Herb Greenberg
Encyclopedia
Herb Greenberg is an American journalist, was a columnist and blogger for MarketWatch.com
and a former columnist for The Wall Street Journal
.
Until July 8, 2008, he was a contributor to CNBC, having appeared regularly on a variety of shows, including The Call (CNBC), Power Lunch
, The Kudlow Report and Fast Money (CNBC)
. During the first year of Mad Money
, he was a show regular, battling host Jim Cramer in a weekly segment called, "East vs. West".
Greenberg left journalism to start a stock research firm with Debbie Meritz, an analyst and accountant. The new firm, GreenbergMeritz Research & Analytics, is subscription-only and is targeted to institutional investors, investment banks and accounting firms. However, in June 2010, Greenberg returned to full-time journalism, taking a role as Senior Stock Commentator on CNBC
and has left GreenbergMeritz. His first appearance in the new role was June 3, 2010.
for six years.
Before transitioning to online journalism, Greenberg spent 10 years as the six-day-a-week columnist for the San Francisco Chronicle
's Business section. While at the Chronicle, for several years in the mid-1990s, he also had his own America Online business commentary site, Bizinsider. Also while at the Chronicle, Greenberg spent several years as the morning business reporter for KRON-TV
in San Francisco and freelanced for five years as the monthly "Against the Grain" columnist for Fortune (magazine)
.
Earlier, Greenberg was a New York
-based financial correspondent for the Chicago Tribune
after transferring from its Chicago
newsroom, where he covered the food and restaurant industry. Greenberg has also worked for Crain's Chicago Business, the St. Paul Pioneer Press
, Amusement Business, and the Boca Raton News
.
Greenberg is an alumnus of the University of Miami
with a bachelor's degree in journalism. He now resides in Connecticut
.
He started an investigation into the software company AremisSoft, which was later sued by the Securities and Exchange Commission (SEC) for fraud around 4 October 2001. According to the SEC, Its former chief executive, Roys Poyiadjis, later consented to disgorge around $200 million "of unlawful profit from his trading in AremisSoft stock -- among the largest recoveries the SEC has obtained from an individual."
Later he did an investigation into A.C.L.N., a Belgian company whose ships transported cars to Africa from Europe. It was later sued by the SEC on 8 October 2002 and delisted by the New York Stock Exchange. In 2004 the company agreed to disgorge around $27.6 million, which as to be returned to investors. The company has subsequently disappeared.
Then he exposed accounting questions about MBIA, the bond insurer. Much of his focus was on the controversial retroactive reinsurance transaction involving the Allegheny Health, Education and Research Foundation (AHERF), which was the focus of separate investigations by the SEC, the New York Attorney General and the New York State Insurance Department
. The company settled the case by paying $75 million in penalties and disgorgement.
demanding records of phone and e-mail communications with sources for an investigation of which the journalists were not the target. In a rare public reprimand, SEC chairman Christopher Cox said that he was not consulted prior to the issuance of the subpoenas by the SEC's San Francisco office, and that the "subpoena to a journalist which seeks to compel production of his or her notes and records of conversations with sources is highly unusual."
The subpoenas were harshly criticized by the media and by First Amendment
groups. In an editorial, The Wall Street Journal
said that "SEC scolds are harassing journalists who report market-moving facts based on their daily digging." The newspaper said "the journalists are suspected of having sources who tell them things that they then share with their readers or listeners. Where we come from this is called reporting, or providing facts to investors who can then make more informed decisions." Shortly after the subpoenas were disclosed, the SEC reversed course and said it would not enforce them. The investigation concerned a research firm called Gradient Analytics
, which was subsequently dropped.
MarketWatch
MarketWatch operates a financial information website that provides business news, analysis and stock market data to some 6 million people. MarketWatch offers personal finance news and advice, tools for investors and access to industry research. Along with its flagship website, the company operates...
and a former columnist for The Wall Street Journal
The Wall Street Journal
The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....
.
Until July 8, 2008, he was a contributor to CNBC, having appeared regularly on a variety of shows, including The Call (CNBC), Power Lunch
Power Lunch
Power Lunch is a television business news program on CNBC, airing between 1:00pm and 2:00pm Eastern Time. It is presented by Tyler Mathisen, Sue Herera, and Michelle Caruso-Cabrera. Simon Hobbs will fill in on occasion. Bill Griffeth anchored the program alone from 1996 to 2002...
, The Kudlow Report and Fast Money (CNBC)
Fast Money (CNBC)
Fast Money is an American financial stock trading talk show that began airing on the CNBC cable/satellite TV channel on 2006-06-21. Since October 10, 2007, it has broadcast every weeknight at 5pm ET, one hour after the close of trading on the New York Stock Exchange, until mid-2011 when it was...
. During the first year of Mad Money
Mad Money
Mad Money is an American finance television program hosted by Jim Cramer that began airing on CNBC on March 14, 2005. Its main focus is investment and speculation, particularly in publicly traded stocks...
, he was a show regular, battling host Jim Cramer in a weekly segment called, "East vs. West".
Greenberg left journalism to start a stock research firm with Debbie Meritz, an analyst and accountant. The new firm, GreenbergMeritz Research & Analytics, is subscription-only and is targeted to institutional investors, investment banks and accounting firms. However, in June 2010, Greenberg returned to full-time journalism, taking a role as Senior Stock Commentator on CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...
and has left GreenbergMeritz. His first appearance in the new role was June 3, 2010.
Biography
Prior to joining MarketWatch.com, Greenberg was senior columnist for TheStreet.comTheStreet.com
-History:TheStreet.com, Inc., was co-founded in 1996 by Jim Cramer and Martin Peretz. It is traded on the NASDAQ Global Market. The company is headquartered at 14 Wall Street in New York City. Its stock was made public in May 1999 under the direction of past Chairman and Chief Executive Officer...
for six years.
