Hollywood Immortal

[Chapter 363: Complete Collapse]

In the land of supposed ultimate freedom, America, such a scandalous event erupted, driven by powerful forces behind the scenes. The pressure on The New York Times was immense and unmistakable.

Even President Clinton publicly declared from the White House that there would be a thorough investigation into the incident, promising a full explanation to all Americans.

Aside from the FBI rushing to gather more evidence, they were also working hard to pressure and entice the arrested reporters.

Finally, two journalists broke under the strain. Disillusioned completely with The New York Times and the Douglas family, they struck plea bargains with the FBI. They agreed to reveal the masterminds behind the scandal and to serve as key witnesses in court. In return, they secured immunity from prosecution and promises of new identities, residences, and jobs once the case concluded.

Their testimonies pointed directly to the top executives at The New York Times linked to the Douglas family -- Editor-in-Chief Pierce Douglas and Head of the Investigative Department, Cadence Douglas.

With concrete evidence in hand, the FBI summoned Pierce Douglas and Cadence Douglas in New York, arrested them, and denied bail.

---

At this stage, aside from media affiliated with The New York Times, no outlet would let go of such explosive breaking news.

Linton's UPN Network and Hollywood Gossip Daily pulled out all the stops, amplifying every negative report about The New York Times.

Other media giants weren't idle either. Viacom, Fox, Time Warner, The Washington Post, Los Angeles Times, MCA Universal, all raced to cover every new development in the wiretapping scandal engulfing The New York Times.

Even the upcoming Academy Awards ceremony was overshadowed by the wiretapping story, drawing far less public attention than usual.

What the public wanted to know most was no longer about Oscar frontrunners but rather how the wiretapping investigation was progressing.

---

On Wall Street, The New York Times stock continued its frantic plunge, dropping over 50% compared to its value before the scandal broke.

"It's down again..."

"This is it... it's really tanking..."

"A damn nightmare. Another nosedive..."

"God, help me! Why is it crashing like this..."

"The Douglas family are a bunch of freaks. They've wrecked a once-great paper. Poor stocks..."

It was a typical trading day on Wall Street, with many investors furiously watching The New York Times shares fall. They cursed their bad luck, venting their anger.

Some savvy investors sensed the danger, deciding to cut their losses and sell off their shares immediately. Yet others still clung to grudging hope, unwilling to take the loss, though their frustration was boiling over.

Some were not so fortunate. A few lost everything in this storm, reduced to penniless vagabonds, with one even tragically leaping from a rooftop.

But out of public sight, in small conference rooms at Morgan Stanley and Goldman Sachs, some were toasting champagne joyfully.

"This is perfect -- The New York Times stock took another big hit. Cheers!"

---

Linton received a congratulatory call from Hillary. After Linton's previous advice to her about confidentiality, she sounded more cautious this time.

"Mr. Anderson, you've seen the stock market reaction, right?"

"Yes, thanks, it's impressive."

"There's more to come -- just wait for the good news."

"Alright, I'll give you credit for this win."

"Can I stay a couple of extra days here in LA?"

"Absolutely, you're welcome."

Seeing The New York Times stock plummet as planned, Linton felt a surge of excitement over his gains.

However, only a select few had reason to rejoice. Even if there was financial freedom, crucial information was tightly controlled, reserved only for a handful of insiders.

Even if you caught wind of something, without connections, you were shut out. The shares available for short-selling had all been snapped up long ago. Finding New York Times stock to sell was nearly impossible.

This small group was the driving force behind the explosive wiretapping scandal, watching The New York Times stock plummet and seizing profit while pushing the paper further toward ruin.

---

As the case progressed, two more senior executives at The New York Times were implicated by cooperating journalists, including COO Capone Douglas, who was also summoned and arrested by the FBI.

At this point, all Douglas family executives tied to The New York Times were arrested without bail, losing all control over the paper.

With solid evidence, the FBI launched a sweeping investigation into The New York Times. The newspaper's headquarters itself became an FBI and Justice Department staging ground. Normal operations were hit hard. The quality and appeal of the paper plummeted rapidly.

---

Then came more devastating news. The Federal Trade Commission announced that based on solid evidence, The New York Times engaged in widespread unfair competition and fraudulent practices that severely damaged media credibility. The agency slapped a $1 billion fine on the paper.

Following the FTC's announcement, New York Times stock spectacularly crashed again. Market value was halved once more, with shares falling below $2, and total valuation dropping under $300 million -- less than a quarter of its value before the scandal.

Traders at Morgan Stanley and Goldman Sachs began a slow, careful unwinding of their New York Times positions.

---

In the fourth week, the New York District Court publicly tried the wiretapping case. Three of the on-site reporters turned state's witnesses under FBI plea deals. They testified that Pierce Douglas, Cadence Douglas, and Capone Douglas orchestrated the wiretapping.

Evidence was irrefutable, and public outrage grew fierce.

The jury unanimously found all suspects guilty.

The court sentenced all involved to varying prison terms. Cadence Douglas, Head of Investigations, received the harshest sentence -- eight years.

Additionally, each of the four top executives was fined $300 million, totaling $900 million for the three Douglas family executives.

The court also ordered The New York Times to pay $50 million in restitution to twenty victims.

It was time to close the net.

*****

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