January 08, 2007
(Updated) "Blue" Fund Owns Stock in NYT Co., CBS
(UPDATED w/ Correction) - Bill Hobbs corrects me in the comments - The Blue Fund owns oodles of stock in the NYT Co. and CBS, not the other way around. I'll let him explain, since he's the expert. Apologies for the error - the "overall narrative" (Democrats and the media in bed) doesn't really change, though. Sound like truthiness? You betcha! In the interest of accuracy, here's Bill:
I wrote the blog post referencing the NYT and the Blue Fund which you have linked to. You have a key fact backwards. The NYT Co and CBS are not investors in the Blue Fund - the Blue Fund, a mutual fund, owns NYTCo and cBS stock. What is interesting is the Blue Fund only buys stock in companies that donate at least 51 percent of their political donations to Democratic candidates and the Democratic Party. The Blue Fund confirms that the NYT and CBS corporations are politically biased in favor of the Left. The NYT should have disclosed in its story that the Blue Fund about which it was writing had designated the NYT's parent company as a Democratic-supporting corporation. As far as I know, the NYTCo does not own shares in the Blue Fund mutual fund.So by purchasing lots of stock in NYT Co. and CBS, the Blue Fund has in fact indicated (with its support) which direction the two media corporations lean based on their political contributions. Just as bad, IMHO...
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Money talks, as they often say.
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The parent company for the New York Times, as well as CBS, are both heavily invested in a large mutual fund known as the Blue Fund. One look at their site lets you know where this group stands politically - with the Democrat Party. So here we have two major media corporations as cheif shareholders in a mutual and investment company who contribute exclusively to the Democrat Party and its causes. Got that, FOX haters?
The NYT wrote a piece on Sunday expoloring individual investment options in such groups that are politically active (they "act blue" and "give blue".) The Blue Fund was included in this NYT analysis. Nowhere in the article did the Times disclose the fact that it invested with the Blue Fund.