Michael Bloomberg Totally Explained

Everything about Michael Bloomberg totally explained

(2007–Present) }} Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, philanthropist, and the Mayor of New York City. He gained his wealth as the founder of financial news and data company Bloomberg L.P. Although a lifelong Democrat, he ran on the Republican ballot and was elected mayor in 2001, then reelected to a second term in 2005.
He was frequently mentioned as a possible independent candidate for the 2008 presidential election and fueled that speculation when he left the Republican Party in June 2007. He repeatedly denied any plans to run and said the news media had concocted rumors of his possible presidential bid. He ended speculation on the matter in a February 2008 New York Times Op-Ed piece where he wrote "I listened carefully to those who encouraged me to run, but I'm not — and won't be — a candidate for president." There is also much speculation that he'll run as a vice-presidential candidate.

Biography

Bloomberg was born to a Jewish family at St. Elizabeth's Hospital, in the Boston neighborhood of Brighton on February 14, 1942. His father, William Henry Bloomberg, born in Chelsea, Massachusetts on January 19, 1906, was the son of Alexander "Elick" Bloomberg, a Russian Jewish immigrant and a real estate agent. His mother, Charlotte (Rubens) Bloomberg, born January 3, 1909 in New Jersey, was the daughter of a Russian immigrant and a New Jersey-born mother. She is still alive and reported to be in very good health for her age. The family lived in the Boston neighborhood of Allston until Bloomberg was two years old; they subsequently moved to Atherton Road, in Brookline, Massachusetts for the next two years, and finally settled in Medford, Massachusetts, a Boston suburb, where Bloomberg lived until after he graduated college. His younger sister, Marjorie Tiven, is Commissioner of the New York City Commission for the United Nations, Consular Corps and Protocol.
Bloomberg attended Johns Hopkins University, where he joined Phi Kappa Psi, and graduated in 1964 with a Bachelor of Science (B.S.) degree in electrical engineering. Later he received his Master of Business Administration (MBA) degree from Harvard Business School. He also achieved the rank of Eagle Scout in the Boy Scouts of America.
Bloomberg married Yorkshire-born Susan Brown in 1975. Their marriage produced two daughters, Emma (b. ca. 1979) and Georgina (b. 1983), who were featured on Born Rich, a documentary film about the children of the extremely wealthy. Georgina was romantically linked in 2007 with Cian O'Connor, the Irish showjumper whose 2004 Olympic gold medal was withdrawn.Bloomberg divorced Brown in 1993 following 18 years of marriage. He is currently seeing former New York state banking superintendent Diana Taylor.

Business career

Bloomberg became a general partner at Salomon Brothers, where he headed equity trading, sales and, later, systems development. He made his fortune with his own financial software service company, Bloomberg L.P., which he founded in 1981 to sell financial information terminals to Wall Street firms. His company also began a radio network, which currently has its flagship station as 1130 WBBR-AM in New York City.
Forbes and other sources report his net worth at US$11.5 billion as of 2007. Bloomberg is among the world's richest people. He was ranked 34th by Forbes magazine in its list of 400 Richest Americans

in September 2006. He was ranked 142nd in its list of the world's billionaires in March 2007. List of the World's Billionaires

   As mayor of New York, Bloomberg declines to receive a city salary, accepting remuneration of $1.00 annually for his services. He maintains a public listing in the New York City phone directory, residing not in Gracie Mansion, the official mayor's mansion, but instead at his own home on the Upper East Side of Manhattan, at 17 East 79th Street between Madison and Fifth Avenues. (Bloomberg owns additional homes in Britain and in the British territory of Bermuda).
   Bloomberg is, by his own accounts at least, a frequent rider of the New York City Subway, particularly in the commute from his 79th Street home to his office at City Hall. An August 2007 story in the New York Times contradicted this notion however, suggesting instead that he'd exaggerated his use of the public transit system in order to increase his popularity among voters.
   He has written an autobiography, Bloomberg by Bloomberg (1997, ISBN 0-471-15545-4).

