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WDIV-TV’s Rod Meloni reflects on decades of business news in Detroit
WDIV-TV’s big goodbye: Smilovitz, Tutman, MacDonald, Meloni to depart
WDIV-TV sports anchor Bernie Smilovitz, and reporters Mara MacDonald, Rod Meloni, and Paula Tutman will leave in July as part of a voluntary retirement program.
After nearly three decades of steering auto industry and business coverage at WDIV-TV in Detroit, Rod Meloni is turning in the keys.
Meloni, who arrived at Channel 4 in October 1995, admits he’s had one incredible ride in a town that never seems to be lacking big business potholes, including memorable bankruptcies, and has plenty of great characters and plot twists.
Sure, Meloni acknowledged in a phone interview with me that he’s done his share of goofy stuff, too, like his chuckle-filled “Rod the Builder” segments, which had Meloni taking on the professional competition to string holiday lights, build a lobster roll, or, shudder, go live to put together something at IKEA.
“I didn’t really like doing ‘Rod the Builder,’ ” Meloni admitted. “But people loved it, they just loved it. That’s why they didn’t kill it until just this year.”
An incredibly long list of auto shows and contacts
The WDIV Local 4 business editor is known for his hearty humor, versatility and high energy. “One of the photographers here calls working with me riding the lightning,” Meloni said. He says he has built up just under 5,400 phone numbers of sources he can call to check out a range of news tips, including those involving local crimes.
His legacy is his skillful coverage of a long list of incredibly serious news in Detroit — the Kmart bankruptcy in 2002; the bankruptcies of two of the Detroit Three, Chrysler and General Motors, both in 2009; and the city of Detroit bankruptcy filing in July 2013.
Meloni has covered, or in his words — endured, more Detroit auto shows and Charity Previews than he cares to count, likely every such event that was held since the first one he covered in 1996. Meloni is a board member, and a past president, of the Automotive Press Association.
Made sure to know his business
He’s put in the time to be as knowledgeable and well-versed as possible on complex matters, successfully earning his Certified Financial Planner professional status in 2011 after studying for the certification at Oakland University, and passed the test, which was, at the time, considered one of the most difficult ones out there.
“My mom always stressed ‘Don’t be talkin’ unless you know what you’re talkin’ about,’ ” said Meloni, who grew up in Attleboro, Massachussetts, a town on the border of Rhode Island.
His one financial tip to everyday households: “You can’t spend it all.”
Many financial gurus will tell you, he said, that you cannot live paycheck to paycheck. You’ve got to aim to save money along the way for longer term expenses, such as college tuition and retirement. Try to learn to live on 80% of what you make and save the rest, said Meloni, who admits he wasn’t always able to save that aggressively.
Meloni ran a weekly “Money Monday” segment on WDIV, and even for a brief time wrote weekly financial tips for the Free Press during an agreement the paper had with Channel 4 in 2006.
His is graduate of Emerson College in Boston with a bachelor’s degree in mass communication. He credits his professor at Emerson, the late, legendary Marsha Della Giustina, with drilling home the need to be able to go anywhere as a broadcast journalist, ask enough questions, get the story and get it right.
“You can get a minute-30 (story) out of anything,” he said. “That was always sort of my calling card. You could throw me in anything, and I’ll come back with a story.”
Meloni started in radio but his first TV job out of college was at WABI-TV in Bangor, Maine, which Meloni jokes “wasn’t the end of the earth but you could see it from there.”
Memories of Michigan Central Station and Detroit’s low points
After 15 years in the business — including stints in Portland, Maine; Miami; the NBC affiliate in Tampa, Florida; and an anchor job in Saginaw — Meloni joined Detroit’s NBC affiliate. And, yes, he’s seen quite a few wild stories and transformations.
He well remembers the hulking, skeleton feel of the abandoned Michigan Central Station when it lacked love and windows. “You could look through the building and see Canada,” Meloni said.
As part of his coverage of the historic reopening of Michigan Central Station on Thursday, Meloni told me that he plans to use old video from 2006 when actor Shia LaBeouf filmed a big battle scene for the movie “Transformers” at Detroit’s desolate train depot against new video of the massively renovated building with its marbled-floor main hall today.
More: Michigan Central Station’s renovation: Before-and-after photos show dramatic change
One day Meloni never expected to see was June 1, 2009, when the iconic General Motors filed for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court in the Southern District of New York. Covering the auto industry turmoil, Meloni recalls that he was sitting in the Les Stanford car dealership in Dearborn 15 years ago when the GM bankruptcy news broke, and he was ready to go live once that GM press release hit.
While the auto industry faced startling upheaval during the financial crisis, it was hard for many to fathom that once powerful GM could have fallen so far.
Meloni said his trademark as a journalist was his ability to break news, juggle stories and file on time. “You’re the lead at 6 — you’re not the lead at 6:05,” Meloni said.
“My best utility was the grind,” he said.
And he jumped at some stories that others might have avoided.
During his early years on the auto beat, Meloni one day found himself standing in Detroit in front of a moving SUV as Chrysler tried to prove a point on sudden, unexpected acceleration.
The profitable Grand Cherokee was haunted by consumer complaints to the National Highway Traffic Safety Administration in the mid-1990s of unintended or sudden acceleration. Drivers charged that they felt the vehicle seemingly race out of control for no apparent reason, and, according to some complaints, the acceleration took place even when a driver was actively trying to apply the brakes. The auto industry maintained that much of the problem was driver error, as somehow drivers were hitting the gas pedal when they thought they were putting their foot on the brake.
Meloni — a critical eye covering the sudden acceleration crisis at Chrysler Corp. for NBC affiliate WDIV — agreed to stand in front of the a Grand Cherokee on live TV, wrote Chrysler PR executive Jason Vines in his 2014 book “What Did Jesus Drive? Crisis PR in Cars, Computers and Christianity.”
The Chrysler engineering executive Craig Winn would start the SUV, firmly apply the brake, then push the accelerator pedal fully to the floor, Vines wrote, and shift into drive.
Stand in front of a moving SUV? When things could be touch and go — and go? What if the brakes didn’t work?
Fortunately for Meloni, and Chrysler, the brakes worked fine when Winn, who was general manager of Jeep Platform Engineering from 1994 to 1998, drove the SUV.
Good thing. Otherwise, Meloni could have been dead on live TV, and the Chrysler guys surely would have been fired, the often-unrestrained Vines wrote in his book.
Meloni recalled Wednesday that Vines later called after Channel 4 did about a dozen stories on sudden acceleration and Vines screamed “What do you want?” into the phone. “I told him ‘fix the damn problem,’ ” Meloni said.
Meloni said he doesn’t take personal credit for the fix but a shift interlock was later added to future models.
Later, in April 1997, Chrysler agreed to modify nearly 2.5 million Jeep sport utility vehicles so drivers couldn’t lose control by shifting into gear with their foot on the gas, not the brake. It was known as a brake-shift interlock. The automaker announced a free retrofit, not a recall, for all 1984-95 Jeep Cherokees and 1993-95 Grand Cherokees, according to a report then in the Detroit Free Press.
A Chrysler executive was quoted in 1997 saying: “We have carefully examined unintended acceleration reports. All evidence points to pedal misapplication.”
More: WDIV-TV confirms MacDonald, Smilovitz, Meloni, Tutman to take buyouts, leave in July
More: From Eminem video to Batman movie: Michigan Central Station has had many pop culture roles
In another major Detroit TV moment, Meloni ran a hidden camera in 2001 to expose how some car dealers were too willing to bend the rules to give bogus employee discounts for those with no connections to the auto industry. Meloni recalls working with the assistance of someone who happened to be related to one of the TV station’s interns. The secret shopper went out to the dealerships with a hidden camera.
“The dealership was giving the papers to any customer who walked in the door,” Meloni recalled.
A competing car dealership had tipped Meloni off to the shenanigans with a phone call and the dogged reporting ended up winning Meloni his first Emmy.
The story was an “economically courageous story for TV news — auto dealers remain one of local TV’s larger advertisers,” wrote then Detroit Free Press staff writer John Smyntek in his review of May sweeps coverage.
WDIV buyout offered a good opportunity for him
Meloni, 65, is one of four well-known, on-air TV warriors taking buyouts at WDIV — along with reporters Mara MacDonald and Paula Tutman and sports anchor Bernie Smilovitz. They are leaving in July along with a number of off-air employees who took buyouts at the station.
Meloni says he has nothing but great feelings about Detroit, including its welcoming nature, and WDIV. “I leave Channel 4 happy,” Meloni said. His contract would have been up later this year, he said, and he believes he could have signed another one. Now, though, seemed like a good time to retire and take a generous buyout.
Meloni recalled how he was brought in to take over the business beat from the late Jennifer Moore — who was inducted into the Michigan Journalism Hall of Fame in 2014, the same year she died from cancer. Moore was the first television business reporter hired by a major Detroit TV station, according to her bio. Moore started at WDIV in 1979 as a business editor.
Moore remained at WDIV when Meloni arrived and he said she was incredibly gracious and helpful to him, more so than many would be in a competitive industry.
Once, Meloni said, he made the mistake of saying he was replacing Moore. Long-time auto writer Paul Eisenstein, he recalls, promptly put Meloni in his place saying no one could replace Moore.
What he says about auto CEOs
Meloni has appreciated being able to interview the titans of the auto industry, including Bill Ford, executive chair of Ford Motor Co.; Bob Lutz, who had a passion for car design and retired as General Motors’ vice chairman in 2010 after a 47-year career; and the late Sergio Marchionne, former CEO of Fiat Chrysler Automobiles.
Meloni admired Ford’s eagerness to hold conversations and engage journalists about their opinions in some cases, such as the design of Ford Field, which incorporated the existing infrastructure for the old Hudson’s warehouse and opened in 2002.
“Bill is just a regular guy, and I mean that sincerely,” Meloni said. “Is he worth billions? Of course.”
And Meloni remembers the day Marchionne helped him out of a jam.
Several years ago, Meloni ended up having a heated exchange with a New York-based journalist during a press event for Chrysler at a Detroit auto show. The way Meloni tells it, Marchionne called on Meloni to take his question. But the other journalist jumped in and shouted over Meloni, so loudly that Marchionne answered the New York journalist’s question, not Meloni’s.
“I looked at the guy and said, ‘What is your major malfunction?’ ” Meloni recalled asking the competing journalist, his voice as heated as it likely was decades ago. Meloni said the other journalist didn’t follow protocol. “We got into it verbally.”
Yet, he said, Marchionne heard that exchange in real time and immediately came back to answer Meloni’s question, providing a much-needed sound bite for TV news.
“He listened, No. 1, and No. 2 he realized that he had answered the wrong question, and he actually did something about it,” Meloni said.
“Normally, they just walk off the stage and you were left with nothing.”
When Meloni walks away from WDIV on July 1, he’s not sure what’s next. Maybe, he’ll do something part-time in financial planning. He expects to do some more volunteer work.
He says he most certainly is looking forward to spending more time with his wife Karen, who gave up an impressive job early on to raise their three daughters and, he says, put up with a great deal as he built his TV career. They’re celebrating their 40th wedding anniversary in October and looking forward to an entire bathroom remodel on their home Up North.
Maybe, “Rod the Builder” will pay off, after all.
Contact personal finance columnist Susan Tompor: stompor@freepress.com. Follow her on X (Twitter) @tompor.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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