Before transitioning to online journalism, Greenberg spent 10 years as the six-day-a-week columnist for the San Francisco Chronicle
San Francisco Chronicle
thumb|right|upright|The Chronicle Building following the [[1906 San Francisco earthquake|1906 earthquake]] and fireThe San Francisco Chronicle is a newspaper serving primarily the San Francisco Bay Area of the U.S. state of California, but distributed throughout Northern and Central California,...
's Business section. While at the Chronicle, for several years in the mid-1990s, he also had his own America Online business commentary site, Bizinsider. Also while at the Chronicle, Greenberg spent several years as the morning business reporter for KRON-TV
KRON-TV
KRON-TV, virtual channel 4 , is a television station in San Francisco, California, serving as the Bay Area affiliate of the MyNetworkTV programming service; the station is owned by Young Broadcasting...
in San Francisco and freelanced for five years as the monthly "Against the Grain" columnist for Fortune (magazine)
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
.
Earlier, Greenberg was a New York
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...
-based financial correspondent for the Chicago Tribune
Chicago Tribune
The Chicago Tribune is a major daily newspaper based in Chicago, Illinois, and the flagship publication of the Tribune Company. Formerly self-styled as the "World's Greatest Newspaper" , it remains the most read daily newspaper of the Chicago metropolitan area and the Great Lakes region and is...
after transferring from its Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
newsroom, where he covered the food and restaurant industry. Greenberg has also worked for Crain's Chicago Business, the St. Paul Pioneer Press
St. Paul Pioneer Press
The St. Paul Pioneer Press is a newspaper based in St. Paul, Minnesota, primarily serving the Twin Cities metropolitan area. Circulation is heaviest in the eastern metro region, including Ramsey, Dakota, and Washington counties, along with western Wisconsin, eastern Minnesota and Anoka County,...
, Amusement Business, and the Boca Raton News
Boca Raton News
The Boca Raton News, owned by the South Florida Media Company, was the local community newspaper of Boca Raton, Florida. The paper began publication December 2, 1955, with a startup circulation of 1200, published by Robert and Lora Britt, and edited by Margert Olsson...
.
Greenberg is an alumnus of the University of Miami
University of Miami
The University of Miami is a private, non-sectarian university founded in 1925 with its main campus in Coral Gables, Florida, a medical campus in Miami city proper at Civic Center, and an oceanographic research facility on Virginia Key., the university currently enrolls 15,629 students in 12...
with a bachelor's degree in journalism. He now resides in Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
.
Career
Greenberg is known for flying red flags over public companies. According to a Harvard Business School study, Greenberg has reported alleged inappropriate accounting on different companies more than any other reporter.He started an investigation into the software company AremisSoft, which was later sued by the Securities and Exchange Commission (SEC) for fraud around 4 October 2001. According to the SEC, Its former chief executive, Roys Poyiadjis, later consented to disgorge around $200 million "of unlawful profit from his trading in AremisSoft stock -- among the largest recoveries the SEC has obtained from an individual."
Later he did an investigation into A.C.L.N., a Belgian company whose ships transported cars to Africa from Europe. It was later sued by the SEC on 8 October 2002 and delisted by the New York Stock Exchange. In 2004 the company agreed to disgorge around $27.6 million, which as to be returned to investors. The company has subsequently disappeared.
Then he exposed accounting questions about MBIA, the bond insurer. Much of his focus was on the controversial retroactive reinsurance transaction involving the Allegheny Health, Education and Research Foundation (AHERF), which was the focus of separate investigations by the SEC, the New York Attorney General and the New York State Insurance Department
New York State Insurance Department
The New York State Insurance Department is the State regulating agency responsible for supervising and regulating all insurance business in New York State. It is regarded in the industry as one of the most state-of-the-art insurance regulating agencies. The Superintendent is James J...
. The company settled the case by paying $75 million in penalties and disgorgement.
SEC subpoena
In February 2006, Greenberg and other journalists were served subpoenas from the Securities and Exchange Commission (SEC)United States Securities and Exchange Commission
The U.S. Securities and Exchange Commission is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States...
demanding records of phone and e-mail communications with sources for an investigation of which the journalists were not the target. In a rare public reprimand, SEC chairman Christopher Cox said that he was not consulted prior to the issuance of the subpoenas by the SEC's San Francisco office, and that the "subpoena to a journalist which seeks to compel production of his or her notes and records of conversations with sources is highly unusual."
The subpoenas were harshly criticized by the media and by First Amendment
First Amendment to the United States Constitution
The First Amendment to the United States Constitution is part of the Bill of Rights. The amendment prohibits the making of any law respecting an establishment of religion, impeding the free exercise of religion, abridging the freedom of speech, infringing on the freedom of the press, interfering...
groups. In an editorial, The Wall Street Journal
The Wall Street Journal
The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....
said that "SEC scolds are harassing journalists who report market-moving facts based on their daily digging." The newspaper said "the journalists are suspected of having sources who tell them things that they then share with their readers or listeners. Where we come from this is called reporting, or providing facts to investors who can then make more informed decisions." Shortly after the subpoenas were disclosed, the SEC reversed course and said it would not enforce them. The investigation concerned a research firm called Gradient Analytics
Gradient Analytics
Gradient Analytics, Inc., founded in 1996 by Donn Vickrey and Dr. Carr Bettis as Camelback Research Alliance, Inc. and based in Scottsdale, Arizona, is an independent equity research company.-External links:...
, which was subsequently dropped.
External links
- Herb Greenberg's Marketwatch blog.
- Herb Greenberg biography at CNBC.com.
- http://www.greenbergmeritz.com