"Doug Henwood, host of KPFA's Behind the News and the author of Wall Street: How It Works and for Whom, told FAIR:
The business press is rarely skeptical about the speculative heroes of the moment. There are exceptions; if you read carefully, you can get a good critique. But the general culture is boosterish. Just a few months ago, SBF was a genius. Elon Musk, too, though his antics at Twitter are making that cult harder to sustain. Before that it was Elizabeth Holmes and her magical blood-testing machine. Go back a couple of decades and it was Ken Lay and Enron (celebrated by none other than [New York Times columnist] Paul Krugman, who'd also been paid a consulting fee by the company).
There are a lot of reasons for this. Many business journalists identify with the titans they cover-some even aspire to join them, as did former New York Times reporter Steven Rattner, who became an investment banker."
Another example from the so-called "dot-com boom" who went to work at Prudential and later Merrill Lynch.1
The business press is rarely skeptical about the speculative heroes of the moment. There are exceptions; if you read carefully, you can get a good critique. But the general culture is boosterish. Just a few months ago, SBF was a genius. Elon Musk, too, though his antics at Twitter are making that cult harder to sustain. Before that it was Elizabeth Holmes and her magical blood-testing machine. Go back a couple of decades and it was Ken Lay and Enron (celebrated by none other than [New York Times columnist] Paul Krugman, who'd also been paid a consulting fee by the company).
There are a lot of reasons for this. Many business journalists identify with the titans they cover-some even aspire to join them, as did former New York Times reporter Steven Rattner, who became an investment banker."
Another example from the so-called "dot-com boom" who went to work at Prudential and later Merrill Lynch.1
1. https://www.nytimes.com/2007/02/18/business/yourmoney/18shel...
After he was banned from working on Wall Street for life he returned to journalism and co-founded "businessinsider.com".