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Stock Picker Dan Dorfman to Join Financial World Magazine

December 4, 1996

NEW YORK (AP) _ Dan Dorfman, the controversial stock market columnist and TV commentator who was sacked by Money magazine early this year, has found a new outlet for his views.

Financial World magazine said Tuesday he has been hired to write a monthly column starting in February’s issue. Dorfman has not appeared on the CNBC network since suffering a stroke in May.

``I’m very gung-ho about the opportunity to once again contribute to a top business publication,″ Dorfman said in a statement. ``I read the magazine regularly and like what it has to say.″

Dorfman, who turned 66 two weeks ago, was fired Jan. 1 from his a $450,000-a-year job at Money for refusing to reveal confidential news sources to his editor.

The move followed published reports that federal authorities were investigating his relationship with a stock promoter. Subsequent reports said the probe included questions about whether Dorfman profited from his TV reports by trading on them or accepting favors.

Federal authorities have never commented on the reports, and Dorfman has repeatedly maintained his innocence.

Dorfman is still under contract with CNBC, where his brief raspy-voiced reports would often give a midday jolt to the market. But the network would not speculate on when he might return to the air.

Dorfman filed one report in July, but his words were read by an anchor.

``He’s doing well and still recovering and he’s certainly capable of reporting, but the physical demands of appearing five days a week on television are obviously greater than writing a monthly column,″ CNBC spokesman George Jamison said.

``We hope that he will return to work with us soon,″ he added.

In August, CNBC said it found no evidence of wrongdoing in its own investigation of Dorfman’s activities.

Dorfman began his career covering the retail business for the trade paper Women’s Wear Daily. He wrote the ``Heard On The Street″ stock column for The Wall Street Journal in the 1960s and also has written for New York magazine, Esquire, and USA Today.

He branched out into television in the 1980s, offering daily reports after the markets closed on CNN before moving on to CNBC in 1990.

Financial World, founded in 1902, is the nation’s oldest business magazine but came under new ownership in November 1995. It prints 15 issues a year, including three special editions, and has a circulation of 425,000.

Dorfman’s former employer, Money magazine, has a circulation of 1.9 million.

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