Time Essay: The Failings of Business and Journalism

The recent dismissal of several top officers of Gulf Oil was only the latest episode in a series of scandals that has plagued U.S. business over the past 2½ years. One of the more interesting side-lights of these scandals, which have eroded the confidence of most Americans in businessmen, is how business is reported—and judged—by the press and television. In the following essay, adapted from a recent speech, Louis Banks, visiting professor at Harvard University Graduate School of Business Administration and former managing editor of FORTUNE, addressed himself to the subject.

In baseball, a sports reporter can sense the meaning of an...

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