Categories: OLD Media Moves

Media acquitted with Enron verdict

The Houston Chronicle’s Rick Casey has a nice front-page column in Friday noting that the Enron jury found the business media, who had been blamed by defendants Ken Lay and Jeff Skilling of causing the company’s downfall, not guilty. But the media, he notes, was guilt of writing overly positive stories about Enron.

Casey writes, “And it must be admitted, the Houston Chronicle did not cover itself with glory. We cheered at least as loudly as others. (I think we’ve reformed. Our coverage since the criminal investigations began, led by Mary Flood, has been nationally recognized.)

“We had some, um, excuses. Lay was a compelling figure when he was speaking as a likable visionary, not only for Enron but also for Houston as a creative center, meanwhile showering the city’s arts and charities with millions of dollars of his own and Enron’s. Who wanted to think of him as a Ponzi schemer?

“Skilling wasn’t as charming, but he was very adept at making anyone — employee, stock analyst, reporter — feel stupid who didn’t understand his opaque explanations of how the business worked.

“What’s more, we didn’t have what federal prosecutors had: subpoena power and the ability to shorten the prison sentences of cooperating witnesses.

“It would have taken some very good reporting to burst Enron’s shiny bubble. But that very good reporting did not emerge until very late.”

Read more here.

Recent Posts

Dynamo hires former Business Insider executive editor Harrington

Former Business Insider executive editor Rebecca Harrington has been hired by Dynamo to be its…

20 hours ago

Bloomberg TV hires Kerubo as desk producer

Bloomberg Television has hired Brenda Kerubo as a desk producer in London. She will be covering Europe's…

20 hours ago

Jittery CNBC staff reassured by new boss

In a meeting at CNBC headquarters Thursday afternoon, incoming boss Mark Lazarus presented a bullish…

21 hours ago

Making business news accessible to a wider audience

Ritika Gupta, the BBC's North American business correspondent, was interviewed by Global Woman magazine about…

21 hours ago

Rest of World hires Lo as China reporter

Rest of World has hired Kinling Lo as a China reporter. Lo was previously a…

21 hours ago

Bloomberg rises to No. 7 biz news website

Bloomberg News saw strong unique visitor growth to its website in October, passing Fox Business…

22 hours ago