Dan Dorfman
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Dan Dorfman (October 24, 1931 – June 16, 2012) was an American financial journalist, at one time a columnist for the ''
New York Sun ''The New York Sun'' is an American conservative news website and former newspaper based in Manhattan, New York. From 2009 to 2021, it operated as an (occasional and erratic) online-only publisher of political and economic opinion pieces, as we ...
'' newspaper. Dorfman was a prominent
CNBC CNBC is an American List of business news channels, business news channel owned by the NBCUniversal News Group, a unit of Comcast's NBCUniversal. The network broadcasts live business news and analysis programming during the morning, Day ...
commentator in the 1990s and a columnist for ''
Money Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: m ...
'' magazine. He also was a
CNN Cable News Network (CNN) is a multinational news organization operating, most notably, a website and a TV channel headquartered in Atlanta. Founded in 1980 by American media proprietor Ted Turner and Reese Schonfeld as a 24-hour cable ne ...
financial news commentator in the 1980s, and a columnist for ''
The Wall Street Journal ''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscriptio ...
'' early in his career.


Personal life

Dorfman grew up in a
Brooklyn Brooklyn is a Boroughs of New York City, borough of New York City located at the westernmost end of Long Island in the New York (state), State of New York. Formerly an independent city, the borough is coextensive with Kings County, one of twelv ...
orphanage. He attended the New York School of Printing, graduating in 1949. Dorfman was divorced in 1986 from his wife Iris, and had one daughter, Leah Dorfman Kelly. His daughter died on November 30, 2008. He remarried, Harriet Kasenetz Dorfman, and until his death resided in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
.


Career

As a CNBC "stock picker" in the mid-1990s, Dorfman's commentaries were closely followed by stock market traders. Stocks would move sharply as soon as a stock pick by Dorfman would be announced on CNBC. The
Chicago Board Options Exchange Cboe Global Markets, Inc. is an American company that owns the Chicago Board Options Exchange and the stock exchange operator BATS Global Markets. History Founded by the Chicago Board of Trade in 1973 and member-owned for several decades, the ...
went as far as to instituting a "Dorfman Rule", where exchange authorities could halt trading in a stock that Dorfman referred to on television.''Marketplace'', NPR Radio, October 27, 1995
The
NASDAQ The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...
also considered controlling volatility caused by Dorfman's on-air picks. The NASDAQ proposed to sometimes suspend trading in any stock mentioned by "a well known, recognized, and influential stock analyst or commentator", and confirmed they were talking about Dorfman. Dorfman supported the "Dorfman Rule": "I'm not looking to cause volatility in stocks. I'm not looking to cause them to go up or down. If there's a way to prevent people from, you know, losing money on a fast train basis, I think it's a good idea." Dorfman was dismissed from a job writing a column at ''Money'' magazine in 1995 for refusing to disclose his sources to his editor. He was suspended from the magazine earlier that year after it was reported in the press that he was the target of a federal probe for having a business relationship with a "stock promoter", and for possible
insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider informati ...
according to sources cited by ''
Businessweek ''Bloomberg Businessweek'', previously known as ''BusinessWeek'' (and before that ''Business Week'' and ''The Business Week''), is an American monthly business magazine published 12 times a year. The magazine debuted in New York City in Septembe ...
'' magazine. The
Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...
and the Justice Department never confirmed or denied the report, and Dorfman denied any wrongdoing:"Dan Dorfman Suffers a Mild Stroke"
''The New York Times'', May 10, 1996
"I want to make it clear that I have never asked for or received payments for any stories. I have not bought or sold a stock in five years and I have not violated any laws." As a result of the investigation that reportedly included Dorfman, a former lawyer for Securities and Exchange Commission and five others were indicted on charges of securities fraud involving two Nasdaq companies. Dorfman was not cited in the indictment. In 1996, Dorfman suffered a mild stroke, but recovered fully. In 2006, Lazlo Birinyi, a ''
Forbes ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...
'' magazine columnist, compared
Jim Cramer James Joseph Cramer (born February 10, 1955) is an American television personality, author, entertainer, and former hedge fund manager. He is the host of ''Mad Money'' on CNBC, and an anchor on ''Squawk on the Street''. After graduating from Ha ...
's ability to move stocks with television commentary to Dorfman's mid-1990s appearances on CNBC. In 2008 Dorfman had been writing a column for the ''New York Sun'', but in October 2008 his bylined articles ended. Dorfman died at age 80 on June 16, 2012, at
New York Hospital Weill Cornell Medical Center (; previously known as New York Hospital, Old New York Hospital, and City Hospital) is a research hospital in New York City. It is the teaching hospital for Cornell University's medical school and is part of NewYork-P ...
. According to the family, he died from
cardiogenic shock Cardiogenic shock is a medical emergency resulting from inadequate blood flow to the body's organs due to the dysfunction of the heart. Signs of inadequate blood flow include low urine production (<30 mL/hour), cool arms and legs, and decreased ...
, a heart condition.


References


External links


Dorfman's recent NY Sun columns

"Walking a Tightrope"
Kara Newman, American Journalism Review - On Dorfman, Journalists, and Conflicts of Interest {{DEFAULTSORT:Dorfman, Dan 1931 births 2012 deaths American columnists American male journalists Television personalities from New York City CNBC people Writers from Brooklyn The Wall Street Journal people