ON THE MONEY
Claire Leka gives farflung investors an insider's view of Wall Street.
nvestors mesmerized by the Dow's recent danse macabre might suspect Claire Leka of making her home at the New York Stock Exchange. They wouldn't be far off the mark. For the last five years the 32-year-old business correspondent for CNN's Newsource has spent so much of her waking hours on Wall Street that she was asked to cover the dark aftermath of September 11.
The Filipina/German-Irish Washington D.C. native began her career in tiny Hagerstown, Pennsylvania (number 192 among U.S. broadcast markets). She drove around with her own camera to animal shelters and rotary club luncheons for $25 a day. Not a spectacular beginning for someone with a masters in journalism from The American University. Today her live feeds are carried around the globe on CNN International and local stations like KABC-TV in Los Angeles, WHDH-TV in Boston and Sunrise 7 in Sydney.
Leka is married and has a 15-month-old son. Her hobbies include running, hiking and reading novels by Grisham, Fitzgerald and Dumas. She also finds time to mentor two young journalists, including a fellow member of the Asian American Journalists Association.
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GS:
You were recently honored by the National Academy of Arts & Sciences
for your 9/11 coverage. How did a Wall Street business correspondent get assigned to cover the 9/11 attack and aftermath?
CL:
I was actually on my way back into my apartment building when my doorman told me a plane had flow into the World Trade Center. My hours are 11a.m. to 7p.m. so I was just about to start getting ready for work. I couldn't believe it. At first I thought it was a small plane but I went upstairs and turned on CNN and then I watched the horror unfold for the next few hours.
I was assigned to cover the aftermath of the 9/11 attacks when the New York Stock Exchange finally opened up 4 days later. I was extremely busy that day. I think I did about 40 live shots with stations all over the country wanting to know how traders were coping with being back at the NYSE which is only two blocks away from ground zero. Getting to work was a nightmare, there were National Guard troops everywhere with machine guns. There were about 7 or 8 checkpoints and you had to have I.D. For 6 weeks after 9/11 you couldn't even take the subway to the Wall Street station. You had to walk from two stations away.
That week I did several stories on the companies that lost so many people, like Bond trader, Cantor Fitzgerald.
GS:
What changes have you seen in the daily lives of the Wall Street
financial workers after 9/11?
CL:
Life has definitely changed since 9/11. So many people who worked down here lost people that they knew, friends, colleagues, acquaintances. We forever have a police presence here. There are guards with submachine guns guarding the NYSE.
GS:
Do you think the attack did anything to shake the image of New York
and Wall Street as the world's financial center? Is there less faith
in New York as a global bastion of economic strength and stability.
CL:
No, I don't think so. New York is a very tough town. It would take a lot more to shake our confidence. This is still the world's financial center, nothing will change that.
GS:
Give us your assessment of the current mood among the Street's
investment community with regard to when they are expecting a
rebound. What is your personal assessment?
CL:
That's a tough question. in just a few days it will be 3 years since the peak of the market on March 10, 2000. The NASDAQ was at 5049. Little did anyone know we would have this brutal bear market for three years and the NASDAQ would plunge 79% to 1336.
I think a lot of analysts and market watchers are skeptical about a turnaround. We have a lot of issues confronting the market: a possible War with Iraq, a weak economy and terrorism threats here at home. We had none of those things three years ago. It was a different time. In my opinion, I think the market will eventually recover but it may take a few more years.
GS:
When the stock market does finally start back up, how long do you think it will take for NASDAQ and the Dow to regain their peaks? Do you see more potential for NASDAQ or the Dow during the next recovery?
CL:
That's a very good question and one that most every one down here on the street would LOVE to know the answer to!
In my opinion, I think it will take at least 2-3 more years for the Dow to regain its peak of around 11,700 and maybe 5-10 years for the NASDAQ to break through 5,000 again.
I see more potential right now for the Dow because we are in a very depressed time right now for technology spending and major companies like Dell Computer, Intel and Hewlett Packard are saying things aren't going to get better anytime soon.
GS:
Do you ever get tempted to capitalize on tips or insights gathered
while performing your duties as CNN's business correspondent? Have
you ever made an investment based on such information?
CL:
No, that would go against CNN's rules.
GS:
What do you find to be the most challenging part of your job?
CL:
I find it very challenging to constantly be abreast of the market. It is exciting to talk to so many different stations.
GS:
What do you find to be the most enjoyable part of your job?
CL:
I love being live. It is very exciting to do live shots all day with stations from Detroit to Los Angeles, to Sydney Australia.
GS:
What would you most like to change about your job?
CL:
I would love to do more long format news packages and anchor.
GS:
What is the professional contribution of which you are most proud?
What special abilities do you bring to your job?
CL:
I think I bring solid live experience and business background to this job. I think I have a good on-airpresentation and a solid delivery style. I also think I interact well with various anchors.
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nvestors mesmerized by the Dow's recent danse macabre might suspect Claire Leka of making her home at the New York Stock Exchange. They wouldn't be far off the mark. For the last five years the 32-year-old business correspondent for CNN's Newsource has spent so much of her waking hours on Wall Street that she was asked to cover the dark aftermath of September 11.
