June 26, 2006

NEW YORK — Journalists from across the nation gathered tonight at New York City’s Cipriani 42nd Street for the 2006 Gerald Loeb Awards Banquet, celebrating the best of business, financial and economic journalism. The Loeb Awards, among the highest honors in journalism, recognize the work of journalists whose contributions to the industry illuminate the world of business and finance 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. 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 include two special awards for career contributions, the Lifetime Achievement Award, which was given to Myron Kandel, founding financial editor of CNN; and the Lawrence Minard Editor Award, which went to Ronald Henkoff, executive editor of Bloomberg News and editor of Bloomberg Markets. In addition, there are 11 competition categories in which winners were named at the banquet. Following is a list of the 2006 Loeb Awards recipients, along with brief synopses of their award-winning works.

Large Newspaper Winners

Ann Hardie, Carrie Teegardin and Alan Judd of The Atlanta Journal-Constitution for “Borrower Beware”

This series exposes just how egregiously anti-consumer Georgia’s lending laws are. Going beyond typical portraits of victims, it meticulously documents tight links between lawmakers, regulators and the lending and auto industry, revealing a system so pro-business that the state blamed consumers for the unscrupulous tactics to which they fell prey.

Medium Newspaper Winners

There was one winner and one honorable mention in the medium newspaper category.

Winner: Christopher Kirkpatrick, Joshua Boak, Steve Eder, Jim Drew and Mike Wilkinson of The Blade (Toledo, Ohio) for “Ohio Rare Coin Funds”

This stunning series reveals a number of major abuses in how Ohio’s workers’ compensation board invested. Thorough reporting led to disclosures of fraudulent coin deals, missing coins, missing state money – much of it involving a coin dealer and big Republican fundraiser who was a friend of Ohio’s governor. The series had tremendous impact.

Honorable Mention: Luke Timmerman and David Heath of The Seattle Times for “Selling Drug Secrets”

This highly detailed investigative report exposes an insidious practice: financial firms paying doctors to divulge details about pending drug trials. The authors found 26 cases that risked the credibility of the trials and harmed unwitting investors in the stocks of medical companies that were manipulated. The series had quick impact, triggering congressional and SEC investigations.

Small Newspaper Winners

Sam Kennedy and Christina Gostomski of The Morning Call (Allentown, Pa.) for “School’s Pursuit of Profit Leaves Students Behind”

This is a hard-hitting and well-written look at a national story told through a local perspective. It reflects a comprehensive approach to problems presented by certain for-profit educational enterprises with all the implications. It reveals the long-term effects that unscrupulous recruitment, marketing and educational financing practices can have on unsophisticated students.

Magazines Winner

Carol Loomis of Fortune for “Why Carly’s Big Bet Is Failing, How the HP Board KO’d Carly”

Loomis proves what many HP employees, investors and others suspected: the merger with Compaq was a bust. By methodically picking apart the deal’s promises and measuring the results, Loomis confidently proclaimed a merger gone bad. She backs up her claims not only with analysis of publicly-available financial documents, but excellent sourcing as well.

Commentary Winners

There were two winners in the Commentary category.

Steven Pearlstein of The Washington Post for “Business and Economics Columns”

Pearlstein’s columns appeal to a broad readership, combining smart analysis with good reporting, as well as the ability to skewer subjects with wit. He shows great range, writing about everything from Alan Greenspan, to organized labor, to Barbara Bush’s pronouncements on New Orleans.

Robert L. Pollock of The Wall Street Journal for “Review and Outlook: Kianna’s Law”

Pollock’s pieces on the Food and Drug Administration’s slow approval process for new cancer drugs were groundbreaking and resulted in changes by the FDA. Dealing with a subject matter of life and death, Pollock tackles an issue that had been largely overlooked.

Deadline Writing Winners

Maureen Milford, Ted Griffith, Luladey B. Tadesse, Robin Brown, Gary Soulsman, Christopher Yasiejko, Michele Besso, Steven Church, Jeff Montgomery and Peter Bothum of The News Journal (New Castle, Del.) for “Sale of MBNA”

This entry is a fine example of a regional paper getting right to the heart of what the sale of a company means to the community. The package is impressive on account of the viewpoints it presents. It looks at the sale from a global perspective – something often absent from regional coverage.

