The Guardian reports that Reuters plans to launch a subscriber-only Myspace-like social media construct aimed at the financial industry. Perhaps I radically underestimate the desires of fund managers to add each other as friends and play obscure emo tracks on their homepage, but this seems like needlessly reinventing the wheel. If Reuters wanted to court financial folk, why not just brand and customize an existing social media space? A Reuters Financial Facebook, or something. The newscorp isn't giving out many details, so perhaps that's exactly what they're doing. One Myspace is enough (and more than enough) already.

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