Tag Archives: Bloomberg
Bloomberg reporters also snooped on JP Morgan employees
by Chris Roush
Julia LaRoche of Business Insider is reporting that Bloomberg News reporters also used the company’s terminal to glean important information about the actions of JP Morgan bankers during its London Whale trading losses last year.
Bloomberg has come under criticism from Goldman Sachs recently and has agreed to limit with its editorial staffers can see on the terminals.
LaRoche writes, “According to a JP Morgan source, Bloomberg reporters would call JPMorgan CIO traders on their home phone numbers or personal cellphones and say, ‘Hey, I noticed you haven’t used your Bloomberg Terminal in a while are you still with the bank?’
“Bankers at JPMorgan expressed frustration with this to multiple Bloomberg reporters, a source said.
“The source also said that this has happened in broader instances at JP Morgan and not just with the ‘London Whale’ traders. But the ‘London Whale’ event is when it became apparent to JP Morgan that Bloomberg reporters were using their private client information to spy on them.
“‘They were pretty blatant about saying they noticed if you haven’t logged into your Bloomberg or you haven’t been trading in a while,’ a JPMorgan source said.
“The general sense is that the behavior of these Bloomberg News reporters was outrageous.
“As one JP Morgan source said, when you buy a Bloomberg Terminal, ‘You don’t think someone’s tracking your every move.’”
“If you’re not already familiar with the Bloomberg Terminal, it’s basically a computer that’s targeted toward financial professionals so they can message other users, obtain real-time market data, news, stock quotes among many other functions.”
Snooping on your customers, the Bloomberg way
by Chris Roush
Tracy Alloway of the Financial Times, a former Bloomberg News staffer,writes about how reporters at the news service used the terminal to find out info about people on their beats.
Alloway writes, “What is more surprising is the fact that this has never come to light before. Ex-Bloomberg employees (this Alphaville contributor included) have been aware of the power of UUID for a long time. It’s only one of the, erm, ‘informational advantages’ that comes from working at Bloomberg. Another prominent one being the internal database reporters are required to contribute to on a regular basis. That database includes personal contact details of their sources – readily accessible to other Bloomberg employees – as well as personal details such as the names of their children, favourite foods and hobbies.
“Needless to say, there is an obvious conflict here. Bloomberg has built a semi-monopoly when it comes to financial terminals. Some of that success, it must be noted, comes from this kind of data-mining of users’ information
“UUID is a commercial function intended for sales people who can go to the client and say; ‘We see you like this function and are interested in this subject. Perhaps you would also enjoy these functions and features.’
“But the blurring of the commercial side with Bloomberg’s well-respected newswire, is a problem.”
Read more here.
Goldman Sachs confronts Bloomberg about reporter snooping
by Chris Roush
Goldman Sachs brass recently confronted Bloomberg LP due to concerns reporters at the business news service have been using the company’s ubiquitous terminals to keep tabs on some employees of the Wall Street bank, reports Mark De Cambre of the New York Post.
De Cambre writes, “A Goldman spokesman confirmed that Bloomberg was taking steps to address the issue.
“No reporters have lost their jobs as a result of the snooping issues.
“Bloomberg reporters’ ability to access the special so-called customer relationship management (CRM) information features was a holdover from that ’90s era when reporters also worked with the news organizations sales efforts.
“‘Limited customer relationship data has long been available to our journalists, and has never included clients’ security-level data, position data, trading data or messages,’ said Bloomberg spokesman Ty Trippet.
“‘In light of [Goldman’s] 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,’ he noted.”
Read more here.
Bloomberg TV’s Regan has a lot of projects going on
by Chris Roush
Bloomberg TV anchor Trish Regan is featured on the cover of New York Resident magazine and is interviewed by Christopher A. Pape.
Here is an excerpt:
R: What new things are you working on?
TR: I’ve got a lot of projects going on. In addition to anchoring “Street Smart” from 3-5pm during the close of trading every day, I also report for our documentary unit at Bloomberg. Right now, I’m finishing a one hour special on the casino industry that looks at the challenges and opportunities the gaming business now faces. I’m also working on a documentary about the marijuana industry becoming a more acceptable, legitimate business. And, by the time this magazine hits newsstands, I’ll have finished shooting an hour special called, “The Real Brazil.” (I’m actually heading to Brazil in a few days for a week of reporting there. I think Brazil is fascinating – it’s effectively the China of the Western Hemisphere – and with the right economic policy could really become a major economy.)
I’ve got lots of ideas and plenty more I want to do. The world of business is fascinating. The personalities behind business are fascinating. And one of the best parts of being at Bloomberg is that I’m surrounded with incredibly talented people that believe in telling great stories. We’re just getting started.
Read more here.
Bloomberg Radio celebrates Boston launch
by Chris Roush
Daniel B. Kline of the Boston Globe writes Wednesday about the launch of Bloomberg Radio in the Boston market.
Kline writes, “Bloomberg has 26 journalists in its Boston bureau led by Tom Moroney, a veteran Boston journalist who worked at The Boston Globe as well as for several other papers in Massachusetts. The bureau existed before the radio station was launched, and it feeds the company’s content delivery channels including its signature terminal, Bloomberg.com, and Bloomberg’s cable television channel.
“‘We have two staff members who have won Pulitzer prizes,’ said Moroney. ‘We have a very seasoned team and having a local radio presence gives us another venue to use that team in.’
