A couple of days ago I told you about iBusinessReporting, iBizReporting.com, where investigative journalism of corporate America had gone private and would be built on the profits of short selling publicly traded companies the reporters believed to have gone astray.
iBizReporting is led by my friend Bill Lobdell and his colleague, Barry Minkow –yes, that Barry Minkow. ZZZ Best Barry. (I will try and have Lobdell and Minkow on today’s show.)
Today Los Angeles Times’ media columnist James Rainey predictably wrings his hands. “Oh dear, oh dear, what will the people at the Poynter Institute say?” is the short version. The ghosts of journalism past are aghast at the idea of funding investigations through short selling.
What matters of course is whether Lobdell and Minkow get their stories right and uncover investor fraud or corporate puffing. Their story and credibility depends on their performance.
The Times’ reaction, channeled through Rainey, is another death rattle from a print media that didn’t monitor its slide into hopeless bias and irrelevance as it threw away credibility by staffing newsrooms with 95% liberal-left activists and then wondering why no one cared what they thought. From environmental activists covering land development, to pro-choicers covering abortion controversies, and hard hard left ideologues covering politics, the Times represented the worst in media bias, and its shell-of-itself that staggers on through bankruptcy is proof not of new media’s ravages on the work product of the old, but of the arrogance of unchallenged elites unaware of the world around them.
Now if we can only find some new new journalists to cover presidential candidates so the next John Edwards doesn’t elude the MSM for a year. Oh, that’s right, we already have the National Enquirer, running circles around the and their east coast betters.