By Christopher B. Daly
The company known as Bloomberg — founded by Medford native and, oh, yeah, former mayor of New York City Michael Bloomberg — is really several companies. The one that made Mr. Bloomberg a billionaire is one that makes and sells proprietary terminals that big-time investors use to trade stocks. Mr. Bloomberg also runs a news service that originally just covered business but in recent years has ventured further and further afield until it has emerged as something like a full-service news agency along the lines of the AP or Reuters.
Trouble is, Bloomberg News is a comparatively small part of Bloomberg’s overall business. And when covering news jeopardizes the company’s other interests — by, for example, pissing off the leaders of China — then Bloomberg corporate executives will step in and protect the core business, at the expense of the journalism.
That appears to be just what happened this week, when Bloomberg corporate chairman, Peter T. Grauer, discussed China.
“We have about 50 journalists in the market, primarily writing stories about the local business and economic environment,” Mr. Grauer said in response to questions after a speech at the Asia Society. “You’re all aware that every once in a while we wander a little bit away from that and write stories that we probably may have kind of rethought — should have rethought.”
Translation from corporate-speak: We are not a real news organization that wants to tell the truth no matter what and let the chips fall where they may. Bloomberg wants the chips to fall in his pocket. It’s his company, and he can do as he likes. But no one should be under any illusions.
If a story is true and interesting and you withhold it, you are engaging in self-censorship. If you really are in the news business, that approach, over the long run, is bad for business.