Sure, Lyons is being a jerk, but it’s hard to disagree with him here. He notes that CNBC’s former Silicon Valley bureau chief is now Apple’s head of PR, and it appears that Goldman has relied too much on his insider sources to the point of being blinded by the obvious: Jobs, the most important CEO in the world, was a sick man, his company was misleading its shareholders, and Goldman was helping them do it by categorically reporting that Jobs was fine.

Sometimes you trust your sources, and sometimes you get burned.

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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.