“As part of the launch, Bloomberg Radio has formed a strategic partnership with Boston-area Bentley University, in which Bentley will provide primary access to its leading faculty and staff, adding insight and perspective to listeners. Bloomberg Radio and Bentley will also co-produce content, drawing on Bentley’s academic resources, and Bloomberg Radio will present programming incorporating students, including the award-winning Fed Challenge team and student-run Bentley Investment Group.
“Bloomberg’s Boston radio station is its first local expansion beyond its home in New York and Moroney said it will serve as the template for future growth.
“‘I lived up here for years and to come back and be on the air here is amazing,’ said Tom Keene, host of Bloomberg Surveillance, the station’s morning drive program. ‘Just last night I went to the Innovation District and it was amazing. I remember when it was just one big parking lot.’”
Read more here.
Attorney Glasser leaving Bloomberg
by Chris Roush
Charles Glasser, who began as a reporter and more recently was at Bloomberg News as one of its lead trainers and an in-house lawyer, is leaving the news organization.
In an email to his colleagues Monday morning, Glasser wrote:
Dear Friends: After 12 remarkable years I am leaving Bloomberg News. I’ve been honored to help play a part in building the finest news organization in the world. But alas and alack, being on call 24 hours a day defending reporters around the world, encouraging smarter and clearer journalism, fighting to tell the truth, breaking open secrets that governments and companies prefer to keep secret does take its toll, and it’s time for me for pay more attention to myself. I have no long-term plans at the moment, but wanted to thank all the Bloomberg team for their love and support.
Glasser started as a reporter in his teens and ended up reporting in Nicaragua, El Salvador, England and Spain. Most recently, he traveled the world training reporters and editors of Bloomberg News how to responsibly exercise freedom of speech. In his book, the International Libel and Privacy Handbook, Glasser attempts to demystify the world’s libel laws in an era when all media is global.
Before joining Bloomberg, he represented a wide range of broadcasters, magazines, and newspaper publishers. A former daily newspaper and wire-service journalist, he has litigated many of the issues covered in the International Libel and Privacy Handbook. Glasser has published numerous articles on press law and free speech rights and is admitted to several trial and appellate courts in the United States.
Bloomberg’s praise for FT fuels speculation
by Chris Roush
Mike Bloomberg’s comments at an event honoring The Financial Times‘ 125th birthday has once again fueled speculation that he is interested in purchasing the financial newspaper, reports Amy Chozick of the New York Times.
Chozick writes, “In a speech for the occasion, Mr. Bloomberg said he was there ‘to celebrate my second favorite financial news outlet,’ which he said has ‘always been on the cutting edge of financial journalism.’
“Mr. Bloomberg has a standard response these days to inquiries about his interest in adding The F.T., currently owned by British company Pearson, to the financial media company that bears his name: ‘In fact, people are always telling me I should buy the F.T.,’ Mr. Bloomberg said. He paused for comic affect, adding: ‘I buy it everyday.’
“The Empire State Building glowed in a pink hue to celebrate the bisque-colored paper that got its start in Britain on May 1, 1888. The TV host Charlie Rose and the British advertising executive Martin Sorrell were among the guests who sipped pink champagne and vodka-spiked pink lemonade in the airy courtyard of the Academy Mansion near Central Park, a live jazz band playing in the background.”
Read more here.
Hungary’s financial regulator fines Bloomberg
by Chris Roush
Hungary’s financial regulator Pszaf fined Bloomberg News on Thursday after its Budapest office published incorrect information about the central bank’s rate decision before it was announced April 23.
Veronika Gulyas of Dow Jones Newswires writes, “Pszaf fined Bloomberg 10 million forints ($44,216) for disrupting the market. The regulator said Bloomberg corrected the mistake within a minute, took steps to establish a control mechanism to prevent such errors in the future and was cooperative throughout the inquiry that followed the incident.
“Bloomberg declined to comment on the subject.
“On April 23, the Hungarian central bank announced its rate call at 1200 GMT as usual. The decision, a rate cut of 0.25 percentage point to an all-time low of 4.75%, was in line with expectations. Minutes before the decision, Bloomberg reported that the bank had cut the key rate to 1.00%, by mistake. The forint immediately weakened against euro, but returned to its earlier level as soon as the correction was made.”
Read more here.
Bloomberg TV cuts production staff
by Chris Roush
Merrill Knox of TVNewser is reporting that Bloomberg Television has cut some of its staff.
Knox writes, “Bloomberg Television has eliminated less than five positions in its New York bureau. In a statement to TVNewser, a Bloomberg spokesperson said the network has ‘reassigned some production roles as we continue to expand our digital video operation.’
“The network’s transition to digital began last year. The positions eliminated this morning, some of which were held by camera operators, will not affect the company’s net head count. The layoffs will be offset by plans to hire up to five digital video producers.”
Read more here.
Hayzlett joins Bloomberg TV as contributing editor
by Chris Roush
Bloomberg Television announced Tuesday that business and marketing executive Jeffrey Hayzlett will join the network as contributing editor.
Hayzlett will bolster Bloomberg Television’s coverage of the people, companies and ideas that move the markets. Hayzlett will appear regularly across the network to offer an insider’s perspective on corporate marketing, branding and social media management strategies.
“I’m thrilled to join Bloomberg Television, the leading global business network,” said Hayzlett in a statement. “I look forward to providing the network’s audience with practical insight based on my experience.”
As CEO of The Hayzlett Group and TallGrass Public Relations, Hayzlett provides strategic marketing and public relations consulting to high-growth companies. He is also a well-traveled public speaker, motivating audiences at events and conferences worldwide.
He is the author of the bestselling books “The Mirror Test” and “Running the Gauntlet” and a seasoned innovative entrepreneur.
