Panelists include Kathy Bloomgarden, CEO, Ruder Finn, Mark J. Penn, Worldwide CEO, Burson-Marsteller and Steven Rubenstein, President, Rubenstein Communications. The discussion was be moderated by Matthew Bishop, US Business Editor and New York Bureau Chief for The Economist.

In this highlights clip, they talk about the changing world in PR and the Rolling Stone article on Goldman Sachs that made quite a splash.

At one point (at the 7 minute mark), Bishop asserted that the rules of engagement are being disturbed, particularly online with Twitter and the proliferation of blogging, and asked the panel how they are figuring out what the new rules of engagement are. Kathy noted her firms segments bloggers into four different areas. One group include the most trustworthy bloggers, people they really feel they can engage with, who will stay on message. The second group includes bloggers they want to inform, who are trustworthy, but who might not be following the industry as intently as the first. A third group contains blogger they are “monitoring,” and the fourth group are filed under “ignore.”

This is the vendetta types, who are out to kill. And they’re very happy to spread all kinds of rumors of one sort or another. And misinformation that gets out into the blogosphere is absolutely impossible to shut down...There’s some group you just don’t want to give any information to. You just want to keep them, you know, you’re not going to engage at all with them. There’s nothing you can do to some bloggers that is actually going to have a positive interaction.”