Rob Wells
- Published in print:
- 2019
- Published Online:
- September 2020
- ISBN:
- 9780252042942
- eISBN:
- 9780252051807
- Item type:
- book
- Publisher:
- University of Illinois Press
- DOI:
- 10.5622/illinois/9780252042942.001.0001
- Subject:
- Society and Culture, Media Studies
The Enforcers describes the problems with business journalism and its possible future by focusing on the little-studied genre of the trade press. A historical and normative analysis of business ...
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The Enforcers describes the problems with business journalism and its possible future by focusing on the little-studied genre of the trade press. A historical and normative analysis of business journalism frames a case study about a small but extraordinary trade newspaper, the National Thrift News, whose aggressive reporting on the savings-and-loan crisis contributed to the downfall of a corrupt banker, Charles Keating Jr., chairman of American Continental Corporation and owner of Lincoln Savings and Loan. The National Thrift News offers broader lessons for mainstream business journalism in that its newsroom envisioned investigative reporting as a commercial and market opportunity; the editor’s part-ownership of the newspaper allowed the staff to take risks. The National Thrift News defied a long-standing narrative that trade publications are captive to the industries they cover; the case study provides new evidence of accountability and investigative journalism in the trade press. It explores the complex relationships and interactions between businesspeople and the press, how their fortunes can rise and fall as a result of similar economic forces, and how their roles in the capitalist system create tension and put them at odds with one another. This book makes the case that business journalism must evolve from its origins as market servant and become a market watchdog.Less
The Enforcers describes the problems with business journalism and its possible future by focusing on the little-studied genre of the trade press. A historical and normative analysis of business journalism frames a case study about a small but extraordinary trade newspaper, the National Thrift News, whose aggressive reporting on the savings-and-loan crisis contributed to the downfall of a corrupt banker, Charles Keating Jr., chairman of American Continental Corporation and owner of Lincoln Savings and Loan. The National Thrift News offers broader lessons for mainstream business journalism in that its newsroom envisioned investigative reporting as a commercial and market opportunity; the editor’s part-ownership of the newspaper allowed the staff to take risks. The National Thrift News defied a long-standing narrative that trade publications are captive to the industries they cover; the case study provides new evidence of accountability and investigative journalism in the trade press. It explores the complex relationships and interactions between businesspeople and the press, how their fortunes can rise and fall as a result of similar economic forces, and how their roles in the capitalist system create tension and put them at odds with one another. This book makes the case that business journalism must evolve from its origins as market servant and become a market watchdog.
Rob Wells
- Published in print:
- 2019
- Published Online:
- September 2020
- ISBN:
- 9780252042942
- eISBN:
- 9780252051807
- Item type:
- chapter
- Publisher:
- University of Illinois Press
- DOI:
- 10.5622/illinois/9780252042942.003.0005
- Subject:
- Society and Culture, Media Studies
This chapter examines a legacy of problems that arise between journalists and the businesses they cover, a history that includes advertisers dictating and censoring stories, a cozy relationship that ...
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This chapter examines a legacy of problems that arise between journalists and the businesses they cover, a history that includes advertisers dictating and censoring stories, a cozy relationship that can form between reporters and corporate sources and a narrow focus on an elite audience. These conflicts date back to the emergence of the commercial advertising model in the mid-nineteenth century. Further, this chapter explores an important theoretical critique of news media and business and the political economy theory of mass communications, and it describes how the legacy does and does not apply to the National Thrift News. The newspaper used its industry ties as a reporting advantage, allowing it to navigate both roles as industry insider and as industry watchdog.Less
This chapter examines a legacy of problems that arise between journalists and the businesses they cover, a history that includes advertisers dictating and censoring stories, a cozy relationship that can form between reporters and corporate sources and a narrow focus on an elite audience. These conflicts date back to the emergence of the commercial advertising model in the mid-nineteenth century. Further, this chapter explores an important theoretical critique of news media and business and the political economy theory of mass communications, and it describes how the legacy does and does not apply to the National Thrift News. The newspaper used its industry ties as a reporting advantage, allowing it to navigate both roles as industry insider and as industry watchdog.
Rob Wells
- Published in print:
- 2019
- Published Online:
- September 2020
- ISBN:
- 9780252042942
- eISBN:
- 9780252051807
- Item type:
- chapter
- Publisher:
- University of Illinois Press
- DOI:
- 10.5622/illinois/9780252042942.003.0006
- Subject:
- Society and Culture, Media Studies
Like Donald Trump, Keating used his economic power to intimidate reporters and regulators with lawsuits as he pursued his business expansion; Keating and Trump parallels are discussed. The fight ...
More
Like Donald Trump, Keating used his economic power to intimidate reporters and regulators with lawsuits as he pursued his business expansion; Keating and Trump parallels are discussed. The fight between Keating and the press points to a broader tension between capitalism and the press, a central theme in the book. Keating’s lawsuits and legal threats are examined with new archival material from American Continental Corporation Archives and a Federal Bureau of Investigation FOIA request. The chapter shows how early mainstream press coverage missed signs about Keating’s political manipulation of the regulatory process. It also shows how National Thrift News engaged in detailed beat reporting where the New York Times, American Banker, and the Wall Street Journal did not.Less
Like Donald Trump, Keating used his economic power to intimidate reporters and regulators with lawsuits as he pursued his business expansion; Keating and Trump parallels are discussed. The fight between Keating and the press points to a broader tension between capitalism and the press, a central theme in the book. Keating’s lawsuits and legal threats are examined with new archival material from American Continental Corporation Archives and a Federal Bureau of Investigation FOIA request. The chapter shows how early mainstream press coverage missed signs about Keating’s political manipulation of the regulatory process. It also shows how National Thrift News engaged in detailed beat reporting where the New York Times, American Banker, and the Wall Street Journal did not.
