The hubbub over Kenneth Langone's surprise bid for the NYSE has fired up the "competitive metabolism," as Howell Raines would say, in the business sections over at The Wall Street Journal and the Times. The results: a nice, controversial, NYT correction.
An article in Business Day yesterday about an indication that a former director of the New York Stock Exchange, Kenneth G. Langone, may put together a competing bid for the exchange referred incompletely to first reports of the development. The Wall Street Journal's Web site indeed reported Mr. Langone's possible interest in Archipelago Holdings, a company that the exchange plans to acquire, but Newsweek magazine's site was the first to report that he was interested only in the exchange.
For the three of you still reading this, a tipster fills us in on the corrections behind the correction after the jump.
Our tipster writes, "The WSJ really should have two corrections of their own coming. On Saturday night, they jammed in a story online on saying Langone was making a bid for Archipelago. This was wrong. Anyway, late Sunday morning the WSJ online changed its story, reporting that Langone wanted the NYSE and Archipelgao. (Wrong again.) On Monday, the NYT got in the act (two days late) and reported Langone may make bid for the NYSE, and cited the WSJ as breaking the story. (So wrong, and thus leading to the correction above.) The funny thing is, the Times knew the WSJ story was faulty. Langone s flak had told them so; he also didn't contest the info about the NYSE bid, which was first reported in the Newsweek piece. (Perhaps the Gray Lady didn t want to credit a newsweekly?) As for the Journal, they haven't acknowledged their inaccuracies, or the fact that their former employee Charles Gasparino scooped them."