Michael Bloomberg was affiliated with Salomon Brothers before launching his own firm Bloomberg News and later becoming mayor. (Photo credit: Wikipedia)

Bloomberg LP Reporting Practices Revealed

Questions and concerns about data privacy may be higher than ever in light of the admissions by Bloomberg LP company representatives, and many Wall Street financial institutions may be have been affected by years of Bloomberg LP database monitoring. The reporting procedures that have come under fire have been part of Bloomberg LP information gathering activities since the 1990s, and the use of typical terminal history is at the center of the controversy. Multiple database development may be an established part of current society, but use of this type of information may trouble individual subscribers and Wall Street as a whole. 

The use of terminal information may not be illegal per se, but there may be a fine line between simple fact gathering and accessing proprietary data such as client login activity. Bloomberg LP has undergone policy revisions to remove this questionable access, and their reporters no longer have access beyond the access granted to Bloomberg terminal clients. While few may argue the need to report improper or illegal Wall Street trading activities, reviewing confidential client data as a routine way of gathering information may harm the credibility of any media company. The Bloomberg LP editorial response noted that reporters never had access to portfolio information or trading activity, but that prior accessibility was an error to be corrected. Formal complaints from terminal subscribers outside of Goldman Sachs may or may not occur, but the concern about data privacy may be at the forefront for many financial institutions throughout the world.

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