| In the old days, our stomach muscles clenched | | | | truth. Billy the Blogger probably doesn't need to worry |
| whenever a teacher asked us to write an essay. "Not | | | | about being sued for expressing his opinions, but he still |
| again," we thought to ourselves. "Has he really asked | | | | has a responsibility to ensure his information is |
| us to write another paper? He just ruined our | | | | accurate before blithely repeating statements based |
| weekend." | | | | on faulty logic or rumor. Readers and Bloggers alike |
| How quickly times have changed! Now everyone | | | | should be skeptical of outrageously extreme |
| wants to be a Blogger. Thanks to the Internet and | | | | statements. They can check their authenticity easily at |
| word processors, anyone can be "Brenda - Star | | | | a free service, which does a good job of debunking |
| Reporter". However, there is one big difference: | | | | urban legends. |
| Brenda had to submit articles to her Editor before they | | | | If most Bloggers are expressing their opinions, why |
| could be published. He wasn't just checking her | | | | raise a fuss about accuracy? The reason is this: |
| grammar. His job was to ensure that she could back | | | | Statements become believable simply by being in print. |
| up her statements with verifiable facts. Bloggers must | | | | The Securities & Exchange Commission (SEC) |
| be their own Editors. With a Blog comes great | | | | has known this fact for decades. That's why SEC |
| responsibility. | | | | regulations insist that a prospectus accompany those |
| This may come as a shock to some of you out there | | | | dreamy brochures created by Mutual Fund and |
| in the "Blogosphere." | | | | Insurance Company Marketing Departments. |
| Billy, a typical Blogger, might reply with righteous | | | | Throughout my twenty-five year career as a |
| indignation, "What? Are you implying that I cannot write | | | | stockbroker, I noticed the brochures always had the |
| anything I want in my own Blog? Haven't you heard | | | | same theme: They'd have pictures of impossibly |
| that the First Amendment to the U.S. Constitution | | | | handsome older couples (never overweight) strolling |
| guarantees Freedom of Speech? I'm an American. I | | | | along the beach, sailing on large yachts, or playing golf |
| can say or print whatever I choose!" | | | | in front of expensive homes. The brochures had |
| Well, not quite. A famous example is the 1919 U.S. | | | | "mountain charts" showing the value of the couple's |
| Supreme Court case Schenck vs. United States. In his | | | | investments increasing dramatically over the past |
| opinion, Justice Oliver Wendell Homes, Jr. wrote that | | | | twenty or thirty years. The implication was, "invest now |
| freedom of speech does not give citizens the right to | | | | in our mutual funds or annuities, and you too can live |
| falsely shout "Fire" in a crowded theater. * It seems | | | | comfortably like this couple during your golden years." |
| obvious in that situation, but most of us also would | | | | There was no mention of possible steep stock market |
| agree that citizens do have the right to voice their | | | | declines, Bernie Madoff, or economic slowdowns. |
| opinions. I respectfully suggest that Bloggers should use | | | | Investors have to read the prospectus to find any |
| "informed opinions" as a guideline when writing their | | | | mention of risk. |
| Blogs. | | | | Presumably, Bloggers wish to impart useful information |
| Mainstream newspapers and magazines employ "fact | | | | to their fellow citizens. We all can benefit from their |
| checkers" to verify statements made by reporters in | | | | wisdom if they make sure that their information is |
| their articles. This may be due in part a desire to avoid | | | | accurate. |
| lawsuits, but also because of an obligation to tell the | | | | |