Bloomberg News reporters were using the company’s financial data terminals to monitor login activity to gain an edge in covering market and trading news. Bloomberg editor-in-chief Matthew Winkler admitted the practice was long standing and apologized saying it was an inexcusable error. (The New York Times, May 13, 2013, by Amy Chozick)
After JKMorganChase complained about the practice in 2011, Bloomberg issued an order to pit an end to it to no avail. (Gawker, May 13, 2013, by Nitasha Tiku)
Guardian reporter Heidi Moore argued that the incident was overblown, that the superiority of Bloomberg News has more to do with “shoe leather reporting” rather than insider edges. “It is the height of irony that those financial firms, who make their living by collecting and slicing data on client trades, are complaining that Bloomberg was making use of some data on their traders,” writes Moore. (The Guardian, May 13, 2013, by Heidi Moore) -db