CNBC senior economics correspondent Steve Liesman writes Friday about the remaining unanswered questions surrounding the Bloomberg snooping scandal.

Here are some of them:

If editors knew about the issue in 2011, why was the practice only banned in 2013 after Goldman Sachs complained?

The appearance, according to Roush, is that clients are calling the shots on journalistic ethics at Bloomberg. “That causes me to worry what’s going to happen the next time a large client of Bloomberg comes to the company and says ‘We don’t like what you’re doing,’ ” Roush said.

What changes have really been made?

Doctoroff said the company has created a new position of client data compliance officer, “who is responsible for centralizing our data security efforts.” He also said the company now prohibits access to the private information for “reporters.” But the company has said nothing about editors and news executives, such as Winkler, who could potentially tell reporters what they have gleaned from the information.

Where’s Bloomberg’s coverage of the breach?

Roush points out that the New York Times was able to put the Jayson Blair plagiarism scandal behind it a decade ago because it wrote the definitive story on the incident. Roush and others say Bloomberg’s coverage has been non-existent. There appears to be a company policy that it does not write about itself. That policy conflicts with its otherwise blanket coverage of central banks, many of which have made public statements about the breach. The company has declined requests from CNBC to interview its executives.

Read more here.

Bloomberg LP announced Friday the appointment of Samuel J. Palmisano, the former chairman and CEO of IBM, to serve as an independent adviser regarding the company’s privacy and data standards.

The financial news and data company has been criticized in the past week after it was disclosed that some of its reporters had access to information about some of its Wall Street clients through the Bloomberg terminal.

Palmisano will immediately undertake a review of the company’s current practices and policies for client data and end user information, including a review of access issues recently raised by the company’s clients.  In addition, Palmisano will make recommendations and advise on the implementation of any enhancements to these practices and policies, including the independent verification of the company’s systems and procedures.

Palmisano will report to Bloomberg’s board of directors.

To assist Palmisano and the company in the review of data and privacy issues, the formulation of recommendations, and the implementation of any recommended enhancements, the Board has hired Hogan Lovells and the Promontory Financial Group. Additional expertise will be retained as necessary.

In addition, Bloomberg announced that Clark Hoyt, editor-at-large at Bloomberg News until Friday and formerly the public editor of the New York Times, will conduct a review of Bloomberg News’ relationship with the company’s commercial operations, including privacy and data policies.  He will make recommendations stemming from that review.  All necessary resources will be made available to Hoyt, who will report to CEO Dan Doctoroff.

 ”Clark Hoyt is a great journalist and an impartial critic,” said Bloomberg chairman Peter Grauer in a statement. “His experience as the Times’ public editor and his understanding of Bloomberg will serve us well. We are going to engage with our clients and other constituents in this process to ensure we’ve incorporated their advice.”

Citigroup is stopping traders in its foreign exchange division from using internal chat groups on their Bloomberg terminals, reports Alice Ross of The Financial Times.

Ross writes, “Citi said shutting those chat groups would increase security and had the advantage that not everyone would need a terminal to access live internal information about clients’ trading activities – a sign that the bank is also seeking to reduce costs. Bloomberg charges up to $20,000 a year for the use of a terminal and almost all traders at investment banks have sole use of a terminal at their desk.

“The move is also an attempt by Citi to steer both traders and clients away from relying on news wires and towards its own internally produced market news.

“Other banks also use internal chat groups via their Bloomberg terminals. Comments made in the internal chat group can be seen by all members and are used to share information about what clients are buying and selling. Many use code words to identify clients due to security concerns.”

Read more here.

John Carney of CNBC.com writes about BloombergBlack, the quiet wealth management operation controlled by Bloomberg LP, and what it might mean for the company’s financial data and news operation.

Carney writes, “That first bullet point seems almost like an attempt to salve any future wounds Bloomberg’s wealth management business might inflict on the customers of the terminal business. Look! We’re not telling customers to leave you for us! This isn’t competition! We’re complementary to you!

Adam Geller of the Associated Press writes about how the Bloomberg snooping scandal exposes how new media companies face unique ethical situations.

Geller writes, “‘Many more journalism companies will face the type of competing values that the journalists at Bloomberg faced because, as the economic model for journalism changes, more companies, if they’re successful, are going to look like Bloomberg,’ said Kelly McBride, who teaches journalism ethics at The Poynter Institute.

“Today’s technology gives many types of news organizations access to information about consumers’ preferences for certain types of content, without clearly settled understandings of how that information should be used. Technology also has made it easier for reporters, and everybody else, to snoop.

“‘In a digital world in which everything online at some level, if you have the expertise, is probably available, this is simply reality,’ said Alex S. Jones, director of the Shorenstein Center on the Press, Politics and Public Policy at Harvard University.

“At the same time, new types of journalism ventures are relying on different constituencies, often without clear rules for engagement, McBride said. Non-profit news organizations rely on donors, rather than advertisers. Others rely on advertisers who pay to sponsor content.

“All together, the uncertainties of those new relationships will force media organizations to grapple with tough questions, McBride says.”

Read more here.

John Gapper of The Financial Times writes about the Bloomberg LP snooping scandal, warning the financial data and news company about taking Wall Street for granted.

Gapper writers, “They could turn to its competitors, such as Thomson Reuters, or they could go it alone – creating their own instant messaging, pricing and data services, in the way that they have established ‘dark pool’ trading platforms to compete with exchanges. The internet has put the technology in their hands.

“Bloomberg does not have much experience of playing defence because it has spent its life on the attack, outflanking rivals with ‘the Bloomberg Way’ and expanding into news, television and magazines. (There is speculation that it wants to buy the Financial Times or The New York Times.)

“It took three attempts to get its response right, finally filling its trading screens with an apology from Dan Doctoroff, its chief executive. It is not used to saying sorry and, like other technology companies, its success has bred arrogance – it tends to think it knows best.

“‘It has a cult-like structure in which everyone is a believer,’ says one former Bloomberg executive. ‘There is such a degree of holy righteousness that journalism can only be done the Bloomberg Way that I was surprised by a failure of judgment on this scale.’”

Read more here.

Sen. Carl Levin’s Permanent Subcommittee on Investigations, which has examined the financial meltdown and JPMorgan’s “London Whale” debacle, is being urged to launch a probe into Bloomberg’s snooping scandal, The New York Post reports.

Mark De Cambre and Kaja Whitehouse report, “At least one federal official has recommended that the powerful committee take the lead on investigating the extent of Bloomberg’s spying on Wall Street and government clients through its ubiquitous data terminals.

“The privately held news and information giant falls outside of the scope of most financial regulators, noted one source.

“Bloomberg has admitted that some reporters used the terminals to monitor when clients were signed into the service and what functions they were using.

“Besides Goldman Sachs, JPMorgan Chase and other big banks, officials at the Fed and the US Treasury have also expressed concerns that they were being monitored.”

Read more here.

JPMorgan Chase & Co, one of the biggest  customers of Bloomberg LP, said on Wednesday it has sent a formal legal request  asking the financial data and news company to provide details of what bank  information Bloomberg News reporters had been able to see.

David Henry of Reuters writes, “JPMorgan’s statement comes after Bloomberg acknowledged late last week that  its reporters had limited access to data about clients’ terminal usage, such as  when a customer logs in, contacts the help desk or delves into the system for  information about assets, such as equities or bonds.

“The largest U.S. bank is seeking logs for five years of what precisely  Bloomberg journalists accessed concerning the use of terminals by JPMorgan  employees, a bank official said. Bloomberg has about 2,400 journalists  worldwide.

“JPMorgan said it is also seeking ‘confirmation’ of controls that Bloomberg  has put in place to stop future breaches.

“The bank declined to provide a copy of what it described as a formal request  from its legal department.

“A Bloomberg spokesman declined to comment.”

Read more here.