Bloomberg Fires Editor For Innocent Error, While Keeping This Guy On The Payroll

On Thursday afternoon, there was a disturbance in the Bloomberg headline-generating force, after the world's premier newswire CNN-ed both the news surrounding Sylvio Berlusconi's verdict (announcing he had been cleared when he hadn't, and correcting shortly thereafter), followed promptly by a repeat when minutes later it reported that Goldman's CDO mastermind  - the person on whom all the evils of the housing bubble era have now been scapegoated - Fab Tourre had been cleared, when in reality he had just been found "liable in defrauding investors."

The confusion at Bloomberg was so uncharacteristic, which traditionally is 100% accurate when it comes to breaking market-moving news, even we remarked it at the time:

Of course, this was all in good humor: because let he who has never misreported headlines in the heat of the moment cast the first stone. We realize very well that when it comes to getting it "out there first", mistakes will happen.

We were, however, quite stunned to learn that one day later, the editor who was responsible for misreporting the Tourre news, was unceremoniously fired. From the NY Post:

Bloomberg LP fired an editor yesterday after he published an incorrect headline on the company’s terminals worldwide — saying a jury had found ex-Goldman Sachs banker Fabrice Tourre not liable for misleading investors, The Post has learned.


In fact, the Manhattan federal court jury found Tourre liable for six of the seven claims brought by the Securities and Exchange Commission.


John Pickering — a roughly 20-year veteran at Bloomberg — input a headline on Bloomberg’s terminal that read: “BREAKING: Fabrice Tourre Wins SEC case claiming fraud in $1 billion CDO deal.”


The headline was corrected moments later — but the axe was dropped on Pickering less than 24 hours after the flub, sources said.


A Bloomberg spokesman declined to comment on the situation. A person familiar with the media giant confirmed that Pickering “is no longer with the company.”


Bloomberg LP denies the mayor has a hand in employee matters. Bloomberg staffers were stunned by the firing. “It’s quite a punitive action. It was a simple mistake,” said one insider.

20 years on the job and fired for one largely irrelevant, non-market moving error (and subsequent correction)? While we applaud Bloomberg's fastidious adherence to professionalism, if everyone else followed in the same footsteps, CNN would by now have negative employees.

But what was truly shocking is that while Pickering was fired for an innocent error, Bloomberg still keeps on its payroll people such as Greg Giroux who on the same day reported the following "news"...

That the above "reporting" is race-baiting in its most extreme and provocative goes without saying.

We wonder how amazed Mr. Giroux would be to learn that the adults killed during childbirth are mostly women.

Or that firearm homicides in the US are mostly conducted by black males.

Actually, we are not sure if we can even say that without being accused of being sexist and/or racist. But hey, when it comes to opposing a ruinous spending policy proposed by the president, what matters, what truly matters, is that those opposing it are "mostly white men."

Surely, in the context of such brilliant editing, John Pickering absolutely deserved to lose his job.