Hell may freeze over before Wall Street’s PR image improves. From the scandalous decisions that began the financial collapse to legal damages that seem, to the general public, hardly punitive and Martin Scorsese’s excess-laden Wolf of Wall Street, could the image of the financial sector get any worse? Yes, and a lot, thanks to the PR blitz for Michael Lewis’s latest book Flash Boys: A Wall Street Revolt.
Lewis is the author of several bestsellers, including Liar’s Poker and Moneyball: The Art of Winning an Unfair Game. Flash Boys has been boiled down to a single crystal-clear, seismically charged sound byte: The United States stock market is rigged. Thus began segments on 60 Minutes, The Today Show, and a host of other TV shows, newspaper and magazine articles – enough media exposure to sink the stock market all over again.
Naturally, there’s been blowback from Wall Street, though anyone in the stock market is so mistrusted by the public that protests only lend credence to Lewis’s claims. Others in the stock sector have said Lewis is right and are becoming whistleblowers. While Wall Street’s image continues to plummet, Michael Lewis’s stock is on a high.
THE PR VERDICT: “A” (PR Perfect) for author Michael Lewis (and an “F,” Full Fiasco, for Wall Street).
THE PR TAKEAWAY: Harmonic convergences can be planned. A hot topic, a ripe scapegoat, an author with a talent for explaining complex issues simply… Yes, these are all dream situations, but flaks can work their own version of stock market magic. Timing the book’s publication after the release of The Wolf of Wall Street may have been coincidental, but was more likely a skilled PR team working Wolf like a peloton. Lewis’s elevator pitch, as well as his Everyman-friendly explanations, sell themselves – after being honed. A perfect campaign; perhaps Wall Street should hire Lewis’s team.