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Viewers and journalists alike slammed CBS News over this week’s firing of Catherine Herridge — an award-winning senior correspondent who sources said had run into “internal roadblocks” at the network as she covered the Hunter Biden laptop story.

The veteran investigative reporter, who has a First Amendment case that’s being closely watched by journalists nationwide, was among 20 CBS News staffers who lost their jobs Tuesday as part of a broader purge of 800 employees across parent company Paramount Global, sources told The Post.

Inside the halls of CBS News, staffers were outraged and bewildered by Herridge’s ouster, according to sources close to the Tiffany Network.

“People can’t make sense of this decision,” said a source, noting that staffers inside the network’s Washington bureau where Herridge worked are “shocked and dismayed” that CBS would oust a journalist who “brought credibility” to the company.

Herridge came to CBS in 2019 to be a balanced voice, covering both sides of the aisle, after having served as chief intelligence correspondent for Fox News.

But Herridge’s most recent assigment — covering the Hunter Biden probe — put her under a microscope at the left-leaning network, The Post has learned.

It was well understood on Capitol Hill that Herridge was among the first to receive tips about the Hunter Biden investigation but she ran into “internal roadblocks at CBS News,” sources said.

In 2021, CBS News brought in Matt Mosk to lead the network’s investigative unit from ABC News where he led coverage on the Mueller investigation and Trump impeachments. Mosk also served as senior investigative producer on the 2021 Hulu documentary “Out of the Shadows: The Man Behind the Steele Dossier.”

The Steele Dossier, which has been debunked, accused former President Donald Trump’s campaign of conspiring with Russians to tilt the result of the 2016 election.

Insiders said Herridge also clashed with CBS News President Ingrid-Ciprian Matthews, a sharp-elbowed executive who was investigated in 2021 over favoritism and discriminatory hiring and management practices, as previously reported by The Post.

CBS News declined to comment.

Author and journalist Michael Shellenberger, an expert on censorship and free speech, called Herridge a “hero” on X, saying she lately has been “facing financial ruin and even prison for protecting her sources.”

“CBS execs have behaved cowardly,” Shellenberger wrote. “Shame on them.”

Meghan McCain, daughter of late Arizona senator John McCain, also weighed in, calling Herridge a “national treasure.”

“I cant tell you what an insane move it is for @CBSNews to let her go particularly during an election year,” McCain wrote.

Others speculated that her exit was linked to recent reporting that President Biden may have kept evidence that he had foreign business dealings while in office.

Collin Rugg, who co-owns conservative website Trending Politics, posted on X: “Herridge was fired just hours after she reported on how Biden may have ‘retained sensitive documents related to specific countries involving his familys foreign business dealings’… Wild.”

In 2022, CBS News co-president Neeraj Khemlani signaled that the network was looking to bring in more Republican voices ahead of the midterm elections that year.

“Being able to make sure that we are getting access to both sides of the aisle is a priority because we know the Republicans are going to take over, most likely, in the midterms, Khemlani told staff at the time, according to a recording obtained by The Washington Post. A lot of the people that were bringing in are helping us in terms of access to that side of the equation.

While the shift ruffled feathers among some of the left-leaning rank and file, insiders at CBS News said that mandate came from top brass, including Shari Redstone, the chair of Paramount Global.

Herridges departure comes as the journalist faces heat for not complying with US District Judge Christopher Coopers order to reveal how she learned about a federal probe into a Chinese American scientist who operated a graduate program in Virginia.

Critics ripped CBS for ousting Herridge when she is fighting for the rights of journalists, with one CBS News insider calling the network’s decision “tone deaf.”

Herridge may soon be held in contempt of court for not divulging her source for an investigative piece she penned in 2017 when she worked for Fox News and be ordered to personally pay fines that could total as much as $5,000 a day.

A source close to the situation said Fox News is paying for Herridges legal counsel.

Herridge “brought balance to the reporting and is facing possible jailing over her refusal to disclose her sources,” Jonathan Turley, Shapiro chair of public interest law at George Washington University, posted on X. “CBS should be standing with her and the journalistic values that she is fighting to protect.”

The scientist, Yanping Chen, had been investigated for years on suspicions she may have lied on immigration forms related to work on a Chinese astronaut program, according to Herridges report.

Chen is suing the FBI for damages claiming the leaked information was par of a campaign to damage her reputation. Federal prosecutors ended their six-year probe of Chen without bringing charges.

 

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Sports

The lesson of Pete Rose and ‘Shoeless’ Joe? History is messy.

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The lesson of Pete Rose and 'Shoeless' Joe? History is messy.

Now that Major League Baseball commissioner Rob Manfred has removed Pete Rose, “Shoeless” Joe Jackson and other deceased players from the game’s “permanently ineligible list,” whatever former stars deemed deserving based on their on-field accomplishments should, at first opportunity, be inducted into the Hall of Fame.

