Today in business: 5 things you need to know

Bloomberg's editor-in-chief apologizes for spying, Virgin America prepares for an IPO, and more

Richard Branson's Virgin America is going public.
(Image credit: Bob Riha, Jr./Virgin America via Getty Images)

1. BLOOMBERG EDITOR-IN-CHIEF APOLOGIZES FOR SNOOPING ON BANKS

"Our reporters should not have access to any data considered proprietary. I am sorry they did. The error is inexcusable," Matthew Winkler, Bloomberg's editor-in-chief, wrote in an op-ed for his publication this morning. Winkler also clarified exactly what his reporters had access to via clients' Bloomberg terminal accounts. They were able to view log-in histories, and the date the log-in was created, along with "high-level types of user functions on an aggregated basis." However, "at no time did reporters have access to trading, portfolio, monitor, blotter or other related systems," Winkler said. "Nor did they have access to clients' messages to one another. They couldn't see the stories that clients were reading or the securities clients might be looking at." [Bloomberg]

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Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.