Examining the last piece of biz reporting from Loomis — and her ethics

John Kimelman of Barron’s writes Tuesday about the Fortune story by retiring business journalism legend Carol Loomis about BlackRock, but not before examining her ethics.

Kimelman writes, “Loomis, 85, goes down as one of the most celebrated financial journalists ever. Like the late Alan Abelson of Barron’s, another journalistic legend, she didn’t quit her job in her 60s or 70s, as mere mortals do.

“I must confess that I’ve always had a tough time stomaching the fact that Loomis has a strong friendship with a leading source – Warren Buffett – especially because Buffett occupies a central position in the world she covers. And her side job as an editor of Berkshire Hathaway’s  annual shareholder letters has never passed my smell test either.

“I’m of the school that thinks financial journalists always need to be detached observers and critics, not buddies with the most powerful people on Wall Street and in corporate corner offices. Even supposed saints like Buffett aren’t above criticism, and it takes an independent-minded writer to do it right.

“I also wonder why her employer allowed her to work closely with Buffett all these years, even giving her the right to do many stories on both him and Berkshire.

“But this indiscretion aside, Loomis has still managed to be a savvy financial journalist who has penned pieces that can almost seem like the last word on a company.”

Read more here.