Bloomberg queried on alleged reporter spying

NEW YORK, USA – Bloomberg News said Friday, May 10, it was curbing reporter access to certain data on its financial terminals after reports claiming its journalists used the devices to spy on Wall Street banks.

A Bloomberg spokesman acknowledged that “limited customer relationship data has long been available to our journalists,” without “security-level” data, trading data or messages.

But the spokesman added in a statement that “in light of their concern as well as a general heightened sensitivity to data access, we decided to disable journalist access to this customer relationship information for all clients.”

The New York Post reported earlier Friday that Goldman Sachs confronted Bloomberg over concerns that reporters at the news service had been using the financial information terminals to keep tabs on employees of the bank.

According to the report, Goldman found that Bloomberg staffers could determine which employees had logged into Bloomberg’s proprietary terminals and how many times they had used particular functions.

A statement from Goldman Sachs sent to AFP said: “After we brought this matter to the attention of the news organization, senior management at Bloomberg moved quickly and assured us they were taking measures to address the problem.”

A separate report by the Financial Times said JPMorgan Chase had also complained that Bloomberg reporters were spying on activities by bank employees.

JPMorgan Chase declined comment.

The Financial Times said Bloomberg reporters have been using the vast trove of information on the company’s terminals to gain a competitive advantage in covering certain news events, such as the “London Whale” trading scandal which cost the US bank billions.

The Bloomberg financial terminals, which are operated separately from the news service, allow banks and other financial professionals the ability to research virtually any type of financial asset and carry out trades.

A rival of Thomson Reuters, Bloomberg was founded by New York Mayor Michael Bloomberg, who is not involved in management due to his political activities. – Rappler.com