The Wall St. Journal published an article on March 16, 2006 that uncovered the issue of stock option backdating. They were awarded the Pulitzer prize yesterday for this coverage. I’ve opined on the issue at length and written about many of the companies impacted.
WSJ Managing Editor Paul Steiger:
I believe one of our highest callings as a news organization is to unearth the ills of business so that society can fix them. The exposure of the pernicious disease of options backdating was a particularly dramatic example of just that.
This is the first time the WSJ has won the prestigious public service Pulitzer award. They were also the only journalism organization to win two Pulitzers this year- the other was for their excellent coverage of China.
On another note, the extremely disturbing book by Cormac McCarthy “The Road” won the Pulitzer for best fictional novel. If you are looking for a major downer of a book, this is the one for you. Anyone I know who wants my copy can have it.