The story
Coined by Attorney General of the United States William French Smith in 1982 (see quotation below), named after American journalist Erwin Knoll.
Etymology from Wiktionary, CC BY-SA 4.0.
Knoll's Law of Media Accuracy
Today it means: An epigram or bon mot: "Everything you read in the newspapers is absolutely true except for that rare story of which you happen to have firsthand knowledge." Full definition →