Biovail Redux

Here's a piece from last week that I missed: a CJR Daily Audit column on how 60 Minutes flubbed a story on Biovail, which recently pleaded guilty to criminal charges.

When 60 Minutes decided to do a business piece, it went after two of the few market participants—shorts and independent researchers—that actually have an incentive to counter the Wall Street sales machine.

Then to pick a company already under SEC investigation as a purported victim is to ask for trouble. The SEC’s suit blew apart the 60 Minutes piece. This criminal plea is just the cherry on top.

This item also demonstrates anew the Audit's evolution from dreck, under its eccentric former editor Mark Mitchell, into a must-read column. Note the hat tip to Carol Remond, who is now a target of Mitchell in his new role as a flack for Overstock.com.

I'd say it's high time that 60 Minutes followed up on the Biovail story--and, this time, told the whole truth and not just corporate spin.

© 2008 Gary Weiss. All rights reserved.