The biggest profit center for investment banks is the hefty fees they charge for underwriting stock offerings and giving financial advice, and analysts put those profits at risk if they publish negative conclusions about the companies that pay the fees.

Financial news services and other media organizations get press releases 15 minutes before they are distributed to the general public, fueling a furious competition among the news services to rewrite them for their subscribers during their window of exclusivity.

With 950 reporters and 79 bureaus, Bloomberg competes to break news with Dow Jones, Reuters and Bridge News along with newspaper Web sites, dozens of smaller Internet sites, and even gossipy chat rooms.

Alex Berenson Quotes