Philanthropy

Bloomberg's personal net worth, in addition to aiding his political career, has allowed him to engage in substantial philanthropic endeavors, including the donation of over US $300 million to Johns Hopkins University, where he served as the chairman of the board from 1996 to 2002.
   According to the Chronicle of Philanthropy, Bloomberg donated and/or pledged $138 million in 2004, $144 million in 2005, $165 million in 2006, and $205 million in 2007, making him the seventh largest individual contributor to philanthropy in the United States for 2007. 2006 recipients include the Campaign for Tobacco-Free Kids; Centers for Disease Control and Prevention; Johns Hopkins Bloomberg School for Public Health; World Lung Foundation and the World Health Organization.
   According to The New York Times, Bloomberg has been an “anonymous donor” to the Carnegie Corporation each year for the last several years, with gifts ranging from $5-$20 million. The Carnegie Corporation has distributed this contribution to hundreds of New York City organizations ranging from the Dance Theater of Harlem to Gilda’s Club, a not-for-profit organization that provides support to people and families living with cancer.
   In 1996, Bloomberg endowed the William Henry Bloomberg Professorship at Harvard with a $3 million gift in honor of his father, who died in 1963, saying, "throughout his life, he recognized the importance of reaching out to the nonprofit sector to help better the welfare of the entire community." He also endowed his hometown synagogue, Temple Shalom, which was renamed for his parents as the William and Charlotte Bloomberg Jewish Community Center of Medford.

Awards and honors

At the 2007 Commencement exercises for Tufts University, Bloomberg delivered the commencement address at graduation. He was also awarded an honorary degree in Public Service from the university. In February 2003, Bloomberg received the "Award for Distinguished Leadership in Global Capital Markets" from the Yale School of Management. He was named the 39th most influential person in the world in the 2007 Time 100. In September, 2007, Vanity Fair ranked him #9 in its "Vanity Fair 100: The 2007 New Establishment." In May 2008, he was awarded an honorary doctorate of laws by the University of Pennsylvania, where he delivered the commencement speech to the class of 2008. Bloomberg will also deliver the commencement address to the class of 2008 at Barnard College, Columbia University after receiving the Barnard Medal of Distinction, the College's highest honor.

Harassment controversies

Michael Bloomberg has on numerous occasions been accused of sexually harassing women under his employment, which he's denied. T. Diane Winger sued Mr. Bloomberg for sexual harassment, alleging that he'd made explicit comments about her body and encouraged her to spend time alone with him. The lawsuit was withdrawn in 1999. In 1997, a former Bloomberg L.P. employee who became pregnant while employed filed a lawsuit accusing Bloomberg of saying "Kill it!" and "great, No. 16," a reference to the number of pregnant women in the company. One of the major themes of his campaign was that, with the city's economy suffering from the effects of the World Trade Center attacks, it needed a mayor with business experience.
In addition to being the Republican nominee, Bloomberg had the ballot line of the controversial Independence Party, in which "Social Therapy" leaders Fred Newman and Lenora Fulani exert strong influence. Some say that endorsement was important, as Bloomberg's votes on that line exceeded his margin of victory over Green. (Under New York's fusion rules, a candidate can run on more than one party's line and combine all the votes received on all lines. Green, the Democrat, also had the ballot line of the Working Families Party. Bloomberg also created an independent line called Students First whose votes were combined with those on the Independence line). Another factor was the vote in Staten Island, which has traditionally been far friendlier to Republicans than the rest of the city. Bloomberg crushed Green in that borough, taking 75% of the vote there. Overall, Bloomberg won 50% to 48%.
Bloomberg's election marked the first time in New York City history that two different Republicans had been elected mayor consecutively. New York City hasn't been won by a Republican in a statewide or presidential election since 1924. He is considered a social liberal, who is pro-choice, in favor of legalizing same-sex marriage and an advocate for stricter gun control laws.

2005 election

Bloomberg was re-elected mayor in November 2005 by a margin of 20%, the widest margin ever for a Republican mayor of New York.(External Link

) He spent over 1 million on his campaign by late October 2005, and was projected to exceed the record of $74 million he spent on the previous election. In late 2004 or early 2005, he gave the Independence Party $250,000 to fund a phone bank seeking to recruit volunteers for his re-election campaign. (External Link

) Former Bronx Borough President Fernando Ferrer won the Democratic nomination to oppose Bloomberg in the general election. There was no opposition in the Republican primary, as Bloomberg's campaign successfully sued to keep Thomas Ognibene off the ballot. Ognibene, who ultimately ran on the Conservative Party ticket, accused Bloomberg of betraying Republican Party ideals.
Bloomberg opposed the confirmation of John Roberts as Chief Justice of the United States. (External Link

) Though a Republican at the time, Bloomberg is a staunch supporter of abortion rights and didn't believe that Roberts was committed to maintaining Roe v. Wade.
In addition to receiving Republican support, Bloomberg obtained the endorsements of several prominent Democrats: former Democratic Mayor Ed Koch, former Democratic governor Hugh Carey, former Democratic City Council Speaker Peter Vallone, his son, Councilman Peter Vallone, Jr., former Democratic Congressman Floyd Flake (who had previously endorsed Bloomberg in 2001), and Brooklyn Borough President Marty Markowitz. (External Link

)

Mayoralty

Bloomberg assumed office as the 108th Mayor of New York City on January 1, 2002. He won re-election in 2005. Bloomberg has maintained high levels of approval through his tenure as mayor.
   Bloomberg's re-election means that the Republicans have won the previous four mayoral elections (although Bloomberg's decision to leave the Republican Party and be declared an independent on June 19, 2007 resulted in the Republican Party losing the mayor's seat prior to the expiration of his second term). Bloomberg joins Rudy Giuliani and Fiorello La Guardia as re-elected Republican mayors in this mostly Democratic city. (John Lindsay was also elected mayor of New York twice while a registered Republican; however, Lindsay didn't receive the Republican Party nomination during his campaign for re-election, and he switched to the Democratic Party during his second term.)
   Bloomberg has said he wants reforming public education to be the legacy of his first term and addressing poverty to be the legacy of his second.
   He is known as a political pragmatist and for a managerial style that reflects his experience in the private sector. Bloomberg has chosen to apply a statistical, results-based approach to city management, appointing city commissioners based on their expertise and granting them wide autonomy in their decision-making. Breaking with 190 years of tradition, Bloomberg implemented what New York Times political reporter Adam Nagourney coined a "bullpen" open office plan, similar to a Wall Street trading floor, in which dozens of aides and managerial staff are seated together in a large chamber. The design is intended to promote accountability and accessibility.

Political positions

Bloomberg holds political positions which are generally centrist, drawing from both Democratic Party and Republican Party positions. He is socially liberal, supporting abortion rights, gay marriage, and normalization of the status of illegal immigrants, for example. Economically, he's moderate, supporting government involvement in issues such as public welfare and climate change, while being strongly in favor of free trade, pro-business, and describing himself as a fiscal conservative because he balanced the city's budget. On foreign policy and domestic security issues, he tends to be conservative, opposing a timeline for withdrawal from Iraq.

Social issues

Bloomberg supports abortion rights, stating: "Reproductive choice is a fundamental human right and we can never take it for granted. On this issue, you're either with us or against us." He has criticized pro-choice politicians who support pro-life candidates. His comments may have been directed at New York Senator Chuck Schumer, a supporter of abortion rights who supported Bob Casey, who is pro-life, in the 2006 Senate election.
Bloomberg tends to be liberal about his policies towards many social issues; for instance, Bloomberg supports governmental funding for stem cell research, calling the Republican position on the issue "insanity," while also supporting same-sex marriage with the rationale that “I think anybody should be allowed to marry anybody".
He continues to support the strict drug laws that have been established in New York City, despite having admitted to smoking cannabis in the past and "(enjoying) it".

Domestic issues

On crime, the decline in New York criminal activity that began before Rudy Giuliani's tenure has continued. Bloomberg however is against the death penalty, stating, "I'd rather lock somebody up and throw away the key and put them in hard labor, the ultimate penalty that the law will allow, but I'm opposed to the death penalty."
   In addition to his anti-crime work, Bloomberg is an avid supporter of gun control stating, "I don't know why people carry guns. Guns kill people." As mayor he increased the mandatory minimum sentence for illegal possession of a loaded handgun. In regard to the change, Bloomberg commented, "Illegal guns don't belong on our streets and we're sending that message loud and clear. We're determined to see that gun dealers who break the law are held accountable, and that criminals who carry illegal loaded guns serve serious time behind bars." Bloomberg formed the Mayors Against Illegal Guns Coalition in May 2007, an organization made up of 210 mayors who are supportive of gun control.
   Bloomberg has also shown involvement in education reform as mayor, replacing the school board set up by the state with direct mayoral control over public education. He raised the salaries of teachers by 15% while the test scores of students in the city and the graduation rate rose as well. Bloomberg is opposed to the promotion of students to the next grade level for strictly social reasons citing that students should only be promoted when they're adequately prepared for the next grade level. He favors after-school programs to help students that are behind. As mayor, Bloomberg strengthened the cell-phone ban in schools.
   In dealing with global warming and New York's role in it, he's enacted a plan called "PlaNYC: A Greener, Greater New York" to fight global warming, protect the environment and prepare New York for the projected 1 million more people expected to be living in the city by the year 2030. Bloomberg has also been involved in motivating other cities to make changes, delivering the keynote address at the C40 Large Cities Climate Summit and stating, "[W]e now know beyond a doubt that global warming is a reality. And the question we must all answer is, what are we going to do about it?" Bloomberg also talked about how he'd go about fighting climate change by reducing carbon dioxide emissions, using cleaner and more efficient fuels, and encouraging public transportation. His ideas have occasionally suffered setbacks, such as the New York State Assembly's recent rejection of his idea for applying congestion pricing below 60th St. in Manhattan.
   On issues of domestic and homeland security, Bloomberg has attacked social conservatives on immigration calling their stance unrealistic, "We're not going to deport 12 million people, so let's stop this fiction. Let's give them permanent status." He supports a federal ID database that uses DNA and fingerprint technology to keep track of all citizens and to verify their legal status. Bloomberg believes that illegal immigrants should be offered citizenship and supports the congressional efforts of John McCain and Ted Kennedy in immigration reform. Regarding border security, Bloomberg compared it to the tide, stating, "It’s as if we expect border control agents to do what a century of communism could not: defeat the natural market forces of supply and demand... and defeat the natural human desire for freedom and opportunity. You might as well as sit in your beach chair and tell the tide not to come in. As long as America remains a nation dedicated to the proposition that "all men are created equal, endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness," people from near and far will continue to seek entry into our country."
   Bloomberg believes that the September 11, 2001 attacks were not intended to be solitary events. When he assumed office, he set up a Counterterrorism Bureau which works along with the NYPD intelligence division to gather information about terrorism affecting New York worldwide. He believes that funding for Homeland Security by the federal government should be distributed by risk, where cities that are considered to have the highest threat for a terrorist attack would get the most money. Bloomberg is also a supporter of the USA PATRIOT Act.

