promote the investors interests in other areas.