Today's testimony from the private fraud investigator in the Bernie Madoff case makes one thing clear, writes business blogger Gary Weiss: The Wall Street Journal blew it. Harry Markopolos said editors of the paper blocked a reporter from investigating the case three years ago. Markopolos didn't know why, but he surmised that top editors "respected and feared Madoff" and wouldn't let the reporter board a plane to go after the scoop.
"Unfortunately neither the Wall Street Journal nor SEC were inclined to even pick up a phone and dial any of the leads I provided to them," Markopolos said. That's a "bombshell," asserts Weiss: The newspaper "missed an opportunity to achieve one of the biggest scoops ever, win a Pulitzer Prize and all that other good stuff—and extinguish the biggest fraud in financial history."