By Chris Daly
What is a “quote” ?
In the news business, we love to quote other people. We operate on the grounds that the use of quotations in stories gives our prose energy, flavor, and versimilitude. Quotes are also treasured because they put newsmakers “on the record” and thus allow them to be held accountable for their threats, promises, or boasts.
But the fact is, there is no universal standard for deciding what constitutes a quote. Here is a high-stakes case in point from this week’s coverage of Wall Street’s financial crisis in the Times.
On Thursday, as part of its package of financial coverage, the Times ran a sidebar that began on Page 1, by Ben White and Eric Dash, under the headline,
As Fears Grow,
Wall Street Titans
See Shares FallThe story reported on the efforts by the two remaining giant investment banks, Goldman Sachs and Morgan Stanley, to stay afloat. The story jumped inside to page A29. There, the reporters presented information about talks between Morgan chief John Mack and a possible merger partner, Vikram Pandit of Citigroup.
Mack and Pandit reportedly spoke Tuesday evening. During the call, the paper informs readers, Mr. Mack said, “We need a merger partner or we’re not going to make it.”
That is an amazingly candid statement from a business executive under pressure. It is also a perfectly grammatical complete sentence that richly illustrates the main thrust of the piece. In other words, it seems suspiciously too good to be true.
How, I wondered, did the Times know that?
--Was a reporter included in the phone call?
No.
--Was a reporter present in the room and thus able to hear at least one of the parties?
No.
--Was the call recorded and shared with the paper?
No.
--Did one of the parties to the call repeat his statements for the reporters?
No.
All that readers were told is that the Mack made that startling admission “according to two people briefed on the talks.” In other words, we are supposed to infer that one or both of the Times reporters (or perhaps the Times business columnist Andrew Ross Sorkin, who received an italicized credit line at the bottom of the story for the reporting that he contributed) recreated this apparently verbatim quotation from Mr. Mack. We are expected to believe that Mack or Pandit (or both) got off the phone and then “briefed” a bunch of other people about what they had said. Then, we are supposed to believe that two people who got those “briefings” accurately conveyed the exact same quotation in separate conversations with the Times.
Whoa.
Since when is that the standard for quotations?
Granted, there is no written, universally accepted definition of what qualifies as a direct quotation. But why not aim high?
When I was being trained as a reporter at the Associated Press, we had a very tough, clear definition: Material that we placed in news stories inside quotation marks had to be the exact words of a speaker, in the exact order they were uttered, with no words added or omitted.
[For another day: the practice of “cleaning up” quotes to render spoken English into standard written English by eliminating pauses, verbal tics and the like.]
In my experience, that is the gold standard for direct quotations. All the rest is hearsay and rumors.
Back to the Times.
Late Thursday night, I noticed that the Times had updated the Mack story. In the new version, the direct quote was dropped, replaced by a denial. Here is a section:
But as the fear that gripped markets after Lehman Brothers failed also enveloped the firm,John J. Mack, Morgan Stanley’s chief executive, spoke Tuesday evening with Citigroup’s chief executive, Vikram S. Pandit, about a possible combination, according to people briefed on the talks.
On Thursday, however, Morgan Stanley vigorously denied a report in The New York Times that Mr. Mack had said that Morgan needed to seek a merger in order to remain in business.
Mr. Mack was said to have made the comment in the conversation with Mr. Pandit. Citigroup, which had declined to comment on Wednesday night, also denied Thursday that such a comment had been made during the conversation…
In that on-line version, the Times also appended this somewhat strained Editor's Note:
Editors' Note: September 18, 2008
An earlier version of this article cited two sources who were said to have been briefed on a conversation in which John J. Mack, chief executive of Morgan Stanley, had told Vikram S. Pandit, Citigroup's chief executive, that "we need a merger partner or we're not going to make it." On Thursday, Morgan Stanley vigorously denied that Mr. Mack had made the comment, as did Citigroup, which had declined to comment on Wednesday.
The Times's two sources have since clarified their comments, saying that because they were not present during the discussions, they could not confirm that Mr. Mack had in fact made the statement. The Times should have asked Morgan Stanley for comment and should not have used the quotation without doing more to verify the sources' version of events.
So, that is quite an admission. I did not think the Times made it a practice to present direct quotations, using quotation marks, for re-constructed statements made by people out of earshot of the paper's reporters. That is sub-standard practice, and I would not stand for it from a student in my intro-reporting class.
In this case, the Times should have candidly established the context for the quote, perhaps along these lines:
Two guys who were not on the phone call between Mack and this other guy were told about it later, then they tried from memory to describe it to our reporter, and here's our best guess at the exact words used in a phone call we did not take part in and did not even directly overhear: “We need a merger partner….”
With a candid intro like that, readers would be put on proper notice.
Labels: journalism, New York Times, Wall Street