It finally happened. Glenn Beck managed to embarrass Fox News.
By Tana Ganeva, AlterNet
Posted on December 8, 2009, Printed on December 9, 2009
http://www.alternet.org/bloggers/www.alternet.org/144440/
People who rely on Glenn Beck for financial advice may have to find another economist to tell them what to do with their money. Beck, who hawks investing in gold as a survival strategy for when Obama confiscates your guns and the world collapses, also profits from gold company advertising and endorsement deals with gold retailers. Beck's very-trustworthy face graces the website of Goldline International, Inc., with the following endorsement: "Before I started turning you on to Goldline, I wanted to look them in the eye. This is a top notch organization that's been in business since 1960." A video on his website, highlighted by Politico in a great piece about the connection between right-wing personalities and gold retailers, offers this sound financial advice from Beck:
If you've been watching for any length of time, and you still haven't looked into buying gold, what's wrong with you? I was going to say 'are you just a reporter for the New York Times?' but I don't think they actually watch. They just write about it.
I think you're nuts. When the system eventually collapses, and the government comes with guns and confiscates, you know, everything in your home and all your possessions, and then you fight off the raving mad cannibalistic crowds that Ted Turner talked about, don't come crying to me. I told you: get gold.
According to a Daily Finance piece, Beck may have breached not only basic journalistic standards, but what counts as basic journalistic standards at Fox news:
Like other news organizations, Fox News prohibits its on-air personalities from making paid product endorsements. But it makes an exception for its commentators who are also radio hosts, who are allowed to perform live reads, says Joel Cheatwood, senior vice president for development.
"When we hired Glenn at Fox News, we hired him with the understanding that he had a well-established, burgeoning radio business, and we had to be accepting of certain elements of that," Cheatwood tells DailyFinance, noting that Beck's relationship with Goldline dates back to his time at HLN, CNN's sister network.
But the exemption is meant only to apply to live reads, not to the kind of broader spokesmanship Beck, to all appearances, provides Goldline. In particular, Beck's ubiquity on the Goldline website is not in keeping with Fox's rules. A Fox spokeswoman said the network's legal department is taking up the matter with Beck's agent, George Hiltzik.
Even so, it could be argued that taking money from a gold vendor in any form creates a conflict of interest that calls into question Beck's objectivity on stories touching on gold's investment value. I asked Cheatwood whether Beck is capable of covering the issue in an impartial way.
"I think the beauty is he doesn't operate in a vacuum with the show," he said. "He's got a staff. I'm involved with the show daily. The rundowns of the show are circulated through Bill Shine," the network's senior vice president of programming. "It's a cooperative effort."
UPDATE:
Air America produced a funny video of Glenn Beck's best gold-hawking moments:
http://www.youtube.com/watch?v=GlworUA84k4
Tana Ganeva is an AlterNet editor. Follow her on Twitter.
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