WASHINGTON — McClatchy Washington Bureau reporters Greg Gordon, Chris Adams and Kevin G. Hall were named finalists for the Pulitzer Prize in national reporting Monday for their stories examining Wall Street's role in the nation's financial collapse.
The entry included Gordon's stories on investment banker Goldman Sachs' involvement in the subprime mortgage market, including its sale of mortgage-backed securities at a time when it also was betting through other investments that those securities would plummet in value. The Pulitzer judges called the series "powerful."
Adams' stories detailed how the Securities and Exchange Commission repeatedly failed to get tough on major U.S. financial institutions that had violated securities laws.
Hall reported how Moody's Investors Service, the bond-rating agency, punished executives who questioned the company's bullish ratings on mortgage-backed securities and promoted those who authorized the ratings.
Together, the stories revealed how major Wall Street firms engaged in questionable practices that not only worsened the financial crisis but also may have been in conflict with the interests of their clients and customers.
The stories led to federal inquiries into Goldman's practices and congressional proposals to toughen financial regulation of banks and other institutions.
The winner in the national reporting category was a New York Times series on how texting and the use of other electronic equipment by car and truck drivers had contributed to fatal traffic accidents.
A full list of this year's Pulitzer winners and finalists can be found here.
THE MCCLATCHY STORIES
Goldman Sachs: Low Road to High Finance
For the feds, some Wall Street firms are too big _ to punish
How Bank of America dodged a harsh penalty
Is a 1940 securities law too old to be enforced?
How Moody's sold its ratings — and sold out investors