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By Sara Murray
June 27, 2007 7: 45 AM
Four Wall Street Journal reporters took home the 2007 Gerald Loeb Award for large newspapers this week for their stories on backdated stock options, which led to federal probes into the practice at 140 companies.
Charles Forelle, James Bandler, Mark Maremont and Steve Stecklow won for "The Secretive Backdating of Option Awards for Corporate Executives" series.
The stories examined a variety of companies whose stock option grant dates coincided with periods of low stock prices. Applying a creative probability theory to the story, they detailed stock option abuses by corporate leaders that led to the firings and resignations of about 70 officials.
The medium newspaper award went to reporters from The Sun in Baltimore for their two-part "Crab Factory" story, which showed how industrialization and globalization have let blue crab imports overtake a share of the market for Maryland's famed food. Chiaki Kawajiri, Gady Epstein and Stephanie Desmon were the reporters.
A series on mismanaged tax incentives programs in New York's Empire Zone yielded the top award in the small newspaper category for Mike McAndrew and Michelle Breidenbach of The Post-Standard in Syracuse. The duo used public records to uncover "The Great Empire Zone Giveaway," which reported on millions of dollars in waste and spurred intervention by the state's lieutenant governor.
The Wall Street Journal snatched up a second award, this time in deadline writing for its work entitled "The Implosion of a Highflying Hedge Fund." Reporters Ann Davis, Henny Sender and Gregory Zuckerman covered the biggest hedge-fund collapse in history, which was caused by a precarious natural gas investment.
The beat writing award went to Heather Landy of the Fort Worth Star-Telegram for exposing an inflated resume belonging to Radio Shack's chief executive officer. He resigned after the story.
MarketWatch reporter Alistair Barr picked up the news services or online content award for an analytical piece on the pros and cons of short-selling.
Two influential journalists also received career contribution awards. Matthew Winkler, editor-in-chief of Bloomberg News, won a Lifetime Achievement Award and Dan Kelly, The Wall Street Journal's page one news editor, won the Lawrence Minard Editor Award.
The Loeb awards, which began in 1957 and celebrated their 50th anniversary this year, honor impressive journalistic endeavors in business, finance and the economy. The UCLA Anderson School of Management presented the awards at the Cipriani 42nd Street restaurant in New York City.
Copyright © 2008 Donald W. Reynolds National Center for Business Journalism