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IRE launches scholarship fund in memory of Bloomberg Markets journalist David Dietz

David Dietz, Bloomberg Markets reporter

David Dietz

Investigative Reporters and Editors (IRE) has created a scholarship fund in memory of David Dietz, a Bloomberg Markets reporter and former president of the organization.

Dietz, 70, died of cancer in early June. The David Dietz Fund will provide up to $1,000 each year to a promising business journalist or student to attend the national IRE Conference. IRE announced in an email that Bloomberg has donated $10,000 to the fund. That and other donations mean the fund is more than half way to a permanently endowed program.

One of Dietz’s most noteworthy investigations was called, “Broken Promises.” The 2006 report revealed how Wall Street firms created $7 billion in tax-exempt public bond deals, then harvested them for millions in fees and investment gains. The bonds were supposed to be used for building low-income housing and schools, but Dietz and co-authors William Selway and Martin Braun reported that rarely happened.

Columbia Journalism Review said “Broken Promises” exposed  a “scandal of staggering proportions.”

Three months ago, Dietz published his last investigation, “Gaming the System” – about how some companies took federal tax credits that were supposed to be used for projects to reduce poverty. Instead, they used the tax credits to build luxury hotels.

To donate, visit the IRE website (specify Dietz scholarship), or call IRE’s Development Director Alan Lynes at 573-882-2042.