... crumbling down! Media mogul Billionaire and owner of News Corp is sinking fast due to the international phone hacking scandal. He and his corporation is hemorrhaging and top people associated with his corporation is being arrested or resigning. Rupert gave a "We are sorry" advert on all his papers. Link
News Corp. (NWS)’s Rupert Murdoch is struggling to control the destiny of the company he began building six decades ago after a trusted deputy was arrested and Scotland Yard’s top official quit over ties to a suspect in the phone-hacking probe.
Independent directors of New York-based News Corp. have begun questioning the company’s response to the crisis and whether a leadership change is needed, said two people with direct knowledge of the situation who wouldn’t speak publicly. Rebekah Brooks, the former News International chief who Murdoch backed until last week, was arrested yesterday in London.
“The shell of invulnerability that Rupert Murdoch had around him has been cracked,” said James Post, a professor at Boston University’s School of Management who has written about governance and business ethics. “His credibility and the company’s credibility are hemorrhaging.”
Murdoch and his 38-year-old son, James Murdoch, are spending most of their time with advisers preparing for tomorrow’s hearing before a parliamentary committee. They will face questions over their role in and responsibility for phone hacking that took place at their now-defunct News of the World tabloid. The company took out advertisements in national U.K. newspapers this weekend to apologize for the scandal.
News Corp. (NWSA)’s Australian shares fell 6.7 percent to A$13.78, the biggest drop since February 2009, at 12:20 p.m. in Sydney. The stock has declined 19 percent since July 4, when the Guardian newspaper reported that News of the World employees had intercepted the voice mail of Milly Dowler, a schoolgirl who was later found murdered. The tabloid is also alleged to have hacked into the mobile phones of terror victims and dead soldiers, as well as politicians and celebrities.
Rebekah Brooks resigned on July 15, a week after Murdoch voiced his “total” support for the U.K. newspaper executive at a media conference in Sun Valley, Idaho, and flew to London to address the growing crisis.
Les Hinton, CEO of Dow Jones and previously chairman of News International for 12 years, resigned the same day. The 67- year-old newspaper man had worked for 52 years for Murdoch, starting as a copy boy at the age of 15.
In developments yesterday, Brooks, 43, went to a London police station voluntarily by appointment, her spokesman David Wilson said in a phone interview. As head of the unit that runs Murdoch’s U.K. newspaper operations, she is the most senior News Corp. employee detained in the probe.
“Undoubtedly she should have been arrested,” said Mark Lewis, a lawyer for victims of phone-hacking including the parents of the murdered schoolgirl. “She was editor of the newspaper at the time that Milly Dowler was abducted and killed. The police undoubtedly have to ask her questions about what happened and what she knew or doesn’t know.”
Brooks was released on bail around midnight, police said.
Hours after the arrest, Metropolitan Police Commissioner Paul Stephenson announced his resignation over speculation about his force’s links to another former journalist at the tabloid. Neil Wallis, a former editor who was arrested last week, was a paid communications consultant for the police in 2009 and 2010. Link
We are just in the preliminary stages of this investigation and uncovering top key players of this scandal. Just the tip of the iceberg!
Murdoch is simply a cancer cell who spread his conservative ideology through his lieutenants with the British police and the UK government. Here in the US, he spreads the same cancer through Faux News. As Britain and the US investigates this phone hacking scandal, we will see how much cancer has plagued our politics and politicians.
This is a man with Power (number 13 according to Forbes)! Not just a media business giant but a man with influence. He is a neoconservative that can change the outcome of any election - always favoring the right-leaning conservative.
Rupert Murdoch - a Christian man who upholds the Bible had been caught sleeping with the devil.
We are now going to see the ugly power behind "Fair & Balanced" Fox News!
"Power tends to corrupt, and absolute power corrupts absolutely. Great men are almost always bad men." - John Emerich Edward Dalberg Acton, first Baron Acton (1834–1902).