Beat Writing Winner

Geeta Anand of The Wall Street Journal for “The Most Expensive Drugs and How They Came to Be”

This work reveals hidden truths about the drug industry with a solid balance of supporting facts, numbers and high level sources. It explains how lawmakers created legal monopolies that allowed prices to soar. It asks hard questions, including those about the costs of extending a life and 90 percent profit for drug makers. It also connects the dots, making a complex topic easy to follow.

News Services or Online Content Winners

Frank Bass, Dirk Lammers and Larry Margasak of The Associated Press for “LAX Loans”

While researching databases for a story on the economic impact of a local drought, Lammers comes across something odd: a $135,000 SBA loan to a South Dakota radio station, as part of a program meant to help businesses near the 9/11 attacks in New York City. He and his colleagues dig deeper and find an alarming pattern of SBA loans to businesses far from Ground Zero.

Television Deadline Winners

Anne Thompson, Doug Adams, Liz Brown, Carl Sears, Kelly Venardos, Joo Lee, Rick Brown, Katie Ernst, Rich Dubroff, Doug Stoddart, Chuck Schaeffer, Mario Garcia, Meaghan Rady, Genevieve MichelBryan, Jill Silvestri, Chris Scholl, Sharon Hoffman, Albert Oetgen and John Reiss of NBC Nightly News for “The Katrina Effect”

This eight-part series examines the effects of Hurricane Katrina before and after. Five stories focus on local and national implications of major oil refineries standing in the storm's path. Before anyone fully understood it would be the largest natural disaster in American history, they sounded a reasoned rather than alarmist message of how supplies and prices would likely be affected.

Television Enterprise Winners

There was one winner and one honorable mention in the television enterprise category.

Winner: Paul Solman, Lee Koromvokis, Jeffrey Klein, Jacob Klein and Joanne Elgart Jennings of The NewsHour with Jim Lehrer for “China Rising”

The program goes deeper than typical TV news coverage to get the upside and downside of China’s boom. The narration is very easy to follow, and it draws you into the story for the long haul. The graphics are simple and elegant but explain in detail why the China story matters to the global economy and how it is likely to emerge as a serious threat to U.S. dominance.

Honorable Mention: Byron Harris, Kraig Kirchem and Mark Smith of WFAA-TV (Dallas, Texas) for “Learning the Hard Way”

This is a well produced regional enterprise story about for-profit higher educational institutions that make big promises but leave students with lots of debt. The reporters probe a very sketchy accreditation process, taking what looks like a one-shot lawsuit story and following it in great depth. They get a former recruiter to confess and one school to change its job placement figures story.

Business Book Winner

James B. Stewart for “DisneyWar” from Simon & Schuster

This is a stirring tale of corporate, executive and personal dysfunction, and it has everything a good business yarn should: good reporting, great writing and access to the key players. It’s a terrific story very well told.

The table sponsors of the 2006 Loeb Awards are as follows:

Bloomberg News
CBS News
Dobbs Group
Los Angeles Times
Smith Barney
UCLA Anderson School of Management
USA Today
The Wall Street Journal

The Wall Street Journal Editorial Page

Crain’s Chicago Business
The Economist
Financial Times
Inc./Fast Company
The New York Times
Time Magazine
The Washington Post

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

Business Wire
The New York Times
Simon & Schuster
UCLA Anderson School of Management

The Loeb Awards included a career development seminar exclusively for the 2006 Loeb Awards finalists. The event was held on the morning of Monday, June 26, 2006, and was hosted by Bloomberg News. Featured presentations included: “Covering Corporate Governance – And Its Abuses” by Lifetime Achievement Award Recipient Myron Kandel and Lawrence Minard Editor Recipient Ronald Henkoff; and “To Blog or Not to Blog” 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.

Media Relations