THE NEWS HACK'S CREED:
I know more than you.
I make lots more money than you.
I'm smarter than you.
I'm sexier than you.
I appear on TV all the time.
I work ten minutes a day.
I rule the universe.
I'm going to live forever.
You are an idiot.
THE NEWS HACK'S CREED, No. 2:
A lie isn't a lie when it tells THE TRUTH.
THE NEWS HACK'S CREED, No. 3:
I've come to realize that the looseness of the journalistic life, the seeming laxity of the newsroom, is an illusion. Yes, there's informality and there's humor, but beneath the surface lies something deadly serious. It is a code. Sometimes the code is not even written down, but it is deeply believed in. And, when violated, it is enforced with tribal ferocity.
--JOHN "OMERTA" CARROLL.
THE NEWS HACK'S CREED, No. 4:
News isn't news when we don't report it.
PERMALINKS:
THE NEWS HACKS' DICTIONARY
THE EUGENE DAVID GLOSSARY
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Never borrow money needlessly,
But when you need to borrow, see HFC.
HSBC* borrowed money needlessly to buy HFC (well, Household International) which lent money needlessly to all sorts of people borrowing money needlessly on their houses (which many no doubt needlessly bought on ARMs). After the subsequent needlessly brilliant experience you may not wonder why it's all but shutting down HFC (er, Household International -- er, HSBC Finance Corporation).
And to top it off the company's ready "to buy discounted assets from weakened competitors". Some people will never learn.
P. S. It's still giving out credit cards, like the GM Card. We wonder how long that will last.
P. P. S. SHUCKS, IT WAS A STOCK SWAP. We figured they must have borrowed money needlessly to keep the thing going. And all those shares cost something. Right?
P. P. P. S. Just as well: HSBC Finance was popular with its customers.
*We still don't know what it means. We don't want to guess.
(Via Seeking Alpha, sort of)