The Goldman / JPMorgan Phone Call That's Said To Have Led To Discovery of Scandal


Goldman Sachs and JPMorgan Chase are usually bitter rivals, competing for lucrative banking and trading business. But one day in April, the Wall Street titans found common ground -

- frustration with the Bloomberg news and financial data empire.

The New York Times reports that Goldman’s public relations chief, Jake Siewert, a former Treasury official, called his counterpart at JPMorgan Chase, Joe Evangelisti, with a simple question: 'Do you have any issues with Bloomberg ?'

Before he could finish his sentence, Evangelisti began rattling off his grievances, say people briefed on the call. At the top of the list was a Bloomberg News article in 2011 that likened the strife in an Italian town after a bad deal with JPMorgan to the fallout from the Nazis’ occupation in World War II. He also mentioned another episode when a Bloomberg reporter surreptitiously obtained an access code to listen to a private conference call for senior executives.

The two men shared one major concern: they believed that Bloomberg reporters were using the company’s data terminals to monitor Wall Street sources - the executives at the banks that were spending thousands of dollars a year to use the data-rich machines.

That phone call lifted the lid on a long-simmering, but seldom discussed, tension between Bloomberg and Wall Street.

The New York Times article is based on interviews with many of the people with whom Siewert spoke.

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