It has been reported that in 2007 when Rupert Murdoch was trying to buy the “Wall Street Journal” both “WSJ” management and the Bancrofts who owned controlling interest were concerned about journalistic independence. The “WSJ” had built its reputation for over a century on acquiring financial facts and following with unbiased reporting. Murdoch was known for sleaze reporting in order to gain market share, and interfering with his media possessions to skew facts in order to reach a designed opinion.
In every human being lies great potential. It can be used for the good of human-kind, or it can be used for evil. Using that innate drive for power for what power can give for its own sake is evil. Rupert Murdoch has followed a 40-year path to be the ultimate power broker in both press and cable news, the truth be damned. He begets this obsession to his son,Steve, who has learned the dirty ticks of the trade well.
In the end Murdoch signed an agreement with the Bancrofts in order to close the deal on purchasing the “Wall Street Journal”. That agreement made the promise to continue to maintain journalistic independence for “WSJ” reporting. As soon as the purchase was finalized, the agreement was tossed in the waste basket. As the Murdoch story evolves in Britain regarding hacking and bribing, it will be interesting to see if their is any spill over in the U.S. One Congressman has already called for an investigation.
I write about the Bancrofts and the “Wall Street Journal” in my book: “Observer: The Ronnie Lee and Jackie Bancroft Spencer Morgan Story, a tale of people, greed, envy, manipulation — even crime”