Bloomberg News caught spying on JP Morgan Chase through Bloomberg Terminals

Posted at 6:37 PM, May 11, 2013
and last updated 2013-05-11 18:37:37-04

NEW YORK (PIX11)– Bloomberg News reporters have been spying on clients of their company’s bread-and-butter service, the Bloomberg Terminal.

JP Morgan Chase is the latest Wall Street firm unhappy that Bloomberg reporters were watching private subscriber data.

The company admits the practice has been going on for years, beginning when Mayor Mike Bloomberg was still running the show on a day-to-day basis.

They turned off the function after Goldman Sachs learned reporters were monitoring their employees comings and goings.

During that ordeal, Bloomberg staffers were able to determine which of its employees logged into the terminals and how many times they used particular functions.

Each terminal costs $20,000 a year to rent.