Apologies are a good first step for Bloomberg

Dan Orlando of the New York Business Journal writes about how Bloomberg LP’s quick apologies for allowing its reporters access to information about its clients was a smart move.

Orlando writes, “Today I talked to Mark J. Prak, a communications lawyer based in Raleigh, N.C., about Bloomberg’s Snoopgate. He says the confession should significantly stem the tide of possible cancelled subscriptions.

“‘The straight-up approach is likely to be an effort to defend their business and make sure that their customer base does not become disenchanted with them,’ Prak told me. ‘I give them credit.’

“Some commentators, while not defending Bloomberg, are arguing that people should put the scandal in perspective — while others say it reveals a basic character flaw in the financial media, a win-at-all-costs mentality similar to the greed and cheating so often portrayed on Wall Street itself.

“Bloomberg has been harshly critical of itself while at the same time insisting it won’t happen again.”

Read more here.