New York Magazine admits it was duped by a 17 year old high school kid. The New York Observer went out and interviewed Mohammed Islam, who claimed to have made $72 million in the stock market to New York. Islam admitted he lied. About everything. Little by little we’re seeing big mistakes at major publications — like Rolling Stone, etc. Cutbacks mean the publications are no longer adhering to their prior standards. And these are the results. This is very scary because hoaxers are always out there.

Here is the New York statement:

In the most recent edition of New York, its annual Reasons to Love New York issue, the magazine published a story about a Stuyvesant High School senior named Mohammed Islam, who was rumored to have made $72 million trading stocks. Islam said his net worth was in the “high eight figures.” As part of the research process, the magazine sent a fact-checker to Stuyvesant, where Islam produced a document that appeared to be a Chase bank statement attesting to an eight-figure bank account.

After the story’s publication, people questioned the $72 million figure in the headline, which was written by editors based on the rumored figure. The headline was amended. But in an interview with the New York Observer last night, Islam now says his entire story was made up. A source close to the Islam family told the Washington Post that the statements were falsified. We were duped. Our fact-checking process was obviously inadequate; we take full responsibility and we should have known better. New York apologizes to our readers.

Bill Cosby’s wife Camille has released a sad non-statement to the press. She neither refutes nor denies a thing that’s been said about her husband. I feel bad for her too. Cosby has hired a spin doctor, but it’s too late. If he were innocent of at least some of the charges, he would have said so by now. He wouldn’t have waited until all academic institutions broke ties with him. Anyway, this statement somehow makes things worse– especially if she knew what was going on, or suspected, over the years.

I met my husband, Bill Cosby, in 1963, and we were married in 1964. The man I met, and fell in love with, and whom I continue to love, is the man you all knew through his work. He is a kind man, a generous man, a funny man, and a wonderful husband, father and friend. He is the man you thought you knew.

A different man has been portrayed in the media over the last two months. It is the portrait of a man I do not know. It is also a portrait painted by individuals and organizations whom many in the media have given a pass. There appears to be no vetting of my husband’s accusers before stories are published or aired. An accusation is published, and immediately goes viral.

We all followed the story of the article in the “Rolling Stone” concerning allegations of rape at the University of Virginia. The story was heart-breaking, but ultimately appears to be proved to be untrue. Many in the media were quick to link that story to stories about my husband – until that story unwound.

None of us will ever want to be in the position of attacking a victim. But the question should be asked – who is the victim?