How to hide broken images in IE using jQuery?

I have tried this code copied from jQuery site, but it fails in IE7/IE8, but works in other browsers. What is wrong with this code, it's from jQuery site(http://api.jquery.com/error/). I'm using jQuery version 1.4.4.

$(document).ready(function(){ 
  $("img").error(function(){
    $(this).hide();     
  });    
});