Archive for March, 2009

News and sport at the Hackney Post

Over the past three weeks I have been reporting for the Hackney Post, City University’s postgraduate newspaper project. It’s the culmination of twenty weeks of work on the course and the whole Hackney team mucked in to produce a top class local newspaper.

I had my first taste of video reporting when I visited the Crown and Manor boxing club to interview national youth boxing champion Matthew Chanda -

For the paper I reported on news and sport stories, including -

The production weeks were knackering but good fun!

Is social media just one big pyramid scheme?

For our final online lecture, City’s new media guru Chris Brauer put on a roundtable discussion featuring an array of social media stars.

There were some interesting exchanges, but the most contentious points were saved for the bonus topic at the end – ‘What tips would you give these trainee journalists?’

Writer Anthony Thornton waded in first. He argued that this was the ‘best ever’ time to embark on a career in journalism. With the right skills any one of us could make a good living out of social media, he said.

His sunny outlook was a hard sell in a room full of soon-to-be unemployed journalists. But his theory was certainly appealing – young journalists have never had such a wealth of technology at their disposal for telling stories in a range of compelling ways. During our newspaper production fortnight at City we have been experimenting with multimedia – you can check out some of our audio, video and interactive maps at Hackney Post and Islington Now.

pyramidAnthony argued that with these basic multimedia skills we all had the potential to become the next Rafat Ali or Perez Hilton. The rest of the panel agreed and called on us all to blog, tweet and broadcast like crazy.

I’m sure they were right about the importance of social media. But with the best will in the world we’re not all going to be the next Perez Hilton. WordPress informs me that 45,400,292 words have been published today on WordPress blogs. That translates into an awful lot of commentators. Technorati has counted 133 million blogs and that’s just the ones they’ve been bothered to index.

Presumably only a tiny fraction of these bloggers are actually making a living out of blogging. There are of course a range of other factors behind blogs. For some blogging is an extension of their CV. For others it is all about connecting with an audience and writing about something they feel passionate about.

But it’s a safe bet that every one of these bloggers would like a larger audience.

This is especially true of social media ‘stars’. The more time you invest in your online presence, the better payoff you expect in terms of page hits and followers.

Top bloggers Rafat Ali and Perez Hilton

Top bloggers Rafat Ali and Perez Hilton

At the roundtable event, new media darling Jemima Kiss gushed about how ‘fabulous’ Twitter was. But then she would say that – her success is built on having a large crowd of fans and followers!

Social media seems to work a bit like a pyramid scheme. It is in the interests of everyone involved to suck more people in.

Photos by khrawlings, Mike Macadaan and Rex Hammock.

Why Sir Fred Goodwin was rewarded for failure

In the back of Private Eye is the reliably eye-opening column In The City, which uncovers dodgy goings-on in the financial markets.

The unnamed author frequently develops stories that have been in the papers.  This week’s column looks at the warped reasoning behind Sir Fred Goodwin’s £693,000 a year pension (I can’t provide a link sadly as Private Eye doesn’t really do online).rbs

In The City reminds us that Fred the Shred’s stunning pension was topped up as recently as October last year by £8m, despite the fact that RBS was already facing near bankruptcy.  Why did RBS bosses consider it acceptable to heap extra reward on such an unsuccessful chief exec?

This bizarre decision says a lot about banking culture.  In The City argues that the increased pension was effectively hush money.  RBS had sufficient grounds to sack Goodwin last year if they had wanted to do so, in which case Goodwin would have faced a reduced pension or no pension at all.  In The City explains why RBS decided not to give him the boot –

(Sacking) could have been an option.  But only if the RBS board were prepared to see him in court and wash all their dirty boardroom linen in public.  Negligence or breach of company policy when approved by the board… would be hard to prove.

Which is why there are always rewards for failure.  Contracts assume competence, so incompetence could be “due cause” to dismiss.  But companies prefer chief executives to go quietly with a Goodwin-style gag, which is cheap at the price, say their lawyers.

Why sack Goodwin when you run the risk of placing your boardroom decisions in the public domain?  Heaven forbid!  Best to keep such valuable trade secrets under wraps.

Happily for RBS, pension settlements are usually legally ‘bombproof’, says In The City.  Indeed, an RBS report in February last year stated that Goodwin was perfectly entitled to “enhanced benefits” on early retirement.  The chances of a successful legal challenge against RBS look pretty bleak.

Goodwin’s enhanced pension hints at a wider culture of deception within the City.

Photo by Oolong, used under Creative Commons.


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