The Enforcers

How Little-Known Trade Reporters Exposed the Keating Five and Advanced Business Journalism

By: Rob Wells

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Paperback | 14 January 2020 | Edition Number 1

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272 Pages

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15.2 x 22.7 x 2.8

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In the 1980s, real estate developer and banker Charles H. Keating executed one of the largest savings and loans frauds in United States history. Keating had long used the courts to muzzle critical reporting of his business dealings, but aggressive reporting by a small trade paper called the National Thrift News helped bring down Keating and offered an inspiring example of business journalism that speaks truth to power. Rob Wells tells the story through the work of Stan Strachan, a veteran financial journalist who uncovered Keating's misdeeds and links to a group of US senators—the Keating Five—who bullied regulators on his behalf. Editorial decisions at the National Thrift News angered advertisers and readers, but the newsroom sold ownership on the idea of investigative reporting as a commercial opportunity. Examining the National Thrift News's approach, Wells calls for a new era of business reporting that can—and must—embrace its potential as a watchdog safeguarding the interests of the public.

Industry Reviews

Who will hold business accountable? In this groundbreaking study, journalist and scholar Rob Wells looks at the savings and loan crisis of the late 1980s and finds newsroom lessons that are as fresh as tomorrow's headlines. With skill and nuance, Wells explores a long-neglected corner of journalism: the industry trade journals that have long covered America's corporate world with insight and courage. In the process, he maps out an ideal ecosystem of business investigative coverage that, if implemented, will keep competent watchdogs on the prowl for decades to come.--Diana B. Henriques, author of The Wizard of Lies: Bernie Madoff and the Death of Trust

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