The New York Times reports on the expansion of Bloomberg News' Washington bureau with the hiring of Roger Simon as a chief political correspondent. While not known widely for its political coverage Bloomberg has been leveraging its strong base of revenues from financial information systems and media to build a more general media capability step by step. While the core Bloomberg product faces new competition of its own its news organization is unfettered by the traditions of print and likely to evolve into a service equivalent in some ways to the Reuters news service - able to service general media audiences effectively while maintaining an elite core financial audience. But at the same time these revenues are likely to remain a sliver of Bloomberg's overall offering. In the meantime the development of in-house news staffs at portals such as Yahoo are likely to absorb other refugees from traditional editorial news capabilities into general online media. Electronic-first journalism that's long paid its bills very effectively is going to thrive for some time to come as it learns to dance with user-generated media more effectively. Enough of the moaning and groaning - there's plenty of money to be made in news in the right contexts.