Everyone is <sick> and <tired> and of paying through their noses for their GD Bloomberg terminals, and yet everyone is still paying.
There have been more than a few attempts to build a better mousetrap in recent years, but much to the chagrin of Jamie Dimon, BriMo and their peers, none has really come that close to challenging the hegemony of the Bloomberg terminal. Mikey B continues to possess all the money and all the power, with which he grabs up all the journalistic talent like a feudal lord. But sometimes there are hiccups and people get away from the curvy tower in Midtown, like they somehow let Norman Pearlstine escape into the wilderness to plot his revenge...
Norman Pearlstine, a former top editor at Bloomberg, The Wall Street Journal and Time, is joining Money.net, which has been building a low-cost alternative to the data terminals that sit at the core of Michael R. Bloomberg’s business empire.
Mr. Pearlstine is tasked with building a news feed for Money.net that will be based on machine-generated news bulletins and stories. He will be hiring journalists to help guide the computers and potentially supplement them with reporting — part of a broader move toward the automation of journalism.
Norm is a big deal, and the fact that he's joining up with a legit disruptive startup founded by another Bloomberg refugee is nothing to sleep on, just ask Norm Pearlstine:
“I think I know what the customer is looking for, and I think I know where smart developers and journalists working together can add value,” Mr. Pearlstine said in an interview. “My bias is toward not spending a lot of time duplicating things that everybody else is doing — trying to think about what timely, usable information is for a professional investor.”
And Norm is armed with an array of tools to entice a step-up in the terminal purges being planned at the big banks:
Money.net began as a platform for basic financial data, but Mr. Downey has been trying to add tools that can compete with other parts of the Bloomberg terminal.
Recently, Money.net announced a partnership with the Wall Street messaging service Symphony, which is mostly owned by a consortium of banks. Symphony has been described as an effort by the banks to create an alternative to Bloomberg’s messaging system, which is often cited as a main reason to have the terminals.
Bloomberg has not had much to worry about for years now, but the forces might be gathering to create a crisis in the House of Bloomy, an opportunity for clients to leverage the existence of a genuine alternative to the terminals that have become their false idols.