Mike Bloomberg Worked On Wall Street In The 1970s Got Laid Off And Created The Bloomberg Terminal
When I was 39, I got laid off. I didnt know what Id do next. But I had an idea to start a company so I took a chance.
Today, our company employs 20,000 people, and generates large profits, almost all of which go to helping people across the country and around the world.
Mike Bloomberg began working for Salomon Brothers in 1973, was laid off and used the money he earned toward creating the Bloomberg terminal, which has become a staple of Wall Street.
When I was 39, I got laid off. I didnt know what Id do next. But I had an idea to start a company so I took a chance, Bloombergs campaign tweeted on Sunday. Today, our company employs 20,000 people, and generates large profits, almost all of which go to helping people across the country and around the world.
In 1981, Bloomberg founded Bloomberg LP, which is now a multi-billion company. In 1990, he went on to launch Bloomberg News, a widely read financial and news site. On Sunday, after announcing his candidacy, Bloomberg News Editor-in-Chief John Micklethwait sent a memo to his staff saying the news organization would not conduct any investigative reporting on Mike Bloomberg or any of the Democratic candidates.
Bloomberg News has struggled in the past with Mike Bloomberg’s political ambitions, as I noted a couple weeks back: Editor-in-Chief John Micklethwait addressed today how the newsroom will cover now that the owner is officially in the race:
Mayor Bloomberg Has Stared Down 9/11 Woes Recession To Transform City During His Three Terms
Mike Bloomberg faced enormous skepticism when he left the global, multibillion-dollar business he built to embark on what many saw as a fool’s errand: a campaign for mayor.
Twelve years later, as the clock ticks down on Bloomberg’s mayoralty, the city is by nearly every measure a dramatically different place.
“Thinking back to what he inherited, immediately post-9/11, you think about from that to where we are today, it’s just a lifetime,” said Jeanne Zaino, a political science professor at Iona College.
The city quickly bounced back from the terror attacks, and then rebounded again from the Great Recession. Crime declined, life expectancy increased and tourism soared.
Once-neglected neighborhoods have been reborn. There are bidding wars for apartments in Bushwick, Brooklyn, and a boutique hotel now stands in the South Bronx. An abandoned stretch of elevated railway the High Line has become a mecca for visitors. And Times Square, once again, really does seem like the Crossroads of the World.
Bloomberg applied the innovation that helped build his business to the city’s balky bureaucracy, sometimes with remarkable results.
He created a 24/7 hotline, 311, for New Yorkers to get easy access to their government. And he won City Hall control of the school system.
“The transformation has been so remarkable, we take it for granted.”
But the gleaming Gotham that Mayor-elect Bill de Blasio inherits is also one that critics say has left its most vulnerable behind.
Who Uses Bloomberg Terminal
Because of their relatively high cost, Bloomberg terminals are typically used by large institutional investors, portfolio managers, and financial analysts. Bloomberg offers investors independent stock research from more than 1,500 resources, charting tools, and trade analytics for both the buy-side and sell-side.
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New York City Mayoral Election
The New York City mayoral election of 2001 was held on November 6, 2001.
Incumbent RepublicanmayorRudy Giuliani could not run again due to term limits. As Democrats outnumbered Republicans by a five-to-one margin in the city, it was widely believed that a Democrat would succeed him in City Hall. Businessman Michael Bloomberg, a lifelong Democrat, changed his party affiliation and ran as a Republican. narrowly defeated Fernando Ferrer in the Democratic primary, surviving a negative contest that divided the party and consumed the vast majority of the Green campaign’s financial resources. After a campaign that was largely overshadowed by the 9/11 terrorist attacks, Bloomberg won the general election with 50.3% of the vote to Green’s 47.9%.
Dont Take A Knife To A Gunfight
Both events drew supporters, as well as those who are undecided but wanted to hear what the candidate had to say.
I wanted to hear about his initiative and see what he could bring to this wealth gap we have in Wisconsin and the nation, said Antoine Gosa of Racine, who brought his teenage daughter along to the Milwaukee event.
David Meister of Fox Point, who sported a Bloomberg sticker on his jacket, said he volunteered for the campaign the first day his candidacy was announced. I used to travel to New York once a month on business and I saw that he transformed the city, he said.
Bloombergs Madison office was packed with Democratic and Bloomberg supporters much to the pleasure of campaign staffers.
Jeff Lennberg and his wife, Gretchen Schultz-Lennberg, of Cottage Grove, came to the Madison event with open minds.
While they plan to support whoever wins the Democratic nomination come November, Lennberg said he is still undecided in the primary.
I like Mike Bloombergs more moderate approach, Lennberg said. Youre going to get a lot more done. The extreme left, the extreme right, they cant come together in any way whatsoever.
