The Wall Street Journal’s fresh hit-job on Goldman Sachs (GS), about the bank giving tips to preferred clients, is kind of a flop as a story. Nobody’s really talking about it, and even Goldman’s critics don’t seem to care much.
Then there was that half-hearted attempt to revive the backdating controversy — a purely WSJ-manufactured scandal. Talk about bad timing though: Major backdating scalp Greg Reyes had his conviction thrown out the very next day.
And before that they had that weird story about Obama being a micromanager because he inquired about credit spreads. Felix Salmon tore that one apart pretty well, and noted that the paper seemed to be desperate for a big takedown.
That’s exactly right. News Corp (NWS)-owned WSJ is pressing hard to manufacture something that’s not there. They want to turn up huge stories, but they’re leaving a lot for rivals like FT and NYT to pick over — both quotidian stories, as well as big ones, like the NYT’s report on Hank Paulson being in constant contact with Lloyd Blankfein during the crisis.
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