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The Year's Top Story is Not Getting Coverage

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View Ratings | Rate It Headlined to H3 12/28/11

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The financial industry may end up doing what the media isn't - exposing its abuses and bringing itself down.

Fannie Mae and Freddie Mac executives charged with securities fraud [GALLO/GETTY]

New York, NY - As every media critic learns, the worst sin of our press is not its blatant biases, or crimes of commission, but rather the pervasive patterns of omission; what's left out!

Already, with two weeks to go, the Associated Press has crossed the finish line with the top choice of the newspapers it serves. Perhaps in the outdated spirit of Mark Twain's famous dictum that: "There are only two forces that can carry light to all corners of the globe -- only two -- the sun in the heavens and the Associated Press on earth," their pick for story of the year is the killing of Osama bin Laden.

The AP can't bring itself to label it for what it was -- a state-sponsored assassination.

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As ever, the mainstream/lamestream -- call it what you will -- media tails after people in power and promotes/validates their great achievements, even when it was an extra-judicial murder in the dead of night.

Institutional power is their main beat and they beat it to death with every deadline and every headline.

There is no utterance by any political hack -- like most of the GOP presidential menagerie -- that goes unreported.

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On the progressive side of the street, 2011 was "All Occupy All The Time," with the growing movement against economic inequality getting the most glowing attention.

I am certainly in this camp even if the encampments are mostly gone, with a TV documentary, several radio shows, countless articles and blogs, and now, a book collecting all my output called, what else, but OCCUPY?

And yet, the story we have yet to see is the one that will ultimately define this era of avarice and insult in a year of media obsession in the US with the Kardashian wedding and break-up, the Michael Jackson trial, and the daily scandal that is there to titillate and drive up ratings.

It has yet to happen and most media outlets are not focusing on why. I am referring to the lack of any real investigation of Wall Street crimes, and the indictments of wrongdoers. I am talking about "perp walks" by guilty Wall Street CEOs on their way to joining Bernie Madoff in some institute of incarceration.

Lack of investigative oversight

This is not a call for revenge, but for justice. The reason: the barely exposed chain of criminality that started in some salon of securitization and then rippled across the world, bringing down countries and economies. It has its origins in Wall Street, where three industries colluded as a cabal to sell fraudulent subprime loans and then transfer fees and foreclosures from poor and middle class Americans to themselves.

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Where is the examination of the pillars of our "FIRE" economy -- Finance, Insurance and Real Estate? They became the interconnected cogs in a leverage machine to enrich themselves while plundering the rest of us.

So far, this story affecting so many millions has not really crashed through in the 1 percent media machine with a few exceptions here and there.

If you want to find out about this story of the year and years past, in all of its disgusting detail, you can't just trust major media. You have to read Matt Taibbi in Rolling Stone, a music magazine, or blogs like Mandelman on, Naked Capitalism, Credit Writedowns, ZeroHedge, ProPublica, or Amped, to cite a few.

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News Dissector Danny Schechter is blogger in chief at Mediachannel.Org He is the author of PLUNDER: Investigating Our Economic Calamity (Cosimo Books) available at See

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