NEW YORK--(BUSINESS WIRE)--Journalists from across the nation gathered tonight at New York City’s Cipriani 42nd Street for the 2007 Gerald Loeb Awards Banquet. Celebrating their 50th anniversary, the Loeb Awards are among the highest honors in business journalism and recognize the work of journalists whose contributions illuminate the world of business, finance and the economy for readers and viewers around the world.
Judy D. Olian, dean of UCLA Anderson School of Management and chairman of the G. and R. Loeb Foundation, welcomed Loeb Awards honorees and their guests. Tyler Mathisen, CNBC managing editor for business news and host of “High Net Worth”, served as the master of ceremonies.
Loeb Award winners were chosen from 12 competition categories and named at tonight’s banquet, along with the recipients of two special career contribution awards. Matthew Winkler, editor-in-chief of Bloomberg News, received the Lifetime Achievement Award and the Lawrence Minard Editor Award went to Dan Kelly, news editor, page one with The Wall Street Journal. The Mayor of New York City, Michael R. Bloomberg, presented the award to Matthew Winkler. Following is the complete list of the 2007 Loeb Awards recipients, along with a brief synopsis of their award-winning work.
Large Newspaper Winners
Charles Forelle, James Bandler, Mark Maremont and Steve Stecklow of The Wall Street Journal for “The Secretive Backdating of Option Awards for Corporate Executives”
This detailed investigation of stock option abuses began with the reporting team’s creative application of probability theory and evolved into one of the highest-impact business stories of the year. The piece exposed a number of companies whose stock option grant dates were consistently and suspiciously timed with low points in the stock’s pricing. The exposure led to federal investigations of 140 companies and the firings or resignations of at least 70 top officials.
Medium Newspaper Winners
Chiaki Kawajiri, Gady A. Epstein and Stephanie Desmon of The Baltimore Sun for “Crab Factory”
This well-written tale of Maryland’s storied blue crab is artfully woven into a saga of globalization and entrepreneurship, revealing both the winners and losers of outsourcing, fueled by the American consumer’s demand for cheap products. As the Chesapeake Bay’s crab industry struggled for survival, Maryland-based Phillips Crab House began importing Asian blue crab creating a $1 billion industry with their new “Maryland-style crab”, and triggering economic and social effects in communities across the bay and in Asia.
Small Newspaper Winners
Mike McAndrew and Michelle Breidenbach of The Post-Standard (Syracuse, N.Y.) for “The Great Empire Zone Giveaway”
This incisive series revealed New York’s appallingly mismanaged Empire Zone program of tax incentives designed to promote and expand businesses, and exposed millions of dollars in waste. Despite fierce resistance from the city, the reporters crafted a classic piece of investigative journalism by scouring property records, federal securities disclosures and other public records. Their series sparked action by the state’s lieutenant governor who cited the stories and promised to eliminate waste in the system.
Charles Fishman of Fast Company for “How Many Lightbulbs Does It Take to Change the World? One.”
With exquisite insight and humor, Charles Fishman tackles what might seem like a pedestrian topic – the use of lightbulbs in the home – and shapes a beautiful and persuasive story about energy conservation and personal responsibility. A wonderful example of explanatory journalism, his story impacted people across the country, influencing energy use in thousands, if not tens of thousands of homes.
Steve Bailey of The Boston Globe for “Steve Bailey Downtown”
Whether he’s flying to Key West for the scoop on junkets enjoyed by board members of the Middlesex County retirement system or telling the saga of John Walsh, a boot-strapping first-generation millionaire trying to crack into a posh old-money Beacon Hill cooperative, Bailey brings both a sense of outrage and shoe-leather reporting to his columns. Giving voice to the common man, his thorough reporting often brings attention and change to questionable practices.
Deadline Writing Winners
Ann Davis, Henny Sender and Gregory Zuckerman of The Wall Street Journal for “The Implosion of a Highflying Hedge Fund”
This superbly written account of the biggest hedge-fund collapse ever is classic storytelling for a broad audience, while also reflecting the sophistication that serious business readers deserve. The collapse was the result of risky investments in natural gas made mainly by a single brash energy trader, who, due to the reporting team’s careful perseverance, happened to be the main source for the story.
Beat Writing Winner
Heather Landy of Fort Worth Star-Telegram for “Radio Shack CEO's Resume in Question”
Also nominated in the medium newspaper category, Landy’s piece is testament to how quality beat reporting can serve as an effective public watchdog. Displaying remarkable ingenuity, the reporter discovered the resume inflation of Radio Shack’s chief executive officer and tenaciously pursued leads until the truth came out and the CEO resigned.
News Services or Online Content Winner
Alistair Barr of MarketWatch for “Who Are the Short Sellers?”
Alistair Barr found a way into the shadowy world of short sellers that would have eluded less intrepid reporters. Providing detailed and fair analysis of a complex topic, Barr gives all sides of the issue solid scrutiny, revealing both the upside and downside of short-selling, while shedding light on an extraordinary, but poorly covered area of the financial markets.
Feature Writing Winner
Louis Uchitelle of The New York Times for “Rewriting the Social Contract”
A veteran of financial journalism, Uchitelle’s breath of experience and profound perspective is evidenced through his exemplary body of work and a storytelling style that mixes anecdotal material with hard-nosed analysis. One terrific example is last year’s feature Uchitelle wrote about a doctor who decided he wasn’t making enough money, so he became a consultant on Wall Street and quickly became a multi-millionaire.
Television Daily Winners
Jim Popkin, Lisa Myers and Adam Ciralsky of NBC News for “Trophy”
This report revealed a secret effort by the US Army to thwart development of a new Israeli device called “trophy,” designed to defend soldiers from rocket-propelled grenades. Over an eight-month period, the reporting team uncovered the army’s aim to protect a $70 million Raytheon contract to produce a competing product from scratch. Their timely story triggered a government accountability office investigation and a new law in Congress.
Television Enterprise Winners
Jeff Fager, Steve Kroft, Andy Court, Keith Sharman, Patti Hassler and Daniel J. Glucksman of CBS News 60 Minutes for “The Mother of All Heists”
In this stunning report, Steve Kroft and “60 Minutes” reveal the rampant corruption that has infected a succession of Iraqi governments since the toppling of Saddam Hussein. The investigation includes an allegation that at least half a billion dollars intended to equip the new Iraqi military was stolen by the very people the U.S. government had entrusted to run it.
Business Book Winner
Chris Anderson for “The Long Tail: Why the Future of Business Is Selling Less of More” published by Hyperion Books.
Anderson spins a thought-provoking argument about how the rise of the digital economy makes “hits” less important and niche products more dominant. From supermarket shelves to advertising agencies, the ability to offer vast choices is changing, from songs on iTunes to advertising on Google. Anderson argues that if the 20th century was about “hits”, the 21st century will be about niches.
2007 Loeb Awards Honor Roll
Following are the 2007 Loeb Awards table sponsors:
50TH ANNIVERSARY BENEFACTORS
UCLA Anderson School of Management
GOLDEN CIRCLE PATRONS
Los Angeles Times
The Wall Street Journal
Conde Nast Portfolio
The Wall Street Journal
Dow Jones Newswires
The New York Times
In addition, we wish to express our gratitude to the underwriter of this year’s Loeb Awards finalist seminar and all those who have donated items for this evening’s gift bag.
FINALIST SEMINAR HOST
GIFT BAG CONTRIBUTORS
The New York Times
The Penguin Press
UCLA Anderson School of Management
The Loeb Awards also presented a career development seminar hosted by NASDAQ exclusively for the 2007 Loeb Awards finalists. The event took place this morning at the NASDAQ Marketsite headquarters. Featured presentations included: “Why Editing Matters” by Lifetime Achievement Award Recipient Mathew Winkler and Lawrence Minard Editor Recipient Dan Kelly and “Winning on the Internet without Losing Your Soul” by several members of the Loeb Awards final judging panel.
About the Loeb Awards
Established in 1957 by Gerald Loeb, a founding partner of E.F. Hutton, the Loeb Awards recognize journalists who have made significant contributions to the public’s understanding of business, finance and the economy. The judges select winners based on quality of reporting and writing, news and analytical value, originality and exclusivity, and in the broadcast categories only, production value and visual impact. UCLA Anderson School of Management has presented the awards since 1973.
For more information about the Loeb Awards, please visit the Loeb Awards Web site at http://loeb.anderson.ucla.edu or call the Loeb Awards office at (310) 206-1877.