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Should ABC be Punished for Reporting FAKE NEWS that caused the Stock Market to Tank?

ABC News was so eager to dream up an anti-Trump scoop, they sloppily reported a completely inaccurate story that caused the stock market to tank on Friday.

Given the billions at stake in the financial markets and the responsibility of a major media network, shouldn’t ABC be punished?

From Daily Caller

ABC News is making a significant correction to a report it did on former national security adviser Michael Flynn that sent shockwaves across social media and financial markets on Friday.

Brian Ross, a veteran journalist at ABC News, reported earlier in the day that a source close to Flynn said that the retired lieutenant general was prepared to testify that during the campaign Donald Trump instructed him to make contact with Russian government officials.

The report came out after Flynn pleaded guilty to lying to the FBI about his contacts during the presidential transition period with Russian ambassador Sergey Kislyak. Special Counsel Robert Mueller found that Flynn lied to the FBI during a Jan. 24 interview on the topic.

The stock market plummeted more than 350 points after the ABC News report, seemingly because it undercut Trump’s longstanding claim that he did not order anyone to contact the Russians prior to the election.

“[Flynn is prepared to testify, we are told by a confidant, against President Trump, against members of the Trump family, and others in the White House,” Ross reported. “He is prepared to testify that President Trump, as a candidate Donald Trump, ordered him to make contact with the Russians, which contradicts all that Donald Trump has said at this point.”

The source for Ross’s report appears to have been Richard Frankel, former senior aide to Flynn and an ABC News contributor. After Ross’s segment, ABC News published an article quoting Frankel at length.

“I don’t know how much General Flynn knows about any criminal activity that took place during the campaign or in the White House,” said Frankel, who retired earlier this year from a senior role at the FBI.

“However, General Flynn was a top adviser to President Trump in the campaign and a top adviser to him when he entered into the WH so if there are bodies buried so to speak, General Flynn would know about them in my opinion.”

The Daily Caller reached Frankel after Ross’s initial report.

“I have not had discussion with the General regarding these issues. I cannot comment in that I am with ABC News,” he said through email.

Ross issued a “clarification” to his report on ABC “World Tonight,” hours after the initial bombshell allegation about pre-election Russia contacts was made on air.

“A clarification tonight on something one of Flynn’s confidants told us and we reported earlier today,” Ross told ABC “World Tonight” host David Muir.

“He said the president had asked Flynn to contact Russia during the campaign. He’s now clarifying that, saying, according to Flynn, candidate Trump asked him during the campaign to find ways to repair relations with Russia and other world hot spots. And then after the election, the president-elect asked him to contact Russia on issues including working together to fight ISIS.”

WATCH: Brian Ross ‘clarifies’ report about Michael Flynn

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