Bloomberg bars reporters from client activity

Published on NewsOK Modified: May 11, 2013 at 8:05 pm •  Published: May 11, 2013
Advertisement
;

No reporters have been fired over the matter, Trippet said. He declined to comment on whether any other disciplinary measures have been taken or if the company had plans to do so.

Although Goldman's concerns caused the change, JPMorgan Chase & Co. had also expressed concerns about Bloomberg journalists' access to sensitive data.

A person familiar with the matter at JPMorgan said multiple Bloomberg reporters had used the data to try to break news in the last several years. The person said Bloomberg journalists used their access attempting to find out whether disciplinary action had been taken against Bruno Iksil, a JPMorgan trader nicknamed the "London whale" who was blamed for a $6 billion trading loss last year.

One reporter knew details about the log-in times of multiple traders on a single desk and called daily to ask about potential layoffs, the person said. JPMorgan complained to the reporters about the technique but Bloomberg managers weren't made aware of a formal complaint.

The person was not authorized to speak publicly about the matter and requested anonymity.

Bloomberg's Trippet said he was unaware of complaints from JP Morgan to reporters or editors.

It's not clear exactly how long Bloomberg reporters have been accessing subscriber information.

"Limited customer relationship data has long been available to our journalists," Trippet wrote in an email. The access dates back to the 1990s, when Bloomberg's news operation began. Journalists would join sales representatives on calls to clients, he said, to explain how Bloomberg's news functions work.

Bloomberg journalists are renowned for aggressive techniques in a competitive field. Bloomberg LP, whose main business is selling terminals to clients in the financial industry, employs more than 2,400 journalists.

In November 2010, the news service reported on the earnings of The Walt Disney Co. and NetApp Inc. well before the companies' scheduled releases by guessing the unprotected website addresses of the press releases before they were made public.

The public relations gaffes, which resulted in immediate but fleeting dips in the stock prices of both companies, resulted in the companies taking action to prevent a recurrence.

__

AP Business Writer Bernard Condon in New York and AP Economics Writer Christopher Rugaber in Washington contributed to this report.