Ryan Chittum of the Columbia Journalism Review writes about how J.P. Morgan’s estimated $2 billion in losses from a bad derivative bet is good for business journalism, which knew about the issue before CEO Jamie Dimon.
“Those reports kicked off when Bloomberg News broke the story with a brief piece on April 5 and The Wall Street Journal posted its already-in-the-works page-one story shortly thereafter.
“I noted on April 6, Bloomberg was miffed then that the Journal didn’t credit it with the scoop. I don’t like scoop squabbles, much less adjudicating them, but the market-moving nature of this one makes it something of a different beast, and the fact that Bloomberg and the Journal are still tussling over credit shows just how big the story is.
“The Journal implied in the second paragraph of a page-one story on Friday that the scoop was its own. The Journal didn’t find out about the London Whale from Bloomberg—its story was already reported, I’m told.”
Read more here.
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