BOB GARFIELD:
Cheryl Strauss Einhorn is an adjunct professor of financial journalism at Columbia University’s Journalism School. She says that even in times like these, when finance is the story, the students of one of the nation’s top J-schools just don't seem to care.
CHERYL STRAUSS EINHORN:
This year they weren't even able to drum up enough interest to have two different sections of the financial journalism course. As a matter of fact, I think, all told, through the entire graduate journalism program at Columbia, that they may have had as few as four students show an interest in taking business journalism.

I do give them a questionnaire when they come in and ask them why they're taking the class. Many of the people, when they've answered this, have said that a family member has recommended that this would be good for them, or that they're just completely uncomfortable and they don't like the business section of the newspaper so they thought they would take the class and try to get themselves to have more of an open mind.

But there have been very few people who have taken the class because they've come in saying, this is where my interest is.
BOB GARFIELD:
You know, on one hand, I can sort of see why financial journalism doesn't quite hold the appeal of something ostensibly more sexy, like new media.

On the other hand, you know, I keep thinking back to All the President’s Men and Woodward and Bernstein, and Deep Throat’s advice to them that if they wanted to get to the bottom of the scandal, to follow the money.

Following the money gets you to the bottom of a lot of things [LAUGHS]. And why isn't there more appeal for this kind of reporting?
CHERYL STRAUSS EINHORN:
Well, I think it’s a very good question. And actually in the blurb to try to advertise the course, I call it “Show me the money,” you know, which is -
BOB GARFIELD:
Jerry Maguire.
CHERYL STRAUSS EINHORN:
That's right, because that is one of those phrases that resonates with people, letting people know that the same things that make a good news story make a good business story as well – the colorful character, the strong narrative and the ability to show people why they should care about the subject matter.
BOB GARFIELD:
So let's be a little bit optimistic here and assume that this current meltdown does not lead to total abject world financial collapse and a post-apocalyptic Mad Max world. Do you think that an episode of this magnitude will encourage more young would-be journalists to get into this financial reporting game?
CHERYL STRAUSS EINHORN:
I think it’s a wonderful opportunity now. There are a lot of stories here that have not been told yet. There’s a lot of things that haven't been explained. There’s a lot more to come.

But the fact that back in July or in August, when the students were signing up for their courses, there was so little interest, and it was obvious we were already in the midst of this – Bear Stearns had already collapsed, for instance, and we were in the middle of the problems with Fannie and Freddie Mac – I think the fact that there was so little interest then is very telling. And I think it’s a shame.
BOB GARFIELD:
I referred earlier to Woodward and Bernstein “following the money.” It seems to me that if you’re an ambitious young investigative reporter, there’s, like, no better place to start than Wall Street because everything [LAUGHING] is filed with the government every three months. All of the raw evidence is on file with the SEC and available at your desk, you know, with a mouse click.
CHERYL STRAUSS EINHORN:
It’s waiting. You know, it would be so great if they did that. Many of the analysts don't even have time or necessarily the understanding to be able to pick apart a lot of these documents. But it is a treasure trove, and it’s the kind of thing that can really be exciting for the reporter who wants to look for it - lots of good mysteries to solve.
BOB GARFIELD:
Cheryl, thank you very much.
CHERYL STRAUSS EINHORN:
Thank you.
BOB GARFIELD:
Cheryl Strauss Einhorn, formerly an editor at Barron’s, is an adjunct professor of financial journalism at the Columbia University School of Journalism.