The latest cost of the backdating "scandal" -- firms defaulting on their debt because of backdating-caused delays in quarterly reports. Here's my thoughts. Chalk this up, at least in part, to business journalists inflating this molehill into a major story. As to whether it's a molehill, consider Holman Jenkins in today's WSJ, and my analysis, on the origins in mandatory expensing, and the folly of that rule.