Read an interesting article in The New York Times regarding the positioning of major banks’ public statements during this tremendously difficult time. Anyone who doubts that spin exists at all levels should clearly read this. The conclusion of the article from a PR viewpoint is also noteworthy:

“If there are ways people in this room go to jail, it’s probably through crimes of upholstery — the cover-up will kill you,” Joseph A. Grundfest, a professor of law at Stanford University who is a former commissioner of the Securities and Exchange Commission, said at a class for directors of the nation’s Fortune 500 companies which I attended in 2002 in the aftermath of Enron’s collapse.

Oftentimes, I see very public people in very senior financial positions at my gym, restaurants, and at events. You can see on their faces how incredibly difficult it is to be in the public arena and suddenly have the world watching your every move. I expect to see more analysis of how the banks are handling crisis communication in the coming weeks. Either way, this is certainly an interesting read in these very difficult financial times.

Ronn Torossian

5W PR

For as long as I can remember, first thing every morning, I always looked forward to opening the door, grabbing the newspapers and reading  them.  On this fall Sunday, I have spent the early morning thoroughly enjoying the Sunday New York Times.  Every week there is nothing that beats the Sunday Times.  From a story analyzing former New York Governor Eliot Spitzer’s day-to-day life to a Russian oligarch challenging the Kremlin, nearly every aspect of the paper is special and amazing.

As I have often said, to be successful in PR one must read — and read often – but I can’t see being anywhere in life and not reading regularly.

Ronn Torossian
5W PR

I always tell clients involved in court cases that there are two courts – the court of law and the court of public opinion.  With the changing nature of media today, a forum doesn’t exist where the media doesn’t play a major part.

This past week provided ample opportunity to study this theory in action, with high-profile celebrity affairs and divorces receiving almost continuous attention.  NYC coverage of Christie Brinkley and Peter Cook’s divorce proceedings was truly great media. 

One colorful quote I saw from Brinkley included that she needed to settle on that particular day because she had run out of outfits to wear.  Brinkley was determined to use the court of public opinion to her own advantage, countering Cook’s claim for custody with a terse, but loaded, strategy: “Well, I’m going to let the world know what you’re all about,” according to Stephen Steinberg in the New York Times.  And she wasn’t lying, as you’d be hard-pressed to find someone who wasn’t privy to Cook’s now-public indiscretions.

There are plenty of PR agencies and firms hired both openly and quietly to influence judges and juries of all sorts.  And with the recent success rate, I suspect that it won’t end anytime soon.

Ronn Torossian

5WPR

It’s rare that the tremendous value of PR in an international campaign is highlighted on the front page of The New York Times business section. Today’s feature, “Tibet Backers Show China Value of P.R.,” shows how indispensable public relations has become.

http://www.nytimes.com/2008/04/14/business/media/14adco.html?pagewanted=1&_r=2&ref=business

In addition to the reasons cited in this article, PR’s value can also be seen purely in economics. It’s simply amazing that a major RFP in the PR Industry is one with a $500 thousand annual budget. That amount would have every single PR firm in the industry chasing the account. Conversely, next to nothing can be accomplished with an advertising budget of less than a million dollars.

Because of this, among many other reasons, I expect the PR business to continue to experience tremendous growth.

Ronn Torossian
5WPR