Bloomberg News Caught Snooping on Bankers
May have also tapped data from Bernanke and Geithner
By Ruth Brown, Newser Staff
Posted May 11, 2013 3:12 PM CDT
Updated May 11, 2013 5:25 PM CDT
Bloomberg Terminal   (jm3 / Flickr)

(Newser) – Bloomberg LP operates both a multi-platform media organization, Bloomberg News, and a computer system, Bloomberg Terminal, that bankers and traders use to monitor market data. The problem: Bloomberg News reporters can see how and when any customer has been using a terminal, and now it turns out they have been using that access to snoop on Wall Street and break news, the New York Times reports. And it may have gone even further than just traders: a former Bloomberg staffer now says he also accessed the terminals of Ben Bernanke and Timothy Geithner, according to CNBC.

The issue was first discovered when a Bloomberg reporter asked Goldman Sachs if a partner had recently left the firm because he hadn't recently logged into his terminal, the New York Post revealed. JPMorgan claims Bloomberg may have used data from terminals to break the "London Whale" scandal, the Post reports. The Times says "several hundred" reporters have used the technique, gaining access to 315,000 subscribers worldwide. Bloomberg has called the news-gathering process "a mistake," and has cut off its journalists' access, reports the AP. But the damage may already be done: the terminal is Bloomberg's primary money-maker, with firms paying around $20,000 a year to use it, and Wall Street is not happy.

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Showing 3 of 72 comments
Libris_Fidelis
May 16, 2013 1:52 PM CDT
This entire story is being twisted completely out of reality. All this story is about is that Bloomberg Terminal has been disclosing -- NOT SNOOPING -- information posted in their site by banker employees. It is just like the Newser comments! It isn't spying damnit... only JPMorgan and Goldman Sachs are afraid of this because of what THEIR employees MIGHT SAY... there is no information surveillance in this --- PLEASE QUIT MAKING THINGS UP... read the article for what it says !!! There is no snooping involved at all! READ THE STORY damn it !!!
MattB
May 13, 2013 7:27 AM CDT
So if a reporter can gain easy access, than so can a hacker? Yea real secure there guys.
Over the Road Steve
May 12, 2013 10:05 AM CDT
I know I should be upset about this; Bloomberg News spying on the Wall Street slime and idiots like Bernanke and Geithner; but it's hard. Couldn't be happening to a more deserving group of people. You folks know that Google and many other tech operations are spying on us all the same way; only they are taking the gathered info and selling it to advertisers.