ABSTRACT

CSJ-13-0051.0 This case describes one of the more confounding issues that business reporters face on a regular basis: how to use numbers. In late 2010 and March 2011, after a lawsuit, Bloomberg News received thousands of spreadsheets detailing US Federal Reserve System lending to banks during the financial crisis of 2007-10. A team of editors and reporters had to decide first how to make sense of the dense spreadsheets full of acronyms and abbreviations. Then it had to design a database to crunch and organize the data for optimal public understanding. As the date approached to publish a series highlighting their findings, team members held differing views on how to count loans: as a cumulative number or a daily tally. The debate raises for discussion an ongoing conundrum in responsible business reporting.

Use this case to introduce students to the concept of data journalism, and/or to reporting on business. Ask them to imagine themselves covering the financial meltdown in 2008-09—how would they make sense of daily developments for readers/listeners? How would they make sense of it in 2011? Bloomberg developed an interactive data visualization tool for readers. Ask students to discuss the pros and cons of a very expensive interactive tool. Students should also consider the relationship of Bloomberg News to government. Most observers gave the Fed high points for saving the financial sector; should the press highlight inconsistencies and contradictions in what was essentially a success story? Was it reasonable for Bloomberg LP to sue the Fed?

Use this case in courses/classes on financial journalism; government-media relations; data journalism or editorial management.