News Corp is Collapsing

The latest earth-shattering news in the imminent collapse of News Corp:

Britain’s Channel 4 News is reporting that the UK’s Serious Fraud Office (SFO), the agency charged with investigating and prosecuting large and complex fraud cases, has begun a preliminary investigation into News International, the parent company of News Corp’s UK newspapers. The probe comes after Labor MP Tom Watson wrote a letter to the SFO, in which he called News Corps alleged payments to police a “gross misuse of shareholders’ money.”

Congress needs to investigate this starting now. Remember 50 years ago when Congress investigated the stupid quiz shows? This is worse times a gazillion-bazillion. Easily the biggest media scandal in modern history.

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  • http://twitter.com/bphoon Brian C

    This is still unfolding, obviously. I sense it’s still in its early stages. The arrest of Rebekah Brooks brings this to within three or maybe four degrees of Murdoch himself. As I understand it, the only person in the News Corp hierarchy between Brooks and the old man is James Murdoch. I have a feeling that Paul Stephenson is just the tip of the iceberg in the British end of this. The rot has got to go much deeper than what has already been revealed and I just don’t see how News Corp itself escapes clean.

    I don’t know if or how this might happen (the FBI is just getting started) but I would just love to see Faux News come a-tumbling down over this. It would be a relief to see the WSJ back in relatively responsible hands again, too…

  • http://twitter.com/gbeaudette Grant Beaudette

    Wait, does Britain also have a Not A Huge Deal But Get To It If You Have A Minute Fraud Office (NAHDBGTIIYHAMFO)?

    It is nice to see that the corporate overlords might actually get in trouble for committing a crime.

    • jjasonham

      Hahahaha! I was thinking about that too.

  • muselet

    Following the link from Think Progress, we find this from Channel 4 Economics Editor, Faisal Islam:

    The SFO might also become the agent of any US based inquiries by the likes of the Department of Justice.

    I wouldn’t get too excited by the prospect of seeing Rupert Murdoch being led away in handcuffs. He almost certainly has enough plausible deniability to avoid criminal charges (James Murdoch, on the other hand, might not be so lucky).

    The second video on the C4 page is very instructive. Mr. Islam says that shareholders have long been annoyed by the Murdochs’ antics and using corporate money for bribes and illegal payoffs may be the last straw. I don’t think The Dirty Digger will go to prison, but he (and his spawn) may lose control of News Corp.

    If that happens, I will laugh and laugh.

    –alopecia

  • http://twitter.com/_leosantos Leo Santos

    And that wasn’t even the most earth-shattering news of the day in Murdoch land. Have you seen this?

    http://www.guardian.co.uk/media/2011/jul/18/news-of-the-world-sean-hoare

    • jjasonham

      Holy shit.

    • ElayneB

      Christ, it IS an episode of 24. Where’s Jack Bauer?

    • http://www.politicalruminations.com/ nicole

      “Death of Sean Hoare – who was first named journalist to allege Andy Coulson knew of hacking – not being treated as suspicious”

      Uh…….how could it possibly NOT be treated as suspicious???

  • ElayneB

    I know he was an idiot for sending them, but is anyone else thinking there’s some chance Weiner’s phone WAS really hacked by these people?

    • jjasonham

      I would not be surprised in the slightest.

  • JMAshby