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Bloomberg's media tips

Michael Bloomberg, who made his billions revolutionizing financial reporting, took a break last month from his race for New York City mayor to berate a roomful of financial reporters.

At the annual spring dinner of the New York Financial Writers' Association, Bloomberg chastised reporters for failing to cast a more skeptical eye on the stock market excesses of recent years. "You write it, the rest of us wanted to believe it, and people got hurt," said Bloomberg, perhaps forgetting that his stable of media outlets includes a personal finance magazine that trumpets stock picks. As for professional money managers, the newly populist mogul declared, "The hedge funds and mutual funds got away with murder."