We root for criminals. We always have.
When baseball players take steroids, baseball writers don’t root for those players. When politicians lie, or steal, political writers will turn on them in a minute. Even an entertainment reporter will destroy Lindsay Lohan in a heartbeat.
But the financial press isn’t like that. For some reason, we identify with the criminal classes. When the cops come we stand on the street and demand they not arrest anyone. When the lawyers come to sue, or when the politicians come to pass laws aimed at halting the crime sprees, we act like it’s the criminals who are being put upon.
This has been the case ever since I started in this business, and there is a reason for it.
Business won’t stand for honest advocacy. A reporter who is an honest advocate for the proper role of business, for law and order, is not going to be in the financial reporting business for long. They demand sycophancy, even when it’s not in their best interest, even when it means having their own reputations ruined by someone else’s greed.