Reports shine light on Bloomberg practices Two reports published as part of a wide-ranging internal review of Bloomberg's data and journalism practices brought to light several controversial incidents within the media group, including reporters lurking in anonymous trader chat rooms. In one incident, a Bloomberg journalist had access to password-protected sales documents for a planned mortgage-backed security. The reporter "used this information to publish a short description" of the bond, according to the report published by law firm Hogan Lovells and regulatory specialist Promontory Financial. Bloomberg commissioned the reports following complaints from two of its biggest Wall Street clients - Goldman Sachs and JPMorgan Chase - that the group's reporters had used private terminal data to spy on the banks" employees. The complaints highlight the sometimes fractious relationship between Bloomberg and its many Wall Street customers. Bankers and traders pay $20,000 a year for access to the group's proprietary terminals, but are also wary of Bloomberg's growing financial ambitions and potential conflicts of interest between its data and news businesses. About 50 Bloomberg reporters had access to anonymous chat rooms created for commodities traders, the report said. "The chats themselves do not appear to have been used as source material, and there is no indication that reporters conducted interviews while using the anonymous feature of the room," the report added. A second report written by Clark Hoyt, a former Bloomberg editor-at-large, focused on the group's editorial policies. Mr Hoyt suggested that Bloomberg headlines sometimes included gratuitous references to Goldman Sachs and other big Wall Street names, in an effort to drum up more readership of the stories. In four headlines sampled by the review, Mr Hoyt "concluded that the use of the Goldman name represented a stretch or was altogether unjustified," for example. He also highlighted unclear headlines. The sometimes impenetrable story titles generated by Bloomberg's army of editors have been criticised in recent years, and have even sparked a blog devoted to singling out the most bizarre. JPMorgan had also complained about a controversial 2011 story about a derivatives deal struck between the investment bank and the Italian town of Cassino. Bloomberg had likened the effects of the unprofitable derivatives agreement to the Nazi occupation of the southern Italian town during the second world war. "To suggest that a bond deal gone sour, curtailing day care for 60 children and services for the poor, is comparable to the terror and cataclysm of war is inconsistent with Bloomberg News's high standards," Mr Hoyt said. Goldman Sachs said in a public statement on Wednesday that it appreciated Bloomberg's efforts to safeguard client data. Jamie Dimon, chief executive of JPMorgan, said the group had done a "very good job" with the review. A Morgan Stanley spokesman said: "We value our longstanding partnership with Bloomberg and are pleased that they have taken the appropriate steps to address the concerns that have been raised." The Bank of England, which had voiced concerns over Bloomberg's use of terminal data, welcomed the group's review of its business practices. Still, the examples of potentially questionable newsroom incidents are unlikely to sit well on Wall Street, an industry known for its attachment to privacy and discretion. Bloomberg's own policy of not writing about itself meant that terminal clients eager to read a news story including the details of the group's review had to look elsewhere on Wednesday.