Dan Dorfman
Encyclopedia
Dan Dorfman was previously a columnist for the New York Sun
newspaper. Dorfman was a prominent CNBC
commentor in the 1990s and a columnist for Money
magazine. He also was a CNN
financial news commentator in the 1980s, and a Wall Street Journal columnist early in his career.
Dorfman grew up in a Brooklyn
orphanage. He attended the New York School of Print, graduating in 1949. Dorfman was divorced in 1986 from his wife Iris, and had one daughter, Leah Dorfman Kelly. His daughter died November 30, 2008.
He has since remarried, Harriet Kasenetz Dorfman, and resides in New York City.
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 of Options went as far as to instituting a "Dorfman Rule", where exchange authorities could halt trading in a stock that Dorfman referred to on television. The NASDAQ 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
according to sources cited by Businessweek
magazine. The Securities and Exchange Commission and the Justice Department never confirmed or denied the report, and Dorfman denied any wrongdoing: "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 magazine columnist, compared Jim Cramer'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.
New York Sun
The New York Sun was a weekday daily newspaper published in New York City from 2002 to 2008. When it debuted on April 16, 2002, adopting the name, motto, and masthead of an otherwise unrelated earlier New York paper, The Sun , it became the first general-interest broadsheet newspaper to be started...
newspaper. Dorfman was a prominent CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...
commentor in the 1990s and a columnist for Money
Money (magazine)
Money is published by Time Inc. Its first issue was published in October 1972. Its articles cover the gamut of personal finance topics ranging from investing, saving, retirement and taxes to family finance issues like paying for college, credit, career and home improvement...
magazine. He also was a CNN
CNN
Cable News Network is a U.S. cable news channel founded in 1980 by Ted Turner. Upon its launch, CNN was the first channel to provide 24-hour television news coverage, and the first all-news television channel in the United States...
financial news commentator in the 1980s, and a Wall Street Journal columnist early in his career.
Dorfman grew up in a Brooklyn
Brooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
orphanage. He attended the New York School of Print, graduating in 1949. Dorfman was divorced in 1986 from his wife Iris, and had one daughter, Leah Dorfman Kelly. His daughter died November 30, 2008.
He has since remarried, Harriet Kasenetz Dorfman, and resides in New York City.
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 of Options went as far as to instituting a "Dorfman Rule", where exchange authorities could halt trading in a stock that Dorfman referred to on television. The NASDAQ 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
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...
according to sources cited by Businessweek
BusinessWeek
Bloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
magazine. The Securities and Exchange Commission and the Justice Department never confirmed or denied the report, and Dorfman denied any wrongdoing: "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 magazine columnist, compared Jim Cramer'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.
External links
- Dorfman's recent NY Sun columns
- "Walking a Tightrope", Kara Newman, American Journalism Review - On Dorfman, Journalists, and Conflicts of Interest