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In Complacency and Collusion, Keith J. Butterick draws on extensive experience as a journalist and scholar to show why financial and business journalism is so often toothless. He offers compelling explanations for why big business needs the press—and vice versa—and presents piercing analyses of the inadequacies of reporting in such major outlets as the Economist and the Financial Times, showing how those failures are rooted in the close relationship between businesses and those covering them. He concludes with a reflection on what the growth and spread of a complacent, complicit corporate journalism will mean for the future of a truly free media.

In the 1980s, real estate developer and banker Charles H. Keating executed one of the largest savings and loans frauds in United States history. Keating had long used the courts to muzzle critical reporting of his business dealings, but aggressive reporting by a small trade paper called the National Thrift News helped bring down Keating and offered an inspiring example of business journalism that speaks truth to power. Rob Wells tells the story through the work of Stan Strachan, a veteran financial journalist who uncovered Keating's misdeeds and links to a group of US senators—the Keating Five—who bullied regulators on his behalf. Editorial decisions at the National Thrift News angered advertisers and readers, but the newsroom sold ownership on the idea of investigative reporting as a commercial opportunity. Examining the National Thrift News's approach, Wells calls for a new era of business reporting that can—and must—embrace its potential as a watchdog safeguarding the interests of the public.