The Tow Center for Journalistic Innovation has just given millions to Columbia University’s Graduate School of Journalism and the City University of New York Graduate School of Journalism. The New York Sun reports that the foundation’s intent is to advance the profession and “inspire dialogue” via “sound research” and “cutting-edge Internet technologies.”

We have all watched as the major media, dominated by graduates and “stars” from leading journalism departments, botch and twist stories. We are also aware the some ‘net-savvy, and even heroic, bloggers rescue journalism by digging for and reporting the real facts.

Can status-quo departments of journalism actually deliver objective, fair Internet journalism and dialogue? The Tow leaders would do well to have sharp accountability standards and perfomance measures in tow; alternatively, they should consider funding the bloggers who stick to facts and high principle.