He knows how to get to certain people who are more moderate in the Senate in the House of Representatives and work together.
Jeanne Wright, of Mount Horeb in Dane County, also came to learn more about Bloomberg and seemed to like what she heard.
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Bloomberg The Billionaire Businessman Mayor And Philanthropist
Its impossible to delve into all the ins and outs of Bloombergs record as mayor without, frankly, writing a book. He fought against illegal guns and introduced PlaNYC, a green New York initiative that didnt achieve all it set out to but was ahead of the curve. He kicked the Occupy Wall Street protesters out of the park. He sought to build up the citys tech prowess. The list goes on.
He really could and did strike a more independent streak, but at the end of the day, you are who you are, said Eddie Bautista, executive director at the NYC Environmental Justice Alliance and former director of city legislative affairs under Bloomberg. Naturally, there are going to be blind spots.
The picture of Bloombergs record as mayor is a complicated one. He certainly seemed to have run the city with a rising tide lifts all boats theory and fit the fiscally conservative, socially liberal mold, though he wasnt afraid to break it from time to time. He has openly said he wants every billionaire in the world to move to New York City in order to increase the tax base and boost the economy. As mayor, his administration also bought homeless people one-way tickets out of New York. After he cut the budgets of arts groups to try to balance the budget when he became mayor, he sent them personal checks.
And Bloomberg was looking at the data, but he sometimes focused too much on the data that fit his assumptions or didnt take into account the human impact.
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Major Cons Of A Bloomberg Presidency That Would Be Disastrous For The Us
Mike Bloombergs candidacy for the Democratic nomination is just weeks old and the impact of his bid have already revealed flaws in the DNCs candidate curation process.
This article originally appeared on InsiderNJ.
As our native son Senator Cory Booker has pointed out, the field has already skewed more male, whiter and wealthier with the exit of Senator Kamala Harris.
The DNCs heavy reliance on polling and fundraising advantages someone like Bloomberg, with nearly unlimited resources.
And while it is true that theres much to recommend Mr. Bloomberg, particularly during the perilous reign of President Trump, there are several drawbacks to the former Mayor of New Yorks candidacy and a potential Bloomberg presidency.
There are also examples of costly mismanagement of critical municipal contracts on Mr. Bloombergs watch as mayor, which run counter to the image of him as a consummate manager. These will most likely not find their way into the presidential debate but the consequences of them were felt long after he left office.
My observations are based on more than a decade of covering Mr. Bloomberg as Mayor for WNYC and on paying close attention to his ongoing philanthropy and strategic campaigns around public health, climate change and gun control since.
Mike Bloomberg: 5 Fast Facts You Need To Know
GettyFormer New York City Mayor Michael Bloomberg in January, 2019.
Former New York City Mayor Mike Bloomberg announced on Sunday, after much speculation, that he is running for president of the United States in 2020. Bloomberg, a billionaire from Massachusetts who became mayor of New York City shortly after the terror attacks on Sept. 11, 2001, will run as a Democrat and said he is running to defeat Donald Trump and rebuild America.
Heres what you need to know about Mike Bloomberg.
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National September 11th Memorial And Museum President And Ceo Alice Greenwald Shares How A Series Of Stone Monoliths At The Site Of The Memorial Better Known As The Glade Came To Be And Its Purpose
The Museums 110,000-square foot space features artifacts, images, and interactive displays that document and explore the attacks from multiple perspectives, while its permanent collection forms a unique and important repository of material evidence and primary testimony.
In 2019, the Memorial saw the opening of the Memorial Glade, a dedicated tribute featuring six stone monoliths embedded with steel from the World Trade Center. This structure honors the rescue, recovery, and relief workers, survivors, and members of the Lower Manhattan community who are sick or have died from exposure to toxins at the site in the aftermath of 9/11.
A Life Of Influence And Impact
Upon leaving City Hall, Bloomberg returned to the company he founded while also devoting more time to philanthropy, which has been a top priority for him throughout his career. Today, Bloomberg Philanthropies employs a unique data-driven approach to global change that grows out of his experiences as an entrepreneur and mayor. Bloomberg has pledged to give away nearly all his money during his lifetime and has so far donated $11.1 billion to a wide variety of causes and organizations.
In addition to Bloomberg Philanthropies five areas of focus public health, arts and culture, the environment, education, and government innovation Bloomberg continues to support projects of great importance to him, including his alma mater, Johns Hopkins University. He served as chairman of the board of trustees from 1996 to 2001, and the universitys School of Hygiene and Public Health is named the Bloomberg School of Public Health in recognition of his commitment and support. In 2018, he gave $1.8 billion to allow Johns Hopkins to permanently accept and enroll students without regard to their ability to pay the largest gift in the history of American higher education.
