The Huffington Post said Sunday that it will bankroll a group of
investigative journalists, directing them at first to look at stories
about the nation’s economy…. Work that the
journalists produce will be available for any publication or Web site
to use at the same time it is posted on The Huffington Post, she said.

The Huffington Post Web site is a collection of opinionated blog entries and breaking news. It has seven staff reporters.

Huffington said she and the donors were concerned that layoffs at
newspapers were hurting investigative journalism at a time the nation’s
institutions need to be watched closely. She hopes to draw from the
ranks of laid-off journalists for the venture. — The Huffington Post

This is good news for journalism, and probably good news for citizenry. It may be bad news for rank-and-file bloggers, since it will be a lot harder for guys in their pajamas living in their parents’ basements to compete with professionals with a high-profile bankroll.