Jon Friedman Wonders How Well the Media Is Covering Goldman Sachs

friedman04272010.jpgMarketWatch’s Jon Friedman today takes a look at the media’s coverage of the SEC’s and Congress’ probe into Goldman Sachs’ alleged fraud-tainted sale of Self-Destruct-O-Matic Collateralized Debt Obligations to clients.

Friedman attempts at various times to get a grip on how well the media has done in covering the Goldman saga. He consults a media person to find out:

“The biggest challenge is simply explaining the complexities of the financial deals that Goldman was involved in,” said Anthony Mason, the leading business and finance correspondent at CBS. “It’s especially tricky when even people in the industry have trouble explaining them.”

Difficulties explaining a story’s concept aren’t just tricky, they’re fundamentally problematic. Nevertheless, the people Friedman interviewed for his column generally seem to think journalists have done a good job covering the story. Nell Minnow of the Corporate Library gives the media a “B.” CBS’ Anthony Mason says it’s good that Goldman is under some scrutiny.

Nevertheless, Friedman concludes with a question: “How well have the media done in covering the Goldman story?”

To which we say, if you have to ask …