JPMorgan presses Bloomberg on reporters' access to data
NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N), 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.
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.
Bloomberg, which competes with Thomson Reuters Corp (TRI.TO), the parent of Reuters News, has said it restricted reporters' access to that information last month after another client, Goldman Sachs Group Inc (GS.N), complained.
So what. This information is useless. Its not about what is being talked about it is what is being kept silent. That is the key and good luck finding out what it is ahead of time. I can do it because I am so skilled but very few have that ability.
This is interesting indeed. Speculation wise, it looks like Bloomy reporters snooped on clients using its proprietary products to needle point financial stories, possibly like that of the "London Whale" and JPMorgan proprietary losses exceeding $6Billion? JPMorgan said it was a hedge when it wasn't. I recall at the time, Bloomberg reporters claimed bond traders were inquiring about who at JPMorgan was forcing certain bond markets higher as who ever it was moving prices, was very large. Someone identified the trader in London and then the name.