The CJR blog reports on something a little strange they stumbled upon about CNBC On-air Editor Rick Santelli. Santelli’s name—as well as the CNBC brand—was apparently used to promote a seminar with an ad that reads a little like something from our spam folder.
Dear Trader: I have achieved total financial independence. In fact, I have generated $1,900,336.82 in just the past 4 years trading S&P futures, relying on (what I believe to be) simple methods that you can use for your own electronic trading (almost immediately).
And best of all…mastering the game of trading has given me the ability to generate money almost at will…
And if you asked me what’s the ONE THING that has made this possible I’d say it’s my discovering the unique mindset and methods of true trading millionairesâ€¦
In the lengthy web page for the ad (which has since been taken down), Santelli is listed in seminar host Larry Levin’s “inner circle” and was set to deliver a talk on “how the news influences the markets.” CJR writes:
Now this is hardly the biggest deal, but Santelli’s appearance at the seminar and in its marketing raises some obvious questions, which I put to CNBC spokesman Brian Steel. If Santelli got paid for his appearance, for instance, that would be problematic, to say the least, since journalists shouldn’t take money from organizations involved in their areas of coverage.
Steel told me CNBC policy prohibits its journalists from “accept(ing) appearance or speaking fees to participate in for profit seminars or conferences nor are they allowed to accept speaking or appearance fees to attend events sponsored by for profit companies or companies that engage in lobbying activities.” He says Santelli wasn’t paid for his appearance.