Mike gave $1.8 billion to his alma mater Johns Hopkins to forever guarantee need-blind admissions for all students.
Mike gave $1.8 billion to his alma mater Johns Hopkins to forever guarantee need-blind admissions for all students.
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Mayor Bloomberg’s Legacy: The Good The Bad And The Ugly
Michael Bloomberg’s extraordinary 12-year term as mayor of New york has just ended. This is an opportune time to review the billionaire mayor’s mixed-bag legacy — the good, the bad, and the ugly.
For the sake of civility, let’s start with the good.
My only government job began with Bloomberg’s first term, in January 2002. Lower Manhattan’s newly elected City Council Member Alan Gerson asked me to set aside my media work to serve as the policy director for his newly-commissioned Committee on Lower Manhattan Redevelopment. I also advised the council member on budgetary issues, and in reviewing the new mayor’s unexpected plan to immediately raise real estate taxes by 18 percent.
In the wake of the September 11 attacks only months earlier, New York City’s finances had headed into dire straits. Simultaneous to Bush-Cheney’s infamous tax cuts for the rich — and exploding deficits — a mayor who had come to power on the Republican ticket had initiated the largest city tax increase in modern history. Our City Council voted 41 to 6 to raise billions of dollars to retain essential city services. Mayor Bloomberg was a phenomenal fiscal manager, and as a result, Mayor Bill de Blasio will inherit a $2 billion budget surplus this year.
It also has its drawbacks, when that same king is imperious, arrogant, disregards criticism, and is out of touch with the lives of ordinary New Yorkers. But more on this when I get to the bad and ugly.
Later Activities And Presidential Run
After leaving office, Bloomberg returned to managing his namesake financial data and media company, Bloomberg LP. He continued to be involved in environmental causes, and in 2017 he published Climate of Hope: How Cities, Businesses, and Citizens Can Save the Planet . In 2018 Bloomberg launched the American Cities Climate Challenge, a $70 million program to help 20 cities fight climate change. The initiative came a year after Republican Pres. Donald Trump announced that he was withdrawing the United States from the Paris Agreement on climate change. A vocal opponent of Trump, Bloomberg pledged to spend at least $80 million to defeat Republicans in the 2018 midterm elections. That year he reregistered as a Democrat, raising speculation that he would run for president in 2020. Although Bloomberg announced in March 2019 that he would not seek the presidency, in November he officially entered the race. Despite spending more than $500 million, he struggled to gain support, especially after poor performances in two debates. In March 2020 he ended his campaign and announced his support for Joe Biden.
Bloomberg was the recipient of numerous honours, including the 2009 Mary Woodard Lasker Award for Public Service. In 2014 he was made an honorary Knight Commander of the Order of the British Empire .
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Lifting New York City
In 2001, just weeks after the terrorist attacks of 9/11, Bloomberg was elected mayor of New York City. He and his team rallied New Yorkers and led the citys resurgence, writing one of the great comeback stories in American history. He turned around a broken public school system by raising standards and making new investments in schools. He spurred economic growth and record levels of job creation by revitalizing old industrial areas, helping small businesses open and expand, and connecting New Yorkers to new skills and jobs. Thanks to policies he put in place, the city recovered from the global recession far faster and stronger than the country overall.
Mayor Bloombergs passion for public health led to ambitious new strategies that became national models, including a ban on smoking in all indoor workplaces, as well as at parks and beaches. Life expectancy grew by three years during his time in office. He also launched cutting-edge anti-poverty efforts, including the Young Mens Initiative and the Center for Economic Opportunity, whose ground-breaking programs have been replicated across the country. As a result, New York Citys welfare rolls fell 25 percent, and New York was the only big city in the country not to experience an increase in poverty between 2000 and 2012.
Mayor Bloomberg also created innovative plans to fight climate change and promote sustainable development, which helped cut the citys carbon footprint by 13 percent.
May 15 200: The Gun Crackdown
Saying he wanted to stanch gun violence at the source, Bloomberg announced in May 2006 that he was suing 15 dealers he accused of selling firearms illegally in other states.
Efforts to stop this bloodshed have to reach across state lines, said Bloomberg, whose administration said the shops were linked to guns used in New York City crimes.
The lawsuits resulted in court-appointed monitoring for many targeted shops and a burgeoning role for Bloomberg as a public face of gun control.
He went on to co-found Mayors Against Illegal Guns now part of his Everytown for Gun Safety advocacy group and has given millions of dollars to pro-gun control candidates.
Critics complained he was deaf to the views of millions of firearms owners.
The National Rifle Association caricatured Bloomberg as an octopus on the cover of its magazine in 2007. A Virginia group organized a taunting Bloomberg Gun Giveaway.
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