Electronic Evesdropping .....
The managed data service provided by Bloomberg LP consists of data terminals for brokers and traders and their agents that are networked through the Bloomberg information management service. The subscribers to the service pay as much as $20,000 a year for each terminal depending on the information feeds and connectivity being provided. Brokers access market data and news feeds through the system and have access to trading facilities. There are statistical and historical data tools and facilities for direct communication and data sharing between users.
The data terminals are used by just about every bank, financial services company and trader in the USA.
Bloomberg also happens to own a news organization.
It has come to light that reporters working for Bloomberg News, regularly and over a period of years used an internal access to the the customer data system to monitor the activity of those subscribers.
Of course the News group is saying that they did nothing wrong.
BUT ... are not they the same group that was howling for Rupert Murdoch's head after some his British rag writers got busted for tapping cell phones? Or was that Completely Different?