In November 2005, Citigroup gathered top clients at a lush spa resort in Napa Valley for two days of wine tasting and a chance to road test some of the hottest luxury cars on the market.
The test drivers included Todd S. Thomson, then the chief executive of Citigroups wealth management arm, car collectors, clients of the bank and Maria Bartiromo, the CNBC anchor and celebrity guest.
Their charge: To pick the 2006 car of the year for Robb Report, the luxury magazine. Like many of the judges, Ms. Bartiromo chose the bright red Ferrari Spider, according to one attendee. So did Mr. Thomson, a car enthusiast.
Its the ultimate package of sex and performance, he told a reporter for the magazine.
With its blend of high living, glitz and privileged access, the event provides a glimpse of the rarefied world inhabited by Ms. Bartiromo, who, in her years as CNBCs most recognizable face, has lent to the reporting of once gray business news a veneer of gloss and celebrity.
Socializing with sources is a long journalistic tradition, especially for television personalities whose renown often allows them to travel in the same elite circles as their subjects.
But for Ms. Bartiromo, who accompanied Mr. Thomson last fall on Citigroups corporate jet to a series of client and other bank-sponsored functions in China, her ability to gain entree into the exclusive and mostly male world of chief executives and financial titans has made her a valuable commodity to CNBC.
After Mr. Thomsons abrupt departure from Citigroup, however, such ties have raised questions about her closeness to her sources, all of whom she also covers as the cable networks top anchor. CNBC has said that it paid commercial fare to Citigroup for Ms. Bartiromos trip to China. And last week, Jeffrey R. Immelt, the chief executive of General Electric, CNBCs parent, voiced his support for Ms. Bartiromo and the cable network.
Substantially, I dont think she did anything wrong, he said.
A CNBC spokesman said that Ms. Bartiromo flew commercial to the California event and that the network paid for her flight as it was network business.
Ms. Bartiromo declined to comment for this article. CNBC declined to comment on whether executives had any discussions with her concerning her relationship with Mr. Thomson. However, people inside of CNBC did say that she will continue to cover the company as part of her regular duties.
Whether it is providing a personalized video tribute shot from inside the CNBC newsroom to Stephen A. Schwarzman, the chairman of the buyout giant Blackstone Group to celebrate his 60th birthday or mingling with a source at a benefit for the New York City Ballet, Ms. Bartiromos proximity to the people she covers has created a model of journalism that jibes perfectly with CNBCs mandate to ramp up its ratings by adding pizzazz and drama to its coverage.
Still, Mr. Thomsons departure and Ms. Bartiromos connection to him have raised questions within the network over the possible tension between CNBCs duty to pursue big financial news stories and its loyalty to Ms. Bartiromo.
On Dec. 11, after the appointment of Robert Druskin as chief operating officer of Citigroup, Ms. Bartiromo and Charles Gasparino, a CNBC on-air editor, had a brief on-air clash when Ms. Bartiromo remarked that an earlier report by Mr. Gasparino that Sallie L. Krawcheck would leave her job as chief financial officer did not pan out.
That is not what I said, Mr. Gasparino shot back. I didnt say that, as he argued that Ms. Krawcheck and Mr. Thomson were no longer heirs to succeed Charles O. Prince as chief executive.
Subsequently, according to people with an understanding of how the story unfolded, Mr. Gasparino learned that, in fact, Mr. Thomsons job was in jeopardy.
He explained this to Jonathan Wald, head of news programming, that he had been told by people within Citigroup that top management had examined Mr. Thomsons conduct, specifically the occasions that Ms. Bartiromo joined him on the company jet. Mr. Wald told Mr. Gasparino to pursue the story, these people say.
When Ms. Bartiromo got wind of Mr. Gasparinos reporting, she told Mr. Wald, complaining that her name was being dragged into the matter, these people say. Mr. Wald said that reporting the story was Mr. Gasparinos job.
Nevertheless, Mr. Gasparino never reported on Mr. Thomsons threatened job status. He was urged to proceed cautiously with the story, but some within the network say Ms. Bartiromos role in the story prevented it from being fully reported.
Mr. Wald adamantly disagrees with that interpretation. We were clear from the beginning about reporting the story to the fullest. We did not air it because it was not adequately sourced. It didnt meet our criteria from a journalists standpoint, and it clearly wouldnt have met our lawyers criteria.
On Jan 22, when Citigroup announced Mr. Thomsons resignation, Mr. Gasparino could barely contain his frustration.
