What Atlantic Magazine Forgot to Tell You About Mayor Bloomberg
"What the profile doesn't tell you is that at the time, Bloomberg was able to provide the 'inside quote' at which the Fed's chosen Primary Dealers traded with the Fed. This quote was of utmost importance to traders at the time, especially bond traders. They needed Bloomberg's access to this inside quote to understand what the Fed was doing (The Fed didn't announce interest rate targets at the time). It remains to this day unclear why Bloomberg was allowed to provide the inside quote on his machines, when others were denied the ability to do so. I know this for a fact, since I was at the time a consultant to a major firm that was denied the right to publish the quote." Continue reading →