Saturday, May 11, 2013

Big brother is collecting private information from Bloomberg terminals users

Big brother's name is Bloomberg.  Is anyone surprised?

Via Business Insider:
Earlier today, Mark Decambre of the New York Post broke a bombshell story:
Reporters at Bloomberg News used private information from Bloomberg terminals to spy on employees at Goldman Sachs.
And now it’s clear that Bloomberg reporters used private terminal information to report on at least one other firm, too.
Wall Street firms pay Bloomberg millions of dollars a year to buy Bloomberg terminal accounts for their employees.
Until recently, Bloomberg News reporters with access to these private Bloomberg systems could see when specific Bloomberg clients were logging on and off and various search functions they use.
The Post’s story revealed that reporters at Bloomberg News used this private information to spy on the activity of individual Goldman partners and use the information they discovered in developing Bloomberg news stories.
According to a source at JPMorgan, Bloomberg reporters also secretly used private client information on the terminal while reporting on JPMorgan’s disastrous “London Whale” trade last year.
Bloomberg broke the news that a team of JPMorgan traders in London had made a massive bet on credit derivatives — a bet so big that it was causing distortions in the market.
Bloomberg was also the first organization to name the trader responsible for this bet: Bruno Iksil.
Keep on reading…

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