Transparency is needed
Pierre C. Meier on a piece of the past that has caught up with FuW.
Pierre C. Meier on a piece of the past that has caught up with FuW.
Last week, the business newspaper Cash published a prominent interview by former Cash editor-in-chief Fred David with Hansjörg Saager, the former owner and CEO of AG für Wirtschaftspublikationen. With explosive content: Saager reveals that his father Bruno M. - Director General of the former Union Bank of Switzerland - bought the stock market journal Finanz und Wirtschaft (FuW) as a private individual in 1961 and owned it until 1976. He did so for a very specific reason: he wanted to "influence the public about a huge deal in which he and his bank were personally involved". This refers to the Interhandel affair, one of the biggest white-collar crime stories of the 20th century according to David. The interview leaves a whole series of questions unanswered. For example: Why is Saager coming out into the open today, and what is the purpose of his sensational statements?
The really interesting thing about the scoop is not the fact that more than a quarter of a century ago, hardball interest politics were carried out with the help of a business newspaper that was declared to be independent. Everything happened far too long ago for that, the protagonists have died and so the matter is only interesting for press chroniclers and economic historians.
It is more about the credibility of economic reporting itself. And this aspect is always topical. It is not without reason that the business press in particular repeatedly points out the problematic role of financial analysts, who actually serve two masters. After all, credibility can only be guaranteed through independence. As we know, this also applies to the media.
In order to turn its reputation for venality into new credibility, FuW would now have to ensure transparency itself, i.e.
publicize the case. Just like the New York Times and the NZZ on Sunday, when they fell for a forger, and this mishap
have been publicly reviewed.
> Pierre C. Meier, Editor-in-Chief
Last week, the business newspaper Cash published a prominent interview by former Cash editor-in-chief Fred David with Hansjörg Saager, the former owner and CEO of AG für Wirtschaftspublikationen. With explosive content: Saager reveals that his father Bruno M. - Director General of the former Union Bank of Switzerland - bought the stock market journal Finanz und Wirtschaft (FuW) as a private individual in 1961 and owned it until 1976. He did so for a very specific reason: he wanted to "influence the public about a huge deal in which he and his bank were personally involved". This refers to the Interhandel affair, one of the biggest white-collar crime stories of the 20th century according to David. The interview leaves a whole series of questions unanswered. For example: Why is Saager coming out into the open today, and what is the purpose of his sensational statements?
The really interesting thing about the scoop is not the fact that more than a quarter of a century ago, hardball interest politics were carried out with the help of a business newspaper that was declared to be independent. Everything happened far too long ago for that, the protagonists have died and so the matter is only interesting for press chroniclers and economic historians.
It is more about the credibility of economic reporting itself. And this aspect is always topical. It is not without reason that the business press in particular repeatedly points out the problematic role of financial analysts, who actually serve two masters. After all, credibility can only be guaranteed through independence. As we know, this also applies to the media.
In order to turn its reputation for venality into new credibility, FuW would now have to ensure transparency itself, i.e.
publicize the case. Just like the New York Times and the NZZ on Sunday, when they fell for a forger, and this mishap
have been publicly reviewed.
> Pierre C. Meier, Editor-in-Chief
