Rupert Steiner London
AN independent investigation into practices used by financial news service Bloomberg has shown journalists used sensitive client data to contribute to news stories.
A 102-page probe conducted by law firm Hogan Lovells also found that senior executives were made aware of the problem two years ago but did not act “due to misunderstandings about who was responsible for doing so”.
While the hard-hitting investigation concludes that privately owned Bloomberg has “appropriate client data policies and controls in place”, it has recommended a raft of changes. These include hiring a chief risk officer, new policies and procedures, third-party testing, new training, and restricting journalists’ access to client data.
The firm, whose data terminals are used by most of the world’s leading banks, was at the centre of an international scandal after Goldman Sachs complained that journalists had tried to glean information from the terminals it used.
Bloomberg chief executive Dan Doctoroff said: “We did not fully appreciate how expectations of us have evolved. And we did not fully appreciate how growth in both our news and commercial operations necessitated an examination of how they work together.
“Personally, I wish I had done more to hasten this evolution, which could have helped to prevent us from making mistakes,” he added. – Daily Mail