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The Thrill of the Chase

The Thrill of the ChaseBreaking big news stories in the business world is what makes CNBC anchor and reporter David Faber tick.

Medford/Somerville, Mass. [06.11.07] When CNBC anchor and reporter David Faber got wind that Wall Street Journal publisher Rupert Murdoch was interested in buying the newspaper's parent company Dow Jones, he did what any good journalist would do-he followed the lead. After contacting five sources and calling Murdoch's media company for comment, the 1985 Tufts graduate broke the story on CNBC in early May.

"It starts with one person saying one tiny thing, and then another person gives me something, and then I call a third person," he told The Washington Post. After talking with Murdoch's News Corporation, the journalist told the Post, "People called and told Rupert, ‘Faber's got it.'"

It's precisely that feeling-the thrill of breaking news-that keeps Faber in the game. A 13-year CNBC veteran, "Faber has Wall Street pretty well wired," according to the Post. The newspaper reported that he counts among his trusted sources many of Wall Street's elite: the bankers, lawyers and executives who drive the deals that capture major media attention.

"In recent months, he broke news of the biggest leveraged buyout in history-a $45 billion takeover of the Texas energy firm TXU-and the Blackstone Group deciding to go public with a $4 billion offering," according to the Post.

Faber, the chief correspondent for CNBC's monthly newsmagazine "Business Nation" and a contributor to its daily show "Squawk on the Street," also produces documentaries for the business news network. In 2005, he made CNBC history when his two-hour documentary "The Age of Wal-Mart" earned the network its first Peabody Award and the Alfred I. duPont-Columbia University Award for Broadcast Journalism.

He also produced a documentary on the fall of telecommunications giant WorldCom, which was forced to file bankruptcy five years ago after an income inflation scandal involving billions was uncovered. During taping, Faber "landed an interview on a Mississippi street with [WorldCom] CEO Bernard Ebbers-which was later used in the trial that convicted Ebbers in an $11 billion fraud," the Post reported.

Being in constant contact with major players in the financial world has at times tempted Faber, who studied English at Tufts, to consider making the leap from journalism to Wall Street. "I've been watching people amassing enormous wealth, people I know pretty well," he told the Post.

But for Faber, the excitement that comes with uncovering the next big business news story, whether it's Murdoch's bid to buy Dow Jones or WorldCom's declaration of bankruptcy, is hard to beat.

"I love the hunt," Faber told the Post. "I love breaking stories. I still love it."

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