See if what jumped out to me jumps out to you too.
Mossack Fonseca is a leading global player in the incorporation of offshore companies across the globe. It was the subject of the largest-ever financial breach, and 11.5 million of its documents are the subject of a collaborative analysis by McClatchy and about 350 journalists under the umbrella of the International Consortium of Investigative Journalists. McClatchy was the only U.S. newspaper company involved.
You caught what I did if this bit was bolded in your mind as you read it, "McClatchy was the only U.S. newspaper company involved."
This is unfortunately not one of those instances where the title is a question because the writer is going to answer it. I don't know why other major US media outlets didn't join in. In an interview with On The Media, the International Consortium of Investigative Journalists director, Gerard Ryle, said the NY Times chose not to join. He speculated that US media still have a go-it-alone approach, which Ryle criticized on the grounds that the modern media economy makes it difficult for individual outlets to have adequate resources. He didn't name other specific US media outlets and it's likely unfair to pick on just the NY Times, but what about the other major dailies? What about the broadcast networks, and the cable news channels. Well, Fox News has the excuse that they don't do news, but what about CNN and MSNBC? What, too many airplane crashes and terrorism scares to cover? What about the big news magazines? OK, be fair, maybe they invited only newspapers, but the big dailies for sure muffed it.
I'm not saying major US media didn't cover the story after the ICIJ broke it, but it seems odd they all but McClatchy passed on the chance to break one of the biggest stories of the year. In fact, with so many powerful people from so many countries hiding from their respective tax collectors, the Mossack Fonseca could be providing new scandals for a long time. That's just how much material investigative journalists are still trying to sort through. Everything that has come out so far --- that's with the story just getting started.
It's a shame these financial scandals are so hard to follow. Sex scandals are so much easier to understand, no wonder they get so much more coverage, but they are't nearly so important. Go on, explain just what the big financial corporations did to crash the economy in 2008. Now explain why Tara Mack and Tim Kelly suddenly decided to spend more time with family. Which was easier?*
cross-posted at MN Progressive Project
*Don't be embarrassed at being unable to explain one or the other. Consider these posts as cheat sheets. Just between us. No one else will know: