Michael Bloomberg: Biography of NYC Mayor, Businessman
Born February 14th, 1942, Michael Rubens Bloomberg parlayed a highly successful and lucrative career as a business magnate into a thriving political life. In 1981, he started the financial services business that eventually became Bloomberg L.P., and eventually the company expanded into media and more. In 2001, he used his experience as a businessman to win the mayoralty of a struggling New York City, and he went on to two additional terms in that role. Throughout his career, it was often suspected he would run for higher office, like New York governor or even president. In this video, WatchMojo.com takes a look at the life and accomplishments of Michael Bloomberg.
COMMUNITY
Download this VideoVIDEO SCRIPT
Michael Bloomberg: Biography of NYC Mayor, Businessman
Biography of NYC Mayor and Businessman Michael Bloomberg
He is the richest politician in America. Welcome to WatchMojo.com, and today we’ll be learning more about the life and accomplishments of Michael Bloomberg.
Early Life
Michael Rubens Bloomberg was born February 14th, 1942 in Boston, Massachusetts. He grew up in a middle class family, and put himself through school by working as a parking lot attendant.
Education and Early Career
Bloomberg always had a passion for technology, and in 1964 he graduated from Johns Hopkins University with a degree in electrical engineering. He then earned an MBA from Harvard Business School, before taking an entry level job with Salomon Brothers on Wall Street.
Quick Success
By 1972, Bloomberg made partner. He began overseeing equity trading, sales, and – eventually – information systems.
Foundation of Bloomberg L.P.
In 1981, Salomon Brothers was acquired and Bloomberg was fired from the firm. With his $10 million severance, he launched a start-up company to quickly and efficiently provide vital data to Wall Street. Bloomberg L.P. started as Innovative Market Systems in 1981 and used emerging technologies to simplify the buying and selling of financial securities.
Expansion of Bloomberg
In 1982, Merrill Lynch invested $30 million in the company and began using the system. Bloomberg L.P. continued growing, and unveiled a variety of subsidiary products and services over the next years, including Bloomberg newswire. In 1990, the Bloomberg news division launched.
Vast Wealth
By that point, Michael Bloomberg was already one of the richest men in the world. He then focused much of his time and wealth on philanthropic efforts, with the arts, medical research and education taking precedence.
Next Conquest: Politics
His next conquest was public office. Despite the fact Bloomberg was a lifelong Democrat; in 2001 he changed his affiliation and ran as a Republican for Mayor of New York City. As New York suffered financially in the wake of the September 11th attacks, Bloomberg promoted himself as a candidate with the business experience necessary to lead the city through the crisis.
Mayor of New York City
He spent record amounts of personal funds on the campaign to the tune of $74 million. That gamble paid off when he was elected the 108th Mayor of New York on November 6th, 2001.
First Term
As mayor, Bloomberg refused his salary and was paid $1 per year for his work. Politically, he was a social liberal: Bloomberg was pro-choice, and supported the legalization of same-sex marriage, as well as stricter gun laws. However he was considered fiscally conservative. During his first term, one issue he concentrated on was public education.
Approval Ratings
Early in his term, he struggled to earn public support. But, as his term progressed, he gained and preserved high approval ratings.
Mayoral Accomplishments
In 2005, Bloomberg was re-elected by a wide margin. Throughout his second term, he made a concerted effort to fight poverty and create jobs. During his mayoralty, he also implemented a widespread smoking ban and helped fight climate change. Crime rates dropped during his tenure, while high school graduation numbers grew. He was even known to commute to work via subway.
Third Term
After the credit crisis hit in 2008, Bloomberg announced his intention to alter the law that limited New York City mayors to two consecutive terms. He reasserted his business experience as an asset to the city in a tough financial time. The law was successfully changed from two to three four-year terms, and on November 3rd, 2009, he was elected Mayor again – this time as an Independent candidate.
Higher Office?
Throughout his political career, rumors circulated that Bloomberg would seek a higher office. In 2007, it was suspected he would make a run for governor of New York, and later it was assumed he would run for president.
Legacy
With a booming financial services and media empire, a successful political career and a net worth of over $18 billion, Michael Bloomberg has proved himself as a sharp politician and an even sharper businessman.
TRIVIA