NYSSCPA Journalism Contest Winners

In recognition of their efforts, the NYSSCPA offers an annual award. The Society announced the results of its Excellence in Financial Journalism contest this month and will honor winners with a luncheon in May. Journalists are judged on accuracy, thoroughness, fairness and ability to communicate.

When these journalists spoke out, public officials and those in power listened. Weeks after Isaac Wolf’s articles on debt collectors for Scripps Howard News Service were published, the Federal Trade Commission announced its first ever examination of the debt resale market, according to a cover letter from his editor. Kathy Chu’s series for USA Today is widely recognized as instrumental in bringing about government action to curb abusive credit card and bank fees. A month after Jonathan Weil’s column for Bloomberg News urged JPMorgan to slash its dividend to preserve capital, the company did so, according to his editor’s cover letter for the entry.

The panel of judges is comprised of members of the NYSSCPA and the New York Financial Writers’ Association. From the NYSSCPA, Brian Caswell and Marc Albaum judged the book category this year; Alan Kahn, Elliot Hendler, Larry Shoenthal and Alan Weiner judged all other categories. 

Many of the winning articles are linked below. Read them and you’ll no doubt learn a thing or two.

Books – General Audience:
Justin Fox, The Myth of the Rational Market (HarperBusiness). “Fox spins a fascinating historical narrative,” according to a Washington Post book review. “Fox tells the story of how financial engineers assumed that markets would behave the same way, with generally predictable variances in prices.” Read an excerpt from Time.

Books – Business/Financial:
Charles R. Geisst, Collateral Damaged: The Marketing of Consumer Debt to America (Bloomberg Press). Conspicuous consumption in America morphed into “cannibal consumption,” Geisst writes. “Geisst traces America's credit history and finds it riddled with sleepy regulators, congressional do-badders and craven financial firms making euphemistic lures to consumers,” according to a book review in USA Today.

Print-Accounting: magazine over 1,500 words:
Randy Myers, CFO Magazine, “Taxed to the Max.” Myers takes aim at the high corporate tax rate and tax system loopholes. “An idiosyncratic corporate tax code filled with exceptions imposes widespread inefficiency and inequality,” Myers writes.

Print-Business/Financial – magazine under 1,500 words:
Aaron Elstein, Crain’s New York Business, “Companies Play Spin the Balance Sheet.” Elstein sets us straight on the “spin” in the balance sheets of Frederick's of Hollywood Group, Sirius XM Radio and others.

Print-Business/Financial – magazine over 1,500 words:
William P. Barrett, Janet Novack, Forbes, “Tax Informants Are On the Loose.” Barrett shows the huge impact the federal 2006 whistleblower reward law is having—and is likely to have—on tax enforcement.

Print-General Audience – series of articles:
Kathy Chu, USA Today, “The Credit Trap.” Chu, a 2009 George Polk award winner, documents banks’ use of steep fees and questionable practices to profit off vulnerable customers. Her writing is widely recognized as instrumental in bringing about government action to curb abusive credit card and bank fees.
Part 1: "How rising home values, easy credit put your finances at risk"
Part 2: "Why banks are boosting credit card interest rates and fees"
Part 3: "Changing credit card terms squeeze consumers"
Part 4: "Sliding economy raises questions about credit scores"
Part 5: "Banks find ways to boost fees; checking accounts latest target"
Part 6: "Banks' 'courtesy' loans at soaring rates irk consumers"
Part 7: "Courtesy overdraft fees hit credit union customers, too"
Part 8: "As lenders clamp down, credit scores take a hit"
Part 9: "Anger at bank overdraft fees gets hotter, bigger and louder"
Part 10: "U.S. exported its aggressive credit card fees worldwide"

Electronic Media – Accounting:
Jeremiah Coder, Tax Analysts, “Madoff Investors Face Uphill Battle, Possible Shelter Rules.” Coder examined ways investors in Madoff’s Ponzi scheme can use the tax code to recover some lost investments. (Available to subscribers only at www.taxanalysts.com.)

Electronic Media – Business/Financial:
Jonathan Weil, Bloomberg News, series of commentary on the financial crisis. With a pen as sharp as a knife, Weil cuts through accounting tricks and credit-rating “puffery.” Events seem to suggest that those in power are reading: A month after Weil urged JPMorgan to slash its dividend to preserve capital, the company did so, according to his editor's cover letter for the entry.
“Kill JPMorgan’s Dividend, Save America’s Banks”
“GE’s AAA Rating Starts Slow Trip to Graveyard”
“Wells Fargo, BofA Loan Values Are a Scary Sight”
“Moody’s Says Don’t Inhale the Smoke It’s Puffing”
“Honest Man Emerges From Muck of Banking Crisis”
“Wall Street’s 1929 Scams Return in Geithner Plan”
“Bank of America Owners Declare War on Taxpayers”
“Lehman Bosses Walk, While Small Fry Walk Plank”
“CIT Group’s ‘Capital’ Was All Talk, No Trousers”
“Fudging Losses Is Easy When the FDIC Does It, Too”
 

Wire Service – Business/Financial:
AP Business News Staff, The Associated Press, “Meltdown Legacy.” This five-week series of articles covered the financial crisis with a consumer focus.
“Frugality Is the New Normal, by Necessity”
“Risk-Taking Is Back for Banks 1 Year After Crisis”
“Fed's Steps to Aid Banking System Raise Risks, Too”
“Meltdown Jolts Consumers From Financial Fairyland”
“How the Meltdown Is Rewriting Investment Rules”
“Great Time for U.S. Consumers: America Is on Sale”
“For Young, Recession Offers Deals of a Lifetime”
“Where’s the Next Boom? Maybe in ‘Cleantech’”
"Next Asset Bubble Could Come Sooner Than You Think"
"Home Sweet Home Investment? Sure, in the Long Run"

Wire Service – General Audience:
Isaac Wolf, Scripps Howard News Service, “Forgive Us Our Debts.” An investigation of the debt collection industry’s practices, particularly the development of a market for resold debt.

Radio - Feature:

Carole Zimmer, Mark Mills, Kevin Hannigan, WBBR Bloomberg Radio, “Busting the Budget: Fixing Healthcare.” An examination of the health reform debate.

Radio – Series/General Audience:
John Wordock, Andrew O’Day, Adrienne Mitchell, Tracy Johnke, Steve Potisk, MarketWatch Radio Network, “The Hunt for the Stimulus.” Discusses what stimulus tax credits and funding are working and those which are not.

Television – News Segment:
Tara Lynn Wagner, NY1-Money Matters, “College Tuition 101.” An examination of issues related to paying for college.