Economic issues

Michael Bloomberg characterizes himself as a fiscal conservative for turning the city's $6 billion deficit into a $3 billion surplus; however, conservative PAC Club for Growth has criticized him because he increased property taxes and spending while doing so.
Bloomberg's term as mayor ends on December 31, 2009. He is prohibited by term limits from being re-elected in November 2009; however, he can be elected mayor again after a four-year break.
Mayor Bloomberg has repeatedly stated his intention to return to a life of philanthropy once his eight-year tenure in office expires. In pursuit of this goal, he's purchased a prospective headquarters for his planned foundation on the Upper East Side, originally built by Stuyvesant Fish, for $45 million.

2008 presidential campaign speculation

On February 27, 2008 Bloomberg announced that he won't run for President in 2008, and that he'll endorse a candidate who takes an independent and non-partisan approach. Despite previous public statements by Bloomberg denying plans for a presidential run, many pundits cited events that lead them to believe that Bloomberg would announce a campaign at a later date. Most recently, on January 7, 2008, he met with a bipartisan group of elder statesmen at the University of Oklahoma, including Nebraska Senator Chuck Hagel and former Georgia Senator Sam Nunn, both of whom had been frequently mentioned as possible running mates, to pressure the major party candidates to promote national unity and reduce partisan gridlock. Speculation that Bloomberg would choose this forum to announce a candidacy was unfounded. Other purported signs that he planned to run included:

In summer 2006, he met with Al From of the Democratic Leadership Council, a centrist group, to talk about the logistics of a possible run.

After a conversation with Bloomberg, Republican Senator Chuck Hagel of Nebraska suggested that he and Bloomberg could run on a shared independent ticket for the presidency.

On This Week on June 10, 2007, anchor George Stephanopoulos included panelist Jay Carney, who mentioned a conversation between Bloomberg and top staffers where he heard Bloomberg ask approximately how much a presidential campaign would cost. Carney said that one staffer replied, "Around $500 million." According to a Washington Post article, a $500 million budget would allow Bloomberg to circumvent many of the common obstacles faced by third party candidates seeking the White House.

On June 19, 2007, Bloomberg left the Republican Party, filing as an Independent after a speech criticizing the current political climate in Washington.

On August 9, 2007, in an interview with former CBS anchor Dan Rather that aired on August 21, Bloomberg categorically stated that he wasn't running for President, that he wouldn't be running, and that there were no circumstances in which he would, saying, "If somebody asks me where I stand, I tell them. And that’s not a way to get elected, generally. Nobody’s going to elect me president of the United States. What I’d like to do is to be able to influence the dialogue. I’m a citizen." Despite continued denials, a possible Bloomberg candidacy continues to be the subject of media attention, including a November Newsweek cover story.

During a private reception in December 2007, Bloomberg conducted a version of bingo, in which guests were to guess the meaning of the numbers on a printed card. When Mr. Bloomberg asked the significance of 271 one guest answered correctly, the number of electoral votes received by George W. Bush in 2000.

On January 1, 2008 Virginia's Independent Party, the Independent Greens of Virginia launched the first state petition drive in the nation to put Michael Bloomberg on the ballot for President. They started their petition drive in Independence, Virginia.

In January 2008, CNