June 28, 2005

NEW YORK, June 27, 2005 -- Journalists from across the nation gathered tonight at New York City’s Cipriani 42nd Street for the 2005 Gerald Loeb Awards Banquet, celebrating the best of business, financial and economic journalism. The Loeb Awards, considered the most prestigious honor in business journalism, recognize those journalists whose contributions to the industry illuminate the world of business and finance for readers and viewers around the world.

Bruce Willison, dean of UCLA Anderson School of Management and chairman of the G. and R. Loeb Foundation, welcomed Loeb Awards honorees and their guests. Lou Dobbs, anchor and managing editor of CNN’s “Lou Dobbs Tonight” and a Loeb Awards final judge, served as the master of ceremonies.

The Loeb Awards gives two special awards for career contributions, the Lifetime Achievement Award, which was given to Byron E. “Barney” Calame, public editor, The New York Times,  and the Lawrence Minard Editor Award, which went to Timothy K. Smith, assistant managing editor, Fortune. In addition, there are 9 competition categories in which the winners were named at the banquet. Following is the list of 2005 Loeb Awards recipients, along with brief synopses of their award-winning work.

Large Newspaper Winner
Walt Bogdanich of The New York Times for “Death on the Tracks”
Bogdanich tackles a little recognized problem of clear malfeasance on the part of railroads, using creative in-depth analysis of database records, combined with compelling human stories and court records from around the country, to demonstrate the huge failure of government to regulate a key industry.

Medium Newspaper Winner
Bill Vlasic and Jeff Plungis of The Detroit News for “Danger Overhead: Crushed Roofs”
This three-part series examines a little-known auto safety hazard – roofs that fail in rollover accidents, documenting the human cost and making a compelling case that four-decade-old safety standards are inadequate and that automakers are fighting the development of tougher rules.

Small Newspaper Winner
Craig Troianello of Yakima (WA) Herald-Republic for "The China Challenge”
Two smaller newspapers came together to tell four stories of great economic import for their communities, presenting a balanced view of the benefits and pitfalls of global trade on a key industry for Western Washington.

Magazines Winner
There are two winners in the magazine category.

Charles Fishman of Fast Company for “The Toll of a New Machine”
Highly original, the story explains that there is a new wave of automation and machinery that's changing how business gets done. It stresses the counterintuitive fact that the machines are not eliminating jobs.

Clifton Leaf of Fortune for "Why We're Losing the War on Cancer (and How to Win It)"
The piece shed new light on the reasons why cancer research has not made more progress toward finding a cure, demonstrating that the focus is on the easiest improvement areas and that arguably the most important aspect of the disease, metastasis, is the least researched.

Commentary Winner
Peter Eavis of TheStreet.com for “Cracks in Fannie Mae’s Foundation”
Eavis spelled out the accounting troubles at Fannie Mae long before any findings of wrongdoing were raised and dug into Fannie’s financial statements finding numerous areas of concern, even going so far as to tell federal regulators where to look.

Deadline Writing Winner
Andrew Ross Sorkin, Steve Lohr, David Barboza, Gary Rivlin and John Markoff of The New York Times for “End of an Era”
The coverage of the IBM-Lenovo deal begins with a major news scoop, that IBM had decided to sell its PC business, and unfolds with insightful analysis that succinctly covers all of the bases and describes the rise of China as the world's new economic super power.

Beat Writing Winner
Ellen E. Schultz and Theo Francis of The Wall Street Journal for “The Short Life of 'Lifetime' Health-Care Benefits”
The reporters use their deep knowledge of the insurance and benefits industry to catch corporate America in a big lie – that rising health care costs are forcing them to cancel retiree health benefits to remain competitive – and find that there's an incentive in accounting rules for companies to terminate plans even when/if costs are flat or declining.

News Services or Online Content Winners
Carol S. Remond of Dow Jones Newswires for “Exposing Small-Cap Fraud”
Remond’s analysis of the small-cap world exposed the shenanigans of three small companies that used unscrupulous means to pump up their stocks. The work led to the opening of SEC investigations and provided a clear warning for investors.

Television Deadline Winner
Chris Cuomo, Shelley Ross, Bob Lange, Thomas Berman and Jack Pyle of ABC News: Primetime for “Money for Nothing?”
The piece examined one California family’s experience with health care bills that went unpaid, and a small family business that found the health insurance plan they purchased from an out-of-state company reneged on paying actual medical bills. The story used this experience to detail an issue that has state-wide ramifications for California.

The table sponsors of the 2005 Loeb Awards are as follows:

Golden Circle Patrons
Dobbs Group
Smith Barney
USA Today
The Wall Street Journal
UCLA Anderson School of Management

Silver Sponsors
Bloomberg News
Dow Jones Newswires

The New York Times

Loeb Associates Sponsors
The Associated Press
Financial Times
The Washington Post

A gift bag was given to all attendees at the Loeb Awards banquet with contributions from the following sponsors:

Business Wire
HarperCollins Publishers
The New York Times
Princeton University Press
Time Warner Books
UCLA Anderson School of Management

The Loeb Awards included a career development seminar exclusively for the 2005 Loeb Awards finalists. The event was held on Sunday, June 26, 2005, and was hosted by CNBC. Featured presentation included: “The Ethics of Business Journalism” by Lifetime Achievement Award recipient Byron E. “Barney” Calame, public editor of The New York Times; “Managing Your Editor” by Minard Editor Award recipient Timothy K. Smith, assistant managing editor of Fortune and “The Strange World of Television Economics” by Steve Liesman, senior economics reporter for CNBC.

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.

Media Relations