Some may say that tweaking New York Times reporters to make a point about auditor liability, especially one so prominent such as Andrew Ross Sorkin, may not be a great career move. But then you’re assuming my idea of a “career” is yours.
I call them as I see them, and the two blog posts in the New York Times Deal Book column last week were a bit too disingenuous for my taste. Ryan Chittum of the Columbia Journalism Review, who has been hugely supportive of my work here, pats Sorkin and his sidekick Jesse Eisinger on the back for pointing put that the financial crisis may have been caused by a bit of fraud.
Encourage them when they start pointing fingers in the right direction, if you must. But don’t forget all of the Cassandras out here who’ve been banging the drum for a while.
I know you won’t. But just to be sure…Here’s an excerpt from my column this past Thursday – it was briefly featured on the banner and front page of the online magazine that day – for Forbes:
When the big boys at the New York Times decide to push a narrative they give it a one-two punch. Although the writing is pungent, I thought the two pieces – Mr. Sorkin’s and Mr. Eisinger’s – were nearly identical in tone and content. And they’ve not only forgotten about some of the civil settlements that have already occurred, they’re trolling for kudos when the scoop that “fraud happened” is way past its “sell-by” date.
We’ve celebrated two years since President Obama’s election, two years since the Lehman failure, and two years since the September 2008 big weekend with Bernie and the boys. And this is the first time these guys have been willing to publicly state that something was rotten in Denmark?
The financial crisis started as the subprime crisis, spent some time as acredit crisis, and has now morphed into the foreclosure crisis. If you don’t know the fraud that’s apparent now started way back when, you’ve been living under a big gray rock…
Read the rest at my column, Accounting Watchdog.