Wall Street Is Shocked: How Much Does Bloomberg Know?
The escalating controversy over Bloomberg reporters accessing private information on Wall Street through the company’s terminals puts the data and media empire founded by New York City Mayor Michael Bloomberg into strange, new territory. It is now in the rare position of having to explain its actions to an industry that puts billions of dollars into its coffers every year.
Since news of the privacy breach broke on Friday, some of Bloomberg LP’s biggest customers on Wall Street are re-examining their agreements with the company to see how much information the company can access from desktop terminals, say sources at those firms. Goldman Sachs Group and JP Morgan Chase so far have complained about the practice of Bloomberg reporters being able to see when one of their employees is signed on and what kinds of functions they use through keystrokes on the terminal.