Gretchen Morgenson
Encyclopedia
Gretchen C. Morgenson is a Pulitzer Prize
-winning journalist
who writes the Market Watch column for the Sunday "Money & Business" section of the New York Times.
with a B.A.
degree in English and history. She went to work as an assistant editor with Vogue
magazine, eventually becoming a writer and financial columnist. In 1981 she co-authored the book The Woman's Guide to the Stock Market and that same year joined the Wall Street
stockbrokerage, Dean Witter Reynolds
where she remained until January 1984. She returned to writing on financial matters at Money
magazine and in late 1986 accepted an offer from Forbes magazine to work as an editor and an investigative business writer. In mid 1993, she left Forbes magazine to become the executive editor at Worth
magazine but in September 1995 took on the job of press secretary for the Presidential
election campaign of Steve Forbes
following which she was appointed assistant managing editor at Forbes magazine.
She is married, has a son and lives in New York City
.
s and their employers who generate income money from the companies that the analysts assess.
Beginning in 2005, Morgenson has been focusing on executive compensation
packages being paid by American companies that she asserts has reached levels far in excess of what can be justified to shareholders.
In 2006, Morgenson broke a story about a Wall Street analyst (Matthew Murray) who was fired shortly after he reported emails to Congress concerning potential violations of SEC regulation AC by the investment bank (Rodman & Renshaw) that he worked for at the time. The emails allegedly documented that the investment bank wouldn't let the analyst lower his rating, or have his name removed from coverage, of an investment banking client. A subsequent article by Morgenson highlighted a letter she obtained from the Senate Finance Committee in which Senator Grassley stated that the investment bank's Chairman (General Wesley Clark
) had acknowledged to his staff that the analyst had been fired from the investment bank as a result of reporting the emails to Congress.
In 2009, The Nation
called her "The Most Important Financial Journalist of Her Generation".
She has appeared on Bill Moyers Journal, and Charlie Rose.
, a popular financial and economics blog, as "a noxious mixture of fact and hype, information and innuendo." Calculated Risk further notes that several of Morgenson's stories were broken not by Morgenson but rather on financial blogs, and that this fact was not noted by Morgenson in her articles. Other bloggers have questioned whether Morgenson's articles would be better categorized as editorials instead as news stories.
Pulitzer Prize
The Pulitzer Prize is a U.S. award for achievements in newspaper and online journalism, literature and musical composition. It was established by American publisher Joseph Pulitzer and is administered by Columbia University in New York City...
-winning journalist
Journalist
A journalist collects and distributes news and other information. A journalist's work is referred to as journalism.A reporter is a type of journalist who researchs, writes, and reports on information to be presented in mass media, including print media , electronic media , and digital media A...
who writes the Market Watch column for the Sunday "Money & Business" section of the New York Times.
Life
Morgenson graduated in 1976 from Saint Olaf College in Northfield, MinnesotaNorthfield, Minnesota
As of the census of 2000, there were 17,147 people, 4,909 households, and 3,210 families residing in the city. The population density was 2,452.2 people per square mile . There were 5,119 housing units at an average density of 732.1 per square mile...
with a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
degree in English and history. She went to work as an assistant editor with Vogue
Vogue (magazine)
Vogue is a fashion and lifestyle magazine that is published monthly in 18 national and one regional edition by Condé Nast.-History:In 1892 Arthur Turnure founded Vogue as a weekly publication in the United States. When he died in 1909, Condé Montrose Nast picked up the magazine and slowly began...
magazine, eventually becoming a writer and financial columnist. In 1981 she co-authored the book The Woman's Guide to the Stock Market and that same year joined the Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
stockbrokerage, Dean Witter Reynolds
Dean Witter Reynolds
Dean Witter Reynolds was an American stock brokerage and securities firm catering to retail clients. Prior to its acquisition, it was among the largest retail firms in the securities industry with over 9,000 account executives and was among the largest members of the New York Stock Exchange...
where she remained until January 1984. She returned to writing on financial matters at Money
Money (magazine)
Money is published by Time Inc. Its first issue was published in October 1972. Its articles cover the gamut of personal finance topics ranging from investing, saving, retirement and taxes to family finance issues like paying for college, credit, career and home improvement...
magazine and in late 1986 accepted an offer from Forbes magazine to work as an editor and an investigative business writer. In mid 1993, she left Forbes magazine to become the executive editor at Worth
Worth (magazine)
Worth is an American wealth management magazine for high net worth individuals. It is published on a bi-monthly basis and circulated to over 110,000 recipients.-History:Worth was founded in 1992 as a wealth management magazine for high net worth individuals...
magazine but in September 1995 took on the job of press secretary for the Presidential
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
election campaign of Steve Forbes
Steve Forbes
Malcolm Stevenson "Steve" Forbes, Jr. is an American editor, publisher, and businessman. He is the editor-in-chief of business magazine Forbes as well as president and chief executive officer of its publisher, Forbes Inc. He was a Republican candidate in the U.S. Presidential primaries in 1996...
following which she was appointed assistant managing editor at Forbes magazine.
She is married, has a son and lives in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
.
New York Times
In May 1998 Gretchen Morgenson became the assistant business and financial editor at the New York Times. She has written about the conflicts of interests between financial analystFinancial analyst
A financial analyst, securities analyst, research analyst, equity analyst, or investment analyst is a person who performs financial analysis for external or internal clients as a core part of the job.-Job:...
s and their employers who generate income money from the companies that the analysts assess.
Beginning in 2005, Morgenson has been focusing on executive compensation
Executive compensation
Executive pay is financial compensation received by an officer of a firm, often as a mixture of salary, bonuses, shares of and/or call options on the company stock, etc. Over the past three decades, executive pay has risen dramatically beyond the rising levels of an average worker's wage...
packages being paid by American companies that she asserts has reached levels far in excess of what can be justified to shareholders.
In 2006, Morgenson broke a story about a Wall Street analyst (Matthew Murray) who was fired shortly after he reported emails to Congress concerning potential violations of SEC regulation AC by the investment bank (Rodman & Renshaw) that he worked for at the time. The emails allegedly documented that the investment bank wouldn't let the analyst lower his rating, or have his name removed from coverage, of an investment banking client. A subsequent article by Morgenson highlighted a letter she obtained from the Senate Finance Committee in which Senator Grassley stated that the investment bank's Chairman (General Wesley Clark
Wesley Clark
Wesley Kanne Clark, Sr., is a retired general of the United States Army. Graduating as valedictorian of the class of 1966 at West Point, he was awarded a Rhodes Scholarship to the University of Oxford where he obtained a degree in Philosophy, Politics and Economics, and later graduated from the...
) had acknowledged to his staff that the analyst had been fired from the investment bank as a result of reporting the emails to Congress.
In 2009, The Nation
The Nation
The Nation is the oldest continuously published weekly magazine in the United States. The periodical, devoted to politics and culture, is self-described as "the flagship of the left." Founded on July 6, 1865, It is published by The Nation Company, L.P., at 33 Irving Place, New York City.The Nation...
called her "The Most Important Financial Journalist of Her Generation".
She has appeared on Bill Moyers Journal, and Charlie Rose.
Awards
- 2009 Gerald Loeb AwardGerald Loeb AwardThe Gerald Loeb Award, also referred to as the Gerald Loeb Award for Distinguished Business and Financial Journalism, is a recognition of excellence in journalism, especially in the fields of business, finance and the economy. The award was established in 1957 by Gerald Loeb, a founding partner of...
- 2003 Matrix Awards Hall of Fame Newspapers
- 2002 Pulitzer Prize for Beat ReportingPulitzer Prize for Beat ReportingThe Pulitzer Prize for Beat Reporting was presented from 1991 to 2006 for a distinguished example of beat reporting characterized by sustained and knowledgeable coverage of a particular subject or activity....
"for her trenchant and incisive Wall StreetWall StreetWall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
coverage." - 1998 Gerald Loeb AwardGerald Loeb AwardThe Gerald Loeb Award, also referred to as the Gerald Loeb Award for Distinguished Business and Financial Journalism, is a recognition of excellence in journalism, especially in the fields of business, finance and the economy. The award was established in 1957 by Gerald Loeb, a founding partner of...
for New York Times writings on the financial crisis at Long Term Capital Management.
Criticism
Morgenson's articles have been described by Calculated RiskCalculated Risk
Calculated Risk is a finance and economics blog. It was started in early 2005 by former technology executive Bill McBride , with frequent posts by Doris Dungey until her death on November 30, 2008 from ovarian cancer...
, a popular financial and economics blog, as "a noxious mixture of fact and hype, information and innuendo." Calculated Risk further notes that several of Morgenson's stories were broken not by Morgenson but rather on financial blogs, and that this fact was not noted by Morgenson in her articles. Other bloggers have questioned whether Morgenson's articles would be better categorized as editorials instead as news stories.
External sources
- "Audit Interview: Gretchen Morgenson", Columbia Journalism ReviewColumbia Journalism ReviewThe Columbia Journalism Review is an American magazine for professional journalists published bimonthly by the Columbia University Graduate School of Journalism since 1961....
, Ryan Chittum, January 9, 2009