Is Bloomberg News spying on Goldman Sachs?

Intrigue on Wall Street

Goldman Sachs' New York headquarters
(Image credit: LUCAS JACKSON/Reuters/Corbis)

Some Bloomberg staffers have been using the company's ubiquitous information terminals to monitor Goldman Sachs' bankers, sources told the New York Post. Reporters were accused of viewing which Goldman employees logged into terminals, what information they were looking up and how often, and more — then using that private information in Bloomberg news stories.

Bloomberg terminals house hoards of financial market data — news, price quotes, etc. — and traders use the terminals to analyze markets, message each other, and make trading decisions. Goldman pays Bloomberg millions of dollars a year to rent the system for its employees, which means that Bloomberg, a $6 billion a year business, has apparently been nibbling at the hand that feeds it.

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Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.