Duty to Warn

American journalism has devoted massive attention to reporting on business in recent years. Overall news outlets are enthralled with efforts in our society to maximize corporate profits and personal wealth. Top executives and shrewd investors are good bets to emerge as media heroes, unless or until they appear to be headed for prison. Insatiable avarice -- always pushing for more, more, more -- is unlikely to cause bad press. In fact, journalists are apt to cite enthusiasm for boosting "net worth" as evidence of sturdy character.

Half a century ago, sociologist C. Wright Mills warned of "a creeping indifference and a silent hollowing out." In the United States, he observed, "money is the one unambiguous criterion of success," and behind the obvious fact that people "want money" lurked the more unsettling reality that "their very standards are pecuniary." A few years later, author Vance Packard asked a key question: "By encouraging people constantly to pursue the emblems of success, and by causing them to equate possessions with status, what are we doing to their emotions and their sense of values?"

Thirty years have passed since Washington Post reporters Bob Woodward and Carl Bernstein began to cover the Watergate story. The investigative journalism that they did back then still stands out as exceptional. Unfortunately.

For a long time after the arrests of five burglars at the Democratic National Committee's executive offices in the early morning of June 17, 1972, the conventional media wisdom was to accept the White House depiction of a minor crime without any political significance. During that summer and fall, few journalists devoted much time to probing the Watergate incident as President Nixon cruised to a landslide re-election victory in November.

"At the time of Watergate, there were some 2,000 full-time reporters in Washington, working for major news organizations," Bernstein later pointed out. "In the first six months after the break-in ... 14 of those reporters were assigned by their news organizations to cover the Watergate story on a full-time basis, and of these 14, half-a-dozen on what you might call an investigative basis."

AUSTIN, Texas -- In the Most Chilling Quote category, consider this gem from Mitchell Daniels, director of the office of Management and Budget, concerning the administration's ongoing campaign to deregulate everything in sight: "We must learn to speak the vocabulary of consumer protection."

Oooo, Grandma, what big teeth you have! The Wall Street Journal did an admiring profile this week of the "regulatory czar," John D. Graham, who works for Mitchell. Graham, you may recall, was the subject of a peppy confirmation fight on account of he founded Harvard's Center for Risk Analysis. The center is heavily funded by business and industry groups and by individual businesses. You will be amazed to learn that the center often criticizes regulations disliked by the very people who give it money! Graham once claimed that government regulations kill 60,000 Americans a year, a figure that turned out to be ... evanescent.

DALLAS -- The world will little note nor long remember what was said at the Republican state convention last weekend. Nevertheless, the shindig had its moments. (I first saw the Lincoln quote applied to some political event in the Boston Globe a while back, but I can no longer remember who wrote it.)

A supremely nostalgic moment occurred during the convention's recognition of Sen. Phil Gramm for Lifetime Achievement. Gramm responded graciously, as befits a retiring pol making his final appearance, thanking all and sundry, giving us his fondest memories of public service: "I had the honor to be a storm trooper in the Reagan Revolution," he declared. But then, he couldn't help himself. The old pit bull dropped the statesman pose and went for the Democrats' jugular. He started in politics as an attack dog and finished that way, too -- in its way, a glorious moment.

"Even one military move by either of these nuclear-armed neighbors," USA Today's front page reported in big type, "could set off an unstoppable chain reaction that could lead to the holocaust the world has feared since the atomic bomb was developed." The June 10 edition of Newsweek includes a George Will column with a chilling present-day reference to the Cuban Missile Crisis: "The world may be closer to a nuclear war than it was at any time during the Cold War -- even October 1962."

Yet when it comes to nuclear weapons, the mainstream American press has scant emotional range or professional zeal to scrutinize the progression of atomic perils. From the start of the nuclear era, each man in the Oval Office has carefully attended to public relations, with major media rarely questioning the proclaimed humanitarian goals.

AUSTIN, Texas -- The Securities and Exchange Commission is now investigating Halliburton -- the company formerly run by Vice President Dick Cheney -- for accounting irregularities. What took so long?

Dick Cheney's record at Halliburton is one of the most under-covered stories of the past three years. When you consider all the time and ink spent on Whitewater, the neglect of the Cheney-Halliburton story is unfathomable.

The proximate cause of the SEC investigation is an "aggressive accounting practice" at Halliburton approved by the accounting firm Arthur Andersen -- a little matter of counting revenue that had not yet been received, $100 million worth. The New York Times reports two former executives of Dresser Industries, which merged with Halliburton in 1998, say Halliburton used the accounting sham to cover up its losses. Dresser may have thought it got a bad deal in that merger because of that $100 million "anticipation" on the credit line, but the deal turned out to be much more sour for Halliburton.

AUSTIN, Texas -- It's time to connect the dots. If you think the government is having a connection problem on the national security side, you should take a look at the starburst of dots on the economic side for a really stunning scandal. When you start to connect the dots on the business side, you will notice that we're being stolen blind.

One of the best interviews I've read in a long time is in the current issue of The Texas Observer with Bill Black, a name that will bring back fond memories for those who followed the S&L scandals closely.

Black is now an assistant professor of public affairs at the LBJ School of Public Affairs at the University of Texas. He is a lawyer, an economist and former litigation director of the Federal Home Loan Bank Board -- which is to say, the man who went after the S&L crooks. After he left government, he got a Ph.D. in criminology. His greatest claim to fame is that Charles Keating, that noted thief, once wrote a memo to his top lobbyist that said: "Highest priority -- Get Black. GOOD GRIEF -- If you can't get (Jim) Wright and Congress to get Black -- kill him dead -- you ought to retire."

AUSTIN, Texas -- Throwing around words like "fantastic" and "stupefying" is considered bad form outside the tabloid press. But I'm damned if I know what else to say about the news that the Bush administration has decided that global warming is indeed taking place and they are planning to do exactly nothing about it.

Here we are in the middle of wallowing in this, "What didn't they know and why didn't they know it?" debate -- this maddening, haunting and probably useless exercise in "Why didn't somebody do something?" Sept. 11 left quite a bit of spilt milk on the floor, but even that disaster will pale against the consequences of unchecked global warming. Yet here is the Bush government announcing right here and now that it knows this disaster is coming but it will not do anything to stop it. They will not even do anything to slow it down or soften its impact. What can you call that except fantastically irresponsible?

Two countries -- each with dozens of atomic bombs -- are threatening to make war on each other. Large numbers of troops have mobilized. Deadly cross-border clashes are intense. And people in charge of both governments have become more bellicose by the day.

Maybe you think this situation calls for U.S. officials and American media outlets to focus on ways of preventing the outbreak of a war that could quickly turn into a nuclear conflagration. If so, your mode of thinking is distinctly out of step with the "war on terrorism."

You see, as the summer of 2002 begins, what matters most is the Pentagon's determination to kill as many Al Qaeda fighters as possible. Some of them are located in parts of Afghanistan and Pakistan, and perhaps also Kashmir, the region that's under bitter dispute by India and Pakistan.

AUSTIN, Texas -- Those of the populist persuasion are struggling against what is perhaps the most irresistible of all temptations -- the urge to say, "I told you so."

It is raining evidence these days. The newspaper business sections are turning into the Daily Fraud Update. Deloitte & Touche is now under investigation by the Securities and Exchange Commission for its role in the unpleasant doings at Adelphia, energy CEOs keep biting the dust -- first at CMS, then at Dynegy -- the Arthur Andersen trial in Houston gets more depressing by the day, and corporate evildoers are suddenly ubiquitous.