Skip to comments.BUSTED: Bloomberg News Caught Spying On Goldman Sachs Through Bloomberg Terminals
Posted on 05/10/2013 9:11:06 AM PDT by SeekAndFind
Goldman Sachs recently confronted Bloomberg LP after learning that reporters for the business news service have been using the companys terminals to monitor employees of the Wall Street bank, Mark Decambre of The New York Post reports.
Specifically, Goldman officials learned that Bloomberg staffers could determine not only which of its employees had logged into Bloombergs proprietary terminals but also how many times they had used particular functions, sources told The Post.
Form The Post:
"In one instance, a Bloomberg reporter asked a Goldman executive if a partner at the bank had recently left the firm noting casually that he hadnt logged into his Bloomberg terminal in some time, sources added."
Wall Street firms pay about $20,000 a year to rent each terminal, which provides reams of real time data about everything from financial transactions to sports to hard news.
A Bloomberg spokesman said that it immediately "decided to disable journalist access to this customer relationship information for all clients."
Any company that provides an internet service like Bloomberg is going to have reams of data on the activities of clients. But letting journalists (or anyone else) have access to that for their work is a great way to freak out your clients, and make them skeptical about handing over so much money every year. We can only imagine that the bosses on the terminal side of the business are furious at the use of this data by journalists.
(Excerpt) Read more at businessinsider.com ...
I used one for years. Nice data and news feed, but expensive if your company needs 50 of them. No wonder Mike B. thinks he is the Crown Prince of America. :)
Bloomberg’s business model is highly shady, in my opinion.
For enough money, I think certain firms get advantaged access to data from Bloomberg. Most are told that it is impossible and data is only accessible through the Bloomberg terminal. It is possible.
I’m not a Bloomberg fan, and I would like to see him leave and never hear from him again.
However, anyone who owns a site like this one and doesn’t monitor it is an idiot.
Likewise, anyone who uses a site like this on and doesn’t think that every key stroke isn’t monitored is an idiot.
It's more like an anti-Capitalist pro-Socialist propaganda machine for the al gore enviroweenie crowd pretending to be a business news publication. They STILL want people to believe in the Climate Change scam...that was SO five years ago....
Big Brother Bloomberg.
Spying on the government. That takes chutzpah.
That's to put it MILDLY.
If you had access to the Bloomberg logs, and noticed that the traders at Goldman Sachs were suddenly intensely interested in a certain topic, how much would that info be worth to rival trading firms?
You wouldn't even have to tell them how you knew, just have a cutout with no discernible connection to Bloomberg tell firms "take a look at Company X".
This is humongously shady and likely tied to insider trading and market manipulation, IMO.
I wonder if this is really how Bloomy became one of the richest men on the planet. He’s someone I wouldn’t mind at all seeing brought down.
More, including that they tapped JPMorgan—and apparently lots others for years (back to Bloomy’s direct involvement?) as well:
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