Help! White screen and audio only when importing a .mov file to FCE HD 4.0.1

A colleague recorded an HD movie of a presentation. I'm trying to edit/resize for Web.

When I import to Final Cut Express HD, I get a white screen (with audio) in the Viewer window. Canvas displays: "Codec could not be opened." On render attempt, the error message: Codec not found.

Similarly, MPEG StreamClip displays a white screen (with audio). VisualHub outpus the same regardless of format selected (DV, MP4, WMV).

Weird wrinkle: QuickTime Player and VLC both play the video with no problems.

What codec can I buy/install to fix this issue? Why do I need an extra codec if QT can handle it? Arghh!

Details:

File: .mov

Format: HDV 720p30, 1,280 x 720 (1,248 x 702) Linear PCM, 16 bit little-endian signed integer, 48000 Hz, Stereo (L R)

Size: 18.43GB

Version of FCE: 4.0.1

Version of QuickTime: 10.1

Version of MPEG Streamclip: 1.9.1

Version of VisualHub: 1.33

Version of VLC: 1.1.3

Version of Mac: MacBook Pro 2.2Ghz Intel Core i7; 8GB 1333Mhz DDR3; OS X 10.7.1