After a 12 year run as mayor of New York City, Michael Bloomberg is returning to the financial data and media company he founded in 1981. Now 29th on Forbes’ list of the most powerful people in the world and 10th on the list of the Forbes 400 wealthiest people in the United States, Bloomberg returns to the fifth floor of Bloomberg headquarters on the upper east side of Manhattan where “he will work a few hours a day from his desk,” according to a memo obtained by the web site Capital New York.
At Bloomberg L.P., the firm’s founder will reportedly focus on Bloomberg View, the perspective and opinion section of the firm’s web site. The Bloomberg View web site is known for presenting diverse and thoughtful discussions on a variety of financial topics. Notable columnists include William Cohan, Albert Hunt, Matt Levine, Jonathan Weil, Caroline Baum, Peter Orzag and Michael Lewis.
After 12 years as mayor, founder of media company focuses on business
Mr. Bloomberg counts among his major accomplishments low crime, rising life expectancy, and improving schools, according to an 2013 interview he conducted on ABC’s weekday talk show “The View.” Among his disappointments were failing to adopt a ban on soft drinks over 16 ounces, which was struck down by the court. Critics cite the New York Police’s “stop and frisk” program one of the most controversial programs conducted under his administration. Critics were particularly concerned that the program allowed police to search individuals walking on the street without a warrant or probable criminal cause, while program defenders pointed to a lowered crime rate as justification.
After growing up in Boston and ultimately graduating from Harvard University, Bloomberg started his financial career in New York at the investment bank Salomon Brothers, where he ultimately headed equity trading and later systems development. In 1981 Salomon Brothers was purchased and Mr. Bloomberg was given a $10 million severance, according to his book, Bloomberg by Bloomberg. “Here’s $10 million; you’re history,” he recalls being told, fired from what was then the only full time job he had known.
Mayor Michael Bloomberg returns to work on Bloomberg View
Bloomberg took the severance and established Innovative Market Systems, a firm that quickly delivered high quality business information to Wall Street. Bloomberg’s first customer was Merrill Lynch, who installed 22 of the firm’s first now famous terminals and invested $30 million in the company. In 1987 Innovative Market Systems changed names to Bloomberg L.P. and by 1990 it had installed 8,000 terminals, adding other products such as Bloomberg News, Message and Tradebook. In 2012 the company had more than 310,000 terminals, a radio station and cable broadcast division.
Before being elected as a Republican mayor of New York, Mr. Bloomberg was first a Democrat and switched his party registration in 2001 before his first election as mayor, a close race held just before the September 11 terrorist attacks. Mr. Bloomberg was always among the Republican party’s most liberal members, advocating in favor of gay rights and gun control, for instance. After winning a second term in 2005, he left the Republican party and then won a campaign to change the city’s term limits law. He was subsequently elected to a third term in 2009. While he is frequently mentioned as a possible candidate for U.S. President, he has said he would not seek the highest office in the United States.