As the story of Bloomberg's reporters use of the terminal has unfolded, the Post has taken to calling the matter "Spygate." And while that may be typical tabloid hyperbole, there are some who still wonder what Bloomberg does with all that data that records the keystrokes of its 320,000 subscribers, many of whom are very wealthy and powerful.

In the process, the Post has seemingly enjoyed poking fun at Bloomberg the mayor. In a May 18 story, the newspaper characterized the company's selection of former IBM ( IBM) CEO Sam Palmisano to evaluate current practices as the beginnings of a cover-up. The notion being that Bloomberg is more interested in damage control than unearthing negative information that might be used to further the story.

Also see: Bloomberg 'independent' adviser mayor's pal

The Post, and by extension News Corp., would love some more dirt. It's good for the news cycle, and maybe even the bottom line.

Written by Leon Lazaroff in New York

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