This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive
compensation for actions taken through them.
Bloomberg reporters were allowed to look at some of the subscriber data of Bloomberg terminal users. The disclosure, brought to light by Goldman Sachs Group Inc. (NYSE: GS), is staggering in its ethical implications. Reuters, another firm that sells terminals, said it would never do the same. Almost certainly, another Bloomberg News competitor, Dow Jones, which has a terminal delivered news service, has forbidden the practice, if it was ever contemplated as a way to handle reporting at all.
The incident should result in the dismissal of long-time Bloomberg editor-in-chief Matthew Winkler. In response to the scandal, he wrote, “Our reporters should not have access to any data considered proprietary. I am sorry they did. The error is inexcusable.” That set of errors happened on his watch.
The Federal Reserve and Treasury Department are investigating the practice. It is entirely possible that Bloomberg reporters collected sensitive data illegally, which would undermine the reputation of Bloomberg reporters among its terminal customers and financial media consumers in general.
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.