In a bombshell, if long overdue, reversal of policy, first reported by ESPN’s Don Van Natta Jr. on Tuesday, Manfred removed bans for Rose (who bet on games while managing the Cincinnati Reds) and members of the 1919 Chicago White Sox (who fixed the World Series), among others.

After all, banishment was meaningless once they all had died — a life sentence, if you will, for whatever their transgression. Most died decades ago and were on the list for gambling-related offenses.

“Obviously, a person no longer with us cannot represent a threat to the integrity of the game,” Manfred wrote in a letter to the attorney who petitioned for Rose.

The only remaining purpose of the ban was to keep them from the immortality of being inducted into Cooperstown, which bills itself officially as the “National Baseball Hall of Fame and Museum.”

The last word is the most important.

Museums exist to tell about history, and history is always messy — including in sports. They shouldn’t be solely designed for the sanitized, establishment-approved version of events, or allow outside considerations to overshadow actual accomplishments. They certainly shouldn’t serve as part of some carrot-and-stick approach to desired behavior.

Should Rose and the others have done what they did? Of course not. Should they have been subject to any potential criminal or civil recourse for their actions? Absolutely. Was MLB within its rights to suspend or punish them in other ways? Definitely.

Rose, for example, should never have been allowed to work in baseball again after it was determined he bet on the Reds to win games while he was the manager.

But that doesn’t mean his record 4,256 hits, his three World Series titles, his MVP award (1973), his 17 All-Star appearances (including when he barreled over catcher Ray Fosse in the 1970 game), his “Charlie Hustle” nickname, or that epic head-first slide — shown so many times on “This Week in Baseball” that a generation of kids either crushed their chests or chipped their teeth trying to emulate it — didn’t occur.

So did his gambling scandal, a 1990 guilty plea for filing false tax returns that cost him five months in a federal prison and a 2017 sworn statement from a woman that he had committed statutory rape back in the 1970s, an allegation for which he was never criminally charged. Throughout his life, he could be indefensibly crude, difficult and confrontational.

It’s all part of the story of Pete Rose.

So let him in, then tell the good, the bad and the ugly so the public can decide what to think. This is the Baseball Hall of Fame, not the pearly gates. It’s about a nice day in central New York State with your family, complete with a gift shop.

If the museum is there to tell the history of the sport, well, how do you do it without Pete Rose? If Hall of Fame induction is reserved for the greatest players, then how could Rose not be among them? His foolishness as a manager shouldn’t have eclipsed his impact as a player.

This is where baseball’s policy was always wrong. It used the prospect of barred entry to the Hall as a deterrence. That isn’t what a museum should be about. The risk of criminal charges, lost wages from suspension and general shame should be enough. If it isn’t, so be it.

Manfred isn’t ready to release those still living from the ineligible list. He’s clinging to the concept of scaring current players straight. “It is hard to conceive of a penalty that has more deterrent effect than one that lasts a lifetime with no reprieve,” he wrote in the letter.

Perhaps, but should that be the point?

The Hall is already filled with assorted louts, drunks and racists who just happened to be able to either hit or throw a baseball really well. So what? Their personal disgrace is part of their history.

In fairness, their personal failings didn’t affect baseball the way Rose might have as a managerial gambler, and certainly not as the Black Sox did back in the day.

Still, there are owners and commissioners in the Hall who worked for decades to stop baseball from racial integration. That’s a far more widespread impact on the integrity of the game than betting on your team to beat the Dodgers.

Yes, sports wagering is always a concern and was once a major taboo. But public opinion and business realities changed. There are sportsbooks inside MLB stadiums these days, including, for a stretch, with Rose’s old team in Cincinnati.

History is history. The game is the game. The museum is the museum. Tell the story, the whole story, with all the best players and best teams and best tales, no matter how colorful, criminal or regrettable.

America can handle it. Our real national pastime is scandal, after all.

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Business

Burberry to cut 1,700 jobs after multi-million pound loss

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Burberry to cut 1,700 jobs after multi-million pound loss

Burberry, the UK’s only global luxury brand, is to cut around 1,700 jobs worldwide over the next two years after reporting a steep financial loss.

The company lost £66m in pre-tax profit in the year ended in March as luxury goods sales fell across the world and the company weathered an “uncertain” environment and a “difficult macroeconomic backdrop”.

A year earlier, it recorded £383m in profit.

Money blog: £30 broadband rule explained

It’s suffered in recent years with the share price falling to such an extent the business was removed from the FTSE 100, the index of most valuable companies listed on the London Stock Exchange.

Despite the financial performance, the company was upbeat, with chief executive Joshua Schulman saying “I am more optimistic than ever that Burberry’s best days are ahead and that we will deliver sustainable profitable growth over time”.

What cuts are being made?

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The retailer did not specify any shop closures – in the past year, it closed 26 and also opened 26 stores – but did highlight shift cuts and consolidations.

“We don’t have a store closing programme, per see,” Mr Schulman told investors

The night shift at Burberry’s Castleford factory will be cut, it proposed, saying the shift has resulted in overproduction.

“Significant” investment in the facility will be made, however, as the ambition is to scale up British production “over time”, Mr Schulman said.

Changes to the retail network across the world will be made with shop staff being scheduled around “peak traffic”.

Burberry will be “realigning” shop staff, he said, “so that we can offer the best service” at the busiest times.

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There will also be a “simplification” of Burberry’s regional structure and a “rebalancing” of central and regional responsibilities to reduce duplication and “accelerate decision making” through the retail network.

But the majority of changes will be made to “office space teams” around the world, the CEO said.

Commercial and creative teams have already been consolidated, Burberry’s annual results said.

What’s gone wrong?

Aside from the global slowdown in luxury goods sales over recession fears, additional headwinds have come in the form of President Trump’s tariffs.

“Clearly, the external environment has become more challenging since mid-February”, Mr Schulman told investors.

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Trump’s tariffs: What you need to know

Tariff risks were higher than first planned, the annual results said.

It led the US market to be described by Mr Schulman as “choppy” since February when Mr Trump began announcing tariffs on Mexico, Canada and China, as well as on goods such as steel and cars.

Sales also fell in the Asia Pacific region by 16%, the results showed.

Criticism was levelled at the 2021 British government decision to withdraw VAT refunds for overseas visitors, “which has made the UK the least competitive destination in Europe for tourist shopping”, the results read.

“Business in our UK home market continues to be seriously impacted” by the move.

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Politics

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

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Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

Bitcoin’s fluctuating correlation with US equities is raising questions about its role as a global safe-haven asset during periods of financial stress.

Bitcoin (BTC) exhibited a strong negative correlation with the US stock market when analyzing the short-term, seven-day trailing correlation, according to new research from blockchain data provider RedStone Oracles, shared exclusively with Cointelegraph.

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report
Bitcoin, S&P 500, 7-day rolling correlation. Source: Redstone Oracles

However, RedStone said that the 30-day indicator signals a “variable correlation” between Bitcoin price and the S&P 500 index, with the correlation coefficient ranging from -0.2 to 0.4.

This fluctuating correlation suggests that Bitcoin “doesn’t consistently function as a true hedge for equities” due to its lack of a strong negative correlation below -0.3, which is needed for “reliable counter movement during market stress,” the report said.

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report
Bitcoin, S&P 500, 30-day rolling correlation, 1-year chart. Source: Redstone Oracles

Related: $1B Bitcoin exits Coinbase in a day as analysts warn of supply shock

The research suggests that while Bitcoin may not be a dependable hedge against stock market declines, it offers value as a portfolio diversifier.

This fluctuating dynamic signals that Bitcoin often moves independently from other assets, potentially offering additional returns while other assets are struggling. Still, Bitcoin has yet to mirror the safe-haven dynamics of gold and government bonds, RedStone suggests.

Related: Nasdaq-listed GDC plans to buy Bitcoin and TRUMP memecoin for $300M

Bitcoin needs to “mature” before decoupling from stock market

While Bitcoin is poised to grow into a safe-haven asset in the future, the world’s first cryptocurrency still needs to “mature” as a global asset, according to Marcin Kazmierczak, co-founder and chief operating officer at RedStone.

“Bitcoin still needs to mature before decoupling from stock markets,” Kazmierczak told Cointelegraph, adding:

“Increased institutional adoption will absolutely help — we’re already seeing this effect with corporate treasury investments reducing Bitcoin’s 30-day volatility and with BlackRock repetitively praising BTC as an asset in a portfolio.”

Meanwhile, Bitcoin will see growing recognition as a portfolio diversifier, with an annualized return of over 230% for the past five years, which “significantly outperformed” both stocks and traditional safe-haven assets, Kazmierczak said, adding that “even a small 1–5% Bitcoin allocation can meaningfully enhance a portfolio’s risk-adjusted returns.”

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report
Source: Vetle Lunde

Meanwhile, Bitcoin’s declining volatility supports BTC’s growing maturity as a global financial asset. Bitcoin’s weekly volatility hit a 563-day low on April 30, a development that may signal more stable price action.

Bitcoin’s price volatility fell below the realized volatility of the S&P 500 and the Nasdaq 100, signaling that investors are increasingly treating Bitcoin as a long-term investment vehicle, Cointelegraph reported on May 13.

Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express

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