It’s not exactly news that the scare tactics of right-wing media are good for their bottom line as well as their politics. Just ask Alex Jones. But if you thought Fox News or Bill O’Reilly might hold themselves to a higher standard, think again.
From The Washington Post:
Dedicated viewers of Fox News are likely familiar with Lear Capital, a Los Angeles company that sells gold and silver coins. In recent years, the company’s ads have been a constant presence on Fox airwaves, warning viewers to protect their retirement savings from a looming “pension crisis” and “dollar collapse.”
One such ad caught the attention of Terry White, a disabled retiree from New York. In 2018, White invested $174,000 in the coins, according to a lawsuit by the New York attorney general — only to later learn that Lear charged a 33 percent commission.
Over several transactions, White, 70, lost nearly $80,000, putting an “enormous strain” on his finances, said his wife, Jeanne, who blames Fox for their predicament: “They’re negligent,” she said. A regretful White said he thought Fox “wouldn’t take a commercial like that unless it was legitimate.”
Not only did Fox “take a commercial like that,” there’s more where that came from. The Post calls the gold retirement investment industry “a mainstay” and “daily presence” on right-wing media.” The paper found the industry spends millions of dollars a year to reach conservative viewers on Fox, Newsmax and other conservative media. None were found on left-wing media sites.
Some well-known, trusted names in right-wing circles, are doing the hawking, too. Bill O’Reilly and Rudy Giuliani promote the coins while ads for the companies show up on Sen. Ted Cruz’s podcast and Newsmax broadcasts of Donald Trump rallies, The Post notes. There are also many lesser known, right-wing outlets.
You know that Trump would be a lead endorser except that he can glom more of the take by running his own email/marketing grifts. Or maybe he’ll open up his own company like Don Jr. fiancée Kimberly Guilfoyle did.
Mr. White is hardly alone in getting ripped off by a right-wing gold and silver coin advertiser. While the overall industry earns close to $1 billion a year, according to The Post, “’No one in their right mind would pay the premiums that these guys are charging,’ added Ken Lewis, CEO of online coin dealer Apmex, who reviewed several customer invoices at The Post’s request.”
There have been quite a few lawsuits against the coin companies but Fox, et al. have no legal obligation to reject the ads, The Post says, as liability apparently resides in the advertisers.
It would be nice to think all those holier-than-thou right-wingers would find a moral obligation. But I’m not holding my breath.
