Opinion: Do the financial press lack teeth?

In a recent press conference for the proposed acquisition of Merrill Lynch by Bank of America, critics were disappointed with the reaction of the press.  

John Friedman of MarketWatch wrote, "the media were so polite and deferential to the two CEOs, they behaved as if the press conference were a victory lap for the financial services industry."

He noted the clear absence of 'in-your-face" questions and went further to comment on the fact that journalists seem to treat CEO's like "heroes."  Friedman credited one journalist for the courage to ask John Thain, chairman and CEO of Merrill Lynch, if he judged himself to be a success or a failure.

According to Friedman, Wall Street journalists did a better job of analyzing the crisis than they have previously, however he criticizes the fact that many failed to explain how the crisis started in the first place.  

There is a fine line when it comes to reporting on Wall Street and journalists seem to be criticized both for not going far enough or going too far.

Source: CBS News

See Also:
Opinion: Is the media's role being affected by lack of money?
The Future of Investigative Journalism Part 1 - Interview: "Flat Earth News" author Nick Davies
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