Today, as we committed to you back in May, we released a report from the law firm Hogan Lovells and the data security and regulatory compliance consulting firm Promontory Financial Group on our client data policies and practices. The Hogan Lovells/Promontory report includes the conclusions of Samuel J. Palmisano, the former Chairman and CEO of IBM, who provided advice to our Board of Directors. You can find the full Hogan Lovells/Promontory report on the terminal at RVWS<GO> and online at www.bloomberg.com/reviews.

Hogan Lovells and Promontory, with advice from Mr. Palmisano, looked deep into our organization at everything from physical and cyber security to our privacy policies to assess whether we could meet our protection obligations to our clients. I’m gratified that the Hogan Lovells/Promontory report states that we have appropriate client data policies and controls in place. As you will see in his comments, Mr. Palmisano agrees with that conclusion. That is deeply reassuring to us given his experience and judgment.

In a parallel effort, Clark Hoyt, previously Editor-at-Large at Bloomberg News and a former Public Editor of The New York Times, conducted extensive interviews across our news functions and with clients and experts on journalism ethics, to review and make recommendations on the relationship between the company’s news and commercial operations. Mr. Hoyt made a number of important recommendations, which we accepted to ensure that we address areas in our editorial operation that need to be revisited in a changing environment. These recommendations can also be found at RVWS<GO> and on our website.

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