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Iconic Newsmaker #4: Mike Bloomberg

1010 WINS ICONIC NEWSMAKER MIKE BLOOMBERG

In a city that loves the underdog, Mike Bloomberg broke the mold. Astonishingly wealthy and a captain of industry, the financial mogul had everything he could possibly want when he took on New York City's toughest job. A three-term mayor of the greatest city on earth, this is how he got there.


 

⇒Complete 1010 WINS Iconic New York Series⇐


A Straight Road

Michael Bloomberg was born in Boston on February 14, 1942. An Eagle Scout, he put himself through school earning a Bachelor of Science degree at Johns Hopkins University and a Master of Business Administration at Harvard Business School. Possessed of incredible ambition and a keen mind, he had nowhere to go but up.


A Wall Street Career

Bloomberg's first job on New York's street of dreams was with investment bank Salomon Brothers. He started to rise through the ranks when Salomon Brothers was bought out by Phibro Corporation, resulting in his layoff and a $10 million golden parachute. That layoff was a serendipitous one for Bloomberg, who used the money to start up his own innovative financial information distribution company.

Based on the concept that financial firms would pay top dollar for high-quality business information delivered quickly, accurately and via multiple technology platforms, the new endeavor was wildly successful. Called Innovative Market Systems, Bloomberg's new enterprise nabbed numerous influential clients including Merrill Lynch. Bloomberg renamed the firm Bloomberg L.P. in 1987 and added additional arms to his empire, including Bloomberg News, Bloomberg Tradebook and Bloomberg Message. The revolutionary business expanded worldwide, turning Bloomberg into a billionaire and a philanthropist. By anyone's standards he seemed to have it all, but Bloomberg had other mountains to climb.


 

An Entry Into Politics

A rare breed of politician, Bloomberg was a hybrid combination of liberal leanings and conservative actions. Running as a liberal Republican, Bloomberg became New York City's 108th mayor in 2002. The outspoken mayor was pro-choice and in favor of the legalization of same-sex marriage in New York. The public responded to his droll, no nonsense style and his lack of a salary – Bloomberg accepted $1 per year from the city for his job as mayor.

The public also appreciated several initiatives the stalwart mayor pushed through during his first term, including implementation of the 311 telephone system.

A strong focus on improving education for New York City kids was heartfelt yet flawed; his public education reform initiative did not produce the results he had anticipated.

Despite several hits and a number of misses, Bloomberg would remain the city's mayor for three terms, although not without controversy. The mogul used massive amounts of his own money on his campaign after pushing through legislation allowing him to strive for a third, four year run.


 

A Mogul Goes Back to Wall Street

Important causes have always been important to Bloomberg and he spent much of his time after the mayoralty pursuing philanthropic pursuits, including initiatives in health care and the arts. After several months of focus on various public works of note, Bloomberg announced he would return to Bloomberg L.P. as its Chief Executive Officer.


⇒Complete 1010 WINS Iconic New York Series⇐


Corey Whelan is a freelance writer in New York. Her work can be found at Examiner.com.

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