Money Magazine Fires Dan Dorfman

Dan Dorfman has been fired from Money magazine after its managing editor said the well-known stock market tipster refused to identify all the confidential sources for his columns.

But Dorfman got a vote of confidence Wednesday from another employer, television cable channel CNBC. Dorfman also said he asked his attorney to begin arbitration proceedings, as provided by his contract with Time Inc., which publishes Money.

The dismissal from Money was effective Monday and comes as Dorfman’s dealings with a stock promoter are reportedly being investigated by federal authorities looking for securities trading improprieties.

Industry commentators were leery about taking sides without knowing more details than Money magazine offered Wednesday about the background for its decision to fire Dorfman effective with the New Year.