Bloomberg News

Bloomberg on How to Start a Business and Make Money: Financial Industry (1998)

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• published: 21 Sep 2014
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Michael Rubens Bloomberg (born February 14, 1942) is an American business magnate, politician and philanthropist. He served as the 108th Mayor of New York City, holding office for three consecutive terms beginning with his first election in 2001. With a net worth of $34 billion, he is the eleventh-richest person in the United States and the sixteenth-wealthiest in the world. He is the founder and 88% owner of Bloomberg L.P., the global financial data and media company notable for its Bloomberg Terminal. Bloomberg began his career at the securities brokerage Salomon Brothers before forming his company in 1981 and spending the next twenty years as its chairman and CEO. He also served as chairman of the board of trustees at his alma mater Johns Hopkins University from 1996 to 2002. A Democrat before seeking elective office, Bloomberg switched his party registration in 2001 to run for mayor as a Republican. He defeated opponent Mark Green in a close election held just weeks after the September 11 terrorist attacks. Bloomberg won a second term in 2005 and left the Republican Party two years later. He campaigned to weaken the city's term limits law and was elected to his third term in 2009 as an independent candidate on the Republican ballot line. He was frequently mentioned as a possible candidate for the U.S. presidential elections in 2008 and 2012, and for New York Governor in 2010. He declined to seek either office, instead opting to continue serving as Mayor of New York. On January 1, 2014, Bill de Blasio succeeded Bloomberg as mayor of New York City. On January 31, 2014, United Nations Secretary-General Ban Ki-moon announced that he had appointed Mr. Bloomberg as his Special Envoy for Cities and Climate Change, assisting him in consultations with mayors and related key stakeholders to raise political will and mobilize action among cities as part of a long-term strategy to advance efforts on climate change. http://en.wikipedia.org/wiki/Michael_Bloomberg Bloomberg L.P. is a privately held financial software, data and media company headquartered in New York City. Bloomberg L.P. was founded by Michael Bloomberg in 1981 with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar[6] and a 30% ownership investment by Merrill Lynch.[7] Bloomberg L.P. provides financial software tools such as an analytics and equity trading platform, data services and news to financial companies and organizations through the Bloomberg terminal (via its Bloomberg Professional Service), its core money-generating product.[8] Bloomberg L.P. also includes a wire service (Bloomberg News), a global television network (Bloomberg Television), a radio station (WBBR), websites, subscription-only newsletters and three magazines: Bloomberg Businessweek, Bloomberg Markets and "Bloomberg Pursuit". In 1981, Salomon Brothers was acquired, and Michael Bloomberg, a general partner, was given a $10 million partnership settlement.[10] Bloomberg, having designed in-house computerized financial systems for Salomon, used his $10 million severance check to start Innovative Market Systems (IMS).[11] Bloomberg developed and built his own computerized system to provide real-time market data, financial calculations and other financial analytics to Wall Street firms. In 1983, Merrill Lynch invested $30 million in IMS to help finance the development of "the Bloomberg" terminal computer system and by 1984, IMS was selling machines to all of Merrill Lynch's clients. http://en.wikipedia.org/wiki/Bloomberg_L.P. Image By Rubenstein [CC-BY-2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons