But the larger point is inescapable: News Corp. is a bad home for the world’s leading monitor of markets, the economy, and corporate behavior. It always was.

If you say, hey, you know, Dow Jones never covered its own problems, most notably the business debacle that was Telerate (backgrounder here). I say, that’s true, and also bad. It’s just that Dow Jones as a company didn’t matter that much, and the worst crime it could be accused of was shooting itself in the foot, which it certainly did, repeatedly.

Back in the day, I argued back that News Corp. couldn’t cover the U.S. business story because one of the meta stories of our age is the overweening clout large economic actors have gained over regulators and government itself. I said back then that News Corp. represents that story in a metaphoric sense.

Now, it’s the story, period. Imagine trying to cover it from the inside out.

* “Meet Wendi Deng: The Boss’s Wife Has Influence at News Corp.—Murdoch Spouse, 31, Has Come A Long Way Since Leaving China a Dozen Years Ago—A Yale Connection in Beijing.”

Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014).

Follow Dean on Twitter: @deanstarkman.