Bloomberg Makes Serious Error In Fabrice Tourre SEC Decision


By Alex Weprin Comment

It may not be quite as memorable as when CNN and Fox News bungled the Supreme Court’s decision on the Obama Adminitration healthcare ruling last year, but Bloomberg made a serious mistake of its own while reporting on the SEC’s case against Fabrice Tourre.

Tourre lost, and was found liable on six of seven counts, but the Bloomberg Terminal–and subsequently Bloomberg TV and Bloomberg News–reported that he had won the case.

As with CNN’s error last year, the incorrect verdict was disseminated through Bloomberg’s social media accounts in addition to airing on TV and being sent through the proprietary Terminal. Subscribers pay $24,000 a year for the privilege of accessing the Terminal, in the hopes of getting an edge of just a few seconds to help with high-speed trading. The Terminal is widely revered for its speed and accuracy, which makes the incorrect verdict all the more surprising.