FT vs Bloomberg

Ooh, this is juicy! The FT’s Alphaville blog has come out and declared that one of Bloomberg’s biggest stories today is a hoax.

The story, headlined “Gold Fields May Receive Bid From Pastorini-Led Group,” is very long, very detailed, and has helped drive up shares in Gold Fields by 11% in one day.

Whether or not the Pastorini of the headline even exists is far from obvious. As Bloomberg’s Stewart Bailey concedes in his story,

Pastorini’s name didn’t appear in a search under U.S. Securities and Exchange filings. There was no trace of his name in a Google search. He declined to name his previous employers or provide details of his track record.

But Bailey does quote a lot of people in his story, all of whom at least implicitly are taking his story seriously.

One way or another, it seems, either the FT or Bloomberg is going to end up with a certain amount of egg on its face.