Worth Reading #1: Blogs Beat the Press on the Lehman Brothers Scandal (Why Oh Why Can't We Have a Better Press Corps? for March 18, 2010)
Blogs Beat the Press on the Lehman Brothers Scandal : CJR: And just like that the Lehman Brothers scandal drops off the front pages. And not just the front pages—the section fronts, too. Say, we just learned about a $50 billion fraud on Thursday. Think there might be some newsworthy follow-ups here? Actually there are, and both The New York Times and Wall Street Journal have them, but they stuff them inside.... Somehow the Times thought more people would care about Sorkin’s scoop on a $3 billion deal for Tommy Hilfiger or that it was more important than an auditor approving accounting fraud. They don’t and it’s not. Look, I know that Lehman collapsed a year and a half ago, but this is a major story—one that finally gets awfully close to putting the crimes in the crisis.
I’ll go ahead and say it: If you’ve wanted to know about the Valukas report and its implications, you’ve been better served by reading Zero Hedge and Naked Capitalism than you have The Wall Street Journal or New York Times. This on the biggest financial news story of the week—and one of the biggest of the year. These papers have hundreds of journalists at their disposal. The blogs have one non-professional writer and a handful of sometime non-pro-journalist contributors.... James Kwak of Baseline Scenario wrote this earlier today:
Overall, I’m surprised by how little interest the report has gotten in the media, given its depth and the surprising nature of some of its findings.
So, hi, MSM folks. Here are some bloggers’ Lehman ideas for you to borrow. But please, for once, give them credit...