Bloomberg Businessweek cover from February 25, has the editor backpedaling and trying to explain why this cover was approved in reference to their housing rebound story.
*The housing boom at the turn of the 21st century gave minorities an unprecedented opportunity in home ownership. But, what seemed to be an opportunity resulted in a bait and switch that has many families homeless today.
To add insult to injury, Bloomberg Businessweek ran a story February 25, on the housing rebound the country is supposed to be experiencing and the cover of the magazine depicts African Americans and Latinos in a house full of money waving wads of money around in their hand, according to NBC Latino.
Well, the disrespectful images couldn’t be further from the truth of what really happened when minorities were given promissory notes for homes the banks knew they would not be able to afford, but reeled them in via predatory lending anyway.
*Oprah Winfrey has a steep financial hill to climb in the struggle to keep her cable channel afloat.
Bloomberg Businessweek reported last week that OWN may have lost a whopping $330 million since it began in 2008. An analyst told the magazine that it was the most “successful failure in television today.”
The report follows a steady stream of setbacks for Winfrey, including low ratings, staff firings and the colossal mishap called “The Rosie Show.”
“If I were writing a book about it, I might call the book ’101 Mistakes,’” Oprah told CBS’s “Early Show” in April.
While Oprah does not have a personal financial stake in the company, it is still undoubtedly a black eye for her. However, in some good news for the network, the Wall Street Journal reported today that ratings for the network have ticked up recently. Part of that is due to “Oprah’s Next Chapter,” the new show that has seen Oprah nab major exclusives, like her sit-down with Whitney Houston’s family.
Moreover, the network will get millions of dollars in new revenues from cable operators.
*As Tiger Woods sits in a Mississippi treatment facility for sexual addiction, the athlete tops Bloomberg BusinessWeek’s new list of most powerful athletes, beating the likes of LeBron James and fellow golfer Phil Mickelson.
The list released Wednesday is based on earning potential and was compiled with the assistance of CSE and Horrow Sports Ventures.
The companies said Tiger would have ranked No. 1 on the list even if his infidelity had become public earlier last year.
James of the NBA’s Cleveland Cavaliers was second, followed by Mickelson, Albert Pujols of baseball’s St. Louis Cardinals, Peyton Manning of the NFL’s Indianapolis Colts, Dwyane Wade of the NBA’s Miami Heat, swimmer Michael Phelps, Adrian Peterson of the NFL’s Minnesota Vikings, the Cavaliers’ Shaquille O’Neal and cyclist Lance Armstrong.
Tiger Woods and Phil Mickelson
In related news, Mickelson spoke about Woods to reporters ahead of the Farmers Insurance Open, which gets under way this weekend at Torrey Pines in San Diego.
“The game of golf needs him to come back,” Mickelson said, speaking for the first time in public since Woods’ confessed to infidelity. “It’s important for him to come back and be a part of the sport. But right now, he’s got a lot more important things going on in his life. Amy and I are good friends with both Tiger and Elin, and we care deeply about how this turns out.”