UPDATE: The WSJ denies Davies’s report, calling it “replete with untruths and malign interpretations.”

UPDATE THE SECOND: The Journal has a terrific second-day story that essentially confirms The Guardian’s piece, as I write here.

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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. Follow him on Twitter at @ryanchittum.