FBN Fires Tobin Smith

Business Insider’s Brett Logiurato writes that FBN has fired Tobin Smith…(via J$)

Fox Business Network has terminated the contract of contributor Tobin Smith, who was paid $50,000 to tout the stock of Petrosonic Energy, a network spokesperson told Business Insider.

Smith’s contract was terminated under the network’s contributor policy, which states that “no contributor to FBN, nor his/her firm, and/or family members are allowed to accept financial consideration of any kind whatsoever to issue research, advertisements, or to otherwise promote individual stocks or securities.”

23 Responses to “FBN Fires Tobin Smith”

  1. Does this mean he was removed from FNC as well?

  2. paminwi Says:

    Don’t remember him being on FNC, only FBN. It sounds like he says his contract was written before the parameters FOX said he violated were included as a standard clause written into contracts.

    Though, I will say it sounds pretty stupid what he did. But, I go back to contract law, if it wasn’t in the contract does it apply or is it something FOX could say he violated the morals clause even if it wasn’t specifically in the contract?

  3. I would guess that it’s in all contracts. Otherwise, they would just be asking for trouble.

  4. icemannyr Says:

    Tobin Smith was a regular on the FNC Saturday business shows.

  5. Pro business people on a pro business network aren’t allowed to promote a stock? As long as he’s not vouching for that particular one on air, this seems rather silly.

  6. Guy looked like a crook.

  7. Pro business people on a pro business network aren’t allowed to promote a stock? As long as he’s not vouching for that particular one on air, this seems rather silly.

    It’s called “ethics.” Something often lost on the morally bewildered.

  8. This appears to me to be a serious ethical violation, so it’s nice to see that FBN/FoxNews took swift action once it was brought to their attention. Or maybe they already had him in their sights and were waiting for him to give them just cause.

  9. It’s called “ethics.” Something often lost on the morally bewildered.

    I could do without the sneering insults, tough guy.

  10. Actually, it wasn’t directed at you, It was directed at everybody who would see nothing wrong with these actions, such as the morally bewildered Mr. Smith.

    But, it gave you a chance to play bully. A paranoid one, at that.

  11. Actually, you quoted me in the comment, then laid down your “immoral” BS. But thanks for the dishonest backtracking. It’s been fun.

  12. I quoted your comment, then posted in regard to the ethics involved. Nowhere did I say “immoral,” “morally bewildered” is someone not understanding the consequences of their actions, giving the benefit of the doubt to Smith.

    Not every comment, even when it uses a post of yours as a jumping off point, is about Joe.

  13. Uh, yeah..if you quote the only person in this thread who disagrees with FBN’s actions, then throw out “the morally bewildered”, most readers would expect the second to be directed at the first. The word for the day is: Disingenuous.

  14. No, Joe, most people can freaking read and could tell the difference. But, if you take it personally and think what he did was fine…Well, that’s your problem.

  15. Oh, you want to go back to the actual topic? Yes, I think being involved in stocks while working for FBN kinda makes sense. I don’t see a line being crossed unless Smith promoted one he was financially wrapped up in on air. Maybe he did, but Spud’s post doesn’t mention it.

  16. Well, this is one of his responses on Twitter after a person accused him of touting the stock, something he denies.

    As for his fate, it does look like this is across the board removal on FOX, and he’s saying it’s been 14 years with the network.

    So be it, FOX has plenty of other people to say the same lines on the weekend business block.

  17. There’s gotta be some other bad blood behind the scenes. If he signed before they put that rule in place, all he would’ve had to do was drop the job with that stock. Somebody wanted him outta there, and found a legal excuse to do it.

  18. If you’re ousted from the network, there’s a reason for it. To be honest, most of their “business” folks are replaceable, at least on the FNC side, since 80% of those programs is just political commentary then they throw on a minor stock mention at the end of the program.

  19. icemannyr Says:

    If he did nothing wrong then it would be interesting if CNBC has him on as a guest now that his contract with FBN is over.

  20. ^ He did do something wrong. Whether or not that violated his contract is a separate, legal matter.

  21. I don’t see it. If he signed on with the stock without breaking any employment rules at the time, and never vouched for it on air, it’s a non-issue. My guess is they wanted him gone, then got a lawyer to find a reason.

  22. What he did is analogous to a licensed financial advisor who is paid to give professional opinions and advice to 401(k) and 403(b) retirement fund participants. Working class people make decisions with life-long consequences based, at least partially, upon what this person recommends. How sound is the advice being given when the professional is also actively seeking paid endorsement opportunities?

    The advice Mr. Smith gives on camera is not only on what to buy, but also on what not to buy. Would he have warned against buying this stock had he not been paid by them?

  23. ^ Point taken. You’re right, I’m wrong.

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