Sunday, May 12, 2013

Wall Street in Shock: How Much Does Bloomberg Know?

From CNBC: The escalating controversy over Bloomberg reporters accessing private information on Wall Street through the company's terminals puts the data and media empire founded by New York City Mayor Michael Bloomberg into strange, new territory.  Since news of the privacy breach broke on Friday, some of Bloomberg LP's biggest customers on Wall Street are re-examining their agreements with the company to see how much information the company can access from desktop terminals, say sources at those firms. Goldman Sachs Group and JP Morgan Chase so far have complained about the practice of Bloomberg reporters being able to see when one of their employees is signed on and what kinds of functions they use through keystrokes on the terminal.

"This industry is all about confidentiality," said Larry Tabb, founder of Tabb Group. "When you give access to information about when a user is logged in and what they are doing with their terminal, that violates a confidence. That could be an issue." He added he wouldn't be surprised if subscriber agreements would be reworked to ensure more guarantees against breaches, especially as Wall Street firms have beefed up compliance departments and measures…..

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