RELATED BLOOMBERG ARTICLE: Unmasking the Men Behind Zero Hedge, Wall Street’s Renegade Blog
from Zero Hedge:
Over the years, Zero Hedge has proven to be a magnet for media attention.
It started years ago with a NY Magazine article published in September 2009 which first “unmasked” the people behind Zero Hedge with the “The Dow Zero Insurgency: The nothing-can-be-believed chaos of the financial crisis created a golden opportunity for a blog run by a mysterious ex-hedge-funder with a dodgy past and conspiracy theories to burn” in which we were presented as a bunch of “conspiracy theory” tin foil hat paranoid loons.
We are ok with being typecast as “conspiracy theorists” as these “theories” tend to become “conspiracy fact” months to years later.
Others, such as “academics who defend Wall Street to reap rewards” had taken on a different approach, accusing the website of being a “Russian information operation”, supporting pro-Russian interests, which allegedly involved KGB and even Putin ties, simply because we refused to follow the pro-US script. We are certainly ok with being the object of other’s conspiracy theories, in this case completely false ones since we have never been in contact with anyone in Russia, or the US, or any government for that matter. We have also never accepted a dollar of outside funding from either public or private organization – we have prided ourselves in our financial independence because we have been profitable since inception.
Which brings us to the latest “outing” of Zero Hedge, this time from none other than Bloomberg which this morning leads with “Unmasking the Men Behind Zero Hedge, Wall Street’s Renegade Blog” in which it makes the tacit admission that “Bloomberg LP competes with Zero Hedge in providing financial news and information.”
To an extent we were surprised, because while much of the “information” Bloomberg claims it reveals could have been discovered by anyone with a cursory 30 second google search, this time the accusation lobbed at Zero Hedge by Bloomberg was a new one: that we are capitalists who seek to generate profits and who have expectations from our employees.
This comes from a media organization which caters to Wall Street and is run by one of the wealthiest people in the world.
Underlying the entire Bloomberg article is disclosure based on a former employee at Zero Hedge.
Traditionally we don’t reply to such media stories but in this case we’ll make an exception as there is a substantial amount of information Bloomberg has purposefully failed to add.
* * *
Zero Hedge hired Colin when he approached us over a year ago begging for a job after he was fired with cause from Seeking Alpha following a fight with a coworker. This should have set off alarm flags but we ignored it.
Colin was a good writer, covering topics ranging from finance to economic to politics. More importantly, and unfortunately, Colin also was revealed to be an emotionally unstable, psychologically troubled alcoholic with a drug dealer past, as per his own disclosures.
All of these revelations were made clear to us long after we hired Colin, and unfortunately they were the catalyst that precipitated his full emotional collapse and ultimately led to his abrupt departure. All of these fact were also made clear to Bloomberg as part of its source “fact-checking.”
Colin’s departure, triggered by what readers will see was a near psychological breakdown, is also the basis for the Bloomberg article: as Colin made it clear to us, in his latest emotional outburst, he meant to “destroy” the website and has used Bloomberg as a platform in his attempt to discredit it.
Which is ironic because as recently as two months ago Colin was thanking us for “saving his life” and that ZH is the most important thing in his life. The last thing he wanted to do was “fuck it up” as he admitted in a text message.
* * *
Alas, as often happens, the reality is different from what is being presented in the mainstream media, as readers will shortly find out.
But first, we would like to address a key false claim that Bloomberg makes, namely the following:
Lokey, who said he wrote much of the site’s political content, claimed there was pressure to frame issues in a way he felt was disingenuous. “I tried to inject as much truth as I could into my posts, but there’s no room for it. “Russia=good. Obama=idiot. Bashar al-Assad=benevolent leader. John Kerry= dunce. Vladimir Putin=greatest leader in the history of statecraft,” Lokey wrote, describing his take on the website’s politics. Ivandjiiski countered that Lokey could write “anything and everything he wanted directly without anyone writing over it.”
He adds: “I can’t be a 24-hour cheerleader for Hezbollah, Moscow, Tehran, Beijing, and Trump anymore. It’ s wrong. Period.”
He is absolutely correct: nobody ever asked Colin to be that, and Zero Hedge is most certainly not that – what it is, is the other side of the story which may not be reported and the one that will make readers think.
To be sure, not only was Colin never told how or what to write when covering any given topic, he was never editorialized. Any topic, subject and story he wanted to write about was his entirely own, and he was never pressured with an “angle” which is much more than we can say for most of our competitors. What is amusing is that at first Lokey accused Zero Hedge of having a pro-Trump agenda, which then mysteriously morphed just days later into the old “pro-Putin” fallback. However, as he admits, he was never actually told how or what to write, he merely “thought” this was the case.
Another false allegation was that “Lokey says he’s “scared to even ask for an hour off,” while Ivandjiiski replies that “if you ever need time off for whatever reason, never hesitate to just ask.” In February, Lokey says, “I love this company and this website,” and tells Ivandjiiski “you saved my life,” expressing thanks for the job.”
Indeed he did, as recently a two months ago, or just a month before his departure. And more to the point, we repeatedly asked Colin if he needs “time off”. Yet somehow Bloomberg is reporting as if he was afraid to “even ask for an hour off.”
Unfortunately, this is the pattern of lies that emerged in recent months and culminated with today’s Bloomberg hitpiece.
* * *
Below we will provide factual examples that corroborate that what Bloomberg’s article is nothing more than a disgruntled employee seeking media attention in his attempt to “destroy” his former employer.
First, some insight into Colin’s repeated alcohol abuse, the underlying reason for his what until recently were inexplicable to us mood swings, and sadly, the steady deterioration of his work product.
He said that in February. He failed to “banish it” as his drinking not only got worse, it nearly led to Colin committing himself. The drinking continued.
Conveniently Bloomberg ignored to add that its source was an alcoholic. It also ignored to add that its source had and still has deep psychological problems. In fact, as he himself admitted his problem is like “some physical sickness.” It got so bad, he first resigned two months ago as a result of his most recent emotional collapse.
Please follow SGT Report on Twitter & help share the message.