Power to Truth: Investigative Journalism, Hidden Harms, and the Battle for Public Trust

Quick Overview

Investigative reporter Walt Bogdanich details how he and his team at The New York Times exposed hidden harms in the pharmaceutical industry, specifically concerning the opioid crisis and misleading reporting by private equity-owned companies, ultimately leading to greater public awareness and policy changes by leveraging the power of truth-telling journalism.

Key Points: Walt Bogdanich, a New York Times investigative reporter, co-authored the book "When McKinsey Comes to Town" and reported extensively on the opioid crisis. Bogdanich's investigation uncovered that a private equity-owned drug company was selling a cold medicine ingredient that mimicked an active ingredient in opioids, contributing to harm. The investigative team traced the origins of toxic ingredients, including those used in toothpaste, back to a Chinese chemical company, revealing supply chain issues. Bogdanich notes that ethical review boards, which are supposed to be independent, were sometimes not independent enough, leading to issues like the approval of dangerous protocols. The reporting spurred policy changes in China regarding the chemical ingredients and forced companies to be more transparent about their supply chains. Bogdanich expresses ongoing concern about the potential for AI to exacerbate issues where accountability is already lacking, such as in financial reporting or health crises. The core lesson emphasized is that while accountability is difficult to enforce against powerful entities, investigative journalism provides the 'power to truth' to expose wrongdoing.

Context: This video features an interview between Anat Admati, a Professor of Finance and Economics at Stanford GSB and Co-faculty Director of CASI (Corporations and Society Initiative), and Walt Bogdanich, an investigative reporter for The New York Times and author of "When McKinsey Comes to Town." The discussion centers on the role of investigative journalism in uncovering corporate malfeasance, specifically focusing on Bogdanich's work exposing hidden harms in industries like pharmaceuticals and private equity, and the broader implications for public trust and regulation.