The Journal also gets some nasty dirt on white-shoe law firm Fulbright & Jaworski. It offered a “settlement” (honk) of $500,000 to Aboubakare to get him to not talk to the Journal. Incredible.

The lawyer drafted a letter for Mr. Aboubakare to send the Journal. In it, he was to say that his statements to the Journal and to Mr. Minkow were false and that he had made them partly because stress “affected my judgment and mental well-being.”

I’m assuming PEMGroup had a nasty little run on the bank today.

The Journal has diminished its emphasis on long-form, in-depth reporting under Rupert Murdoch’s ownership, but this kind of story shows that it’s far from gone. Maremont shows the greatness the paper’s still got in it.

It’s a dirty word for Murdoch and Robert Thomson, but dare I say this story is Pulitzer material?

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.