This is a failure not of industry but of imagination. The Journal, as an institution, has shown that it clearly understands it is reporting the greatest financial story of our lives. Bloomberg and the Times understand, however, that they are also reporting the greatest-ever financial scandal.
This is about institutional leadership—setting priorities and allocating resources. It’s about recognizing the need for responsibility, accountability, empathy, moral imagination. It’s about knowing when you’ve been had—had your lunch eaten—by the people and institutions you’ve been covering all these years, and being mad about it. It’s about professional pride. Or is that just for the rank-and-file?