The Knight-Ridder chain of newspapers used to represent the sinewy, beating heart of American journalism. Then they got run into the ground, bought up by Tribune dorks who were more interested in playing out their boyhood “I wanna play right field for the Cubs!” fantasies, and then sold to the “grave dancer,” Sam Zell.

Zell’s many, many misdeeds, missteps and misstatements these past three years are probably filling many venemous former Timesmen’s memoirs even as I type. But while the wheels of corporate justice grind slow … well, in those cases in current America, where the wheels grind at all … where there are even regulators and prosecutors employed & willing to throw a shoulder to the wheels … OK, enough with that by-now-Abu Ghraib’d metaphor.  The point is that the more we learn about the circumstances under which Zell was allowed to buy the Tribune Corp & the LA Times, the more shady, unethical and perhaps even criminal the deal smells.

Now that the Tribune creditors seem to have grown a pair, and are starting to openly murmur about where all their money might have gone – in stark contrast to so many investors who have complacently plodded through the zigzagging pens of modern American Capitalism towards where the Bernie Madoffs, Angelo Mozilos & Magnetars of this world wield their blood-soaked financial sledgehammers – the word is out that Zell has reached the end of the plank.

So now what?

The villagers gathered around the moat look at each other blankly, their torches sputtering, pitchforks starting to droop. There is muttering in the ranks, a strange sense of deflation. What to do now that the monster has abandoned them?

Perhaps some new savior will arise. One who can lead them out of the bottomless cycle of self-asphyxiation and learned helplessness. A man who has “vision,” and who (with just the right sort of spineless boot-licking understanding board of directors) can restore the kingdom to its past glory. Maybe … maybe … yes. Yes! That’s it!

This shall be the image of serious news-gathering and investigative reporting in America.

We’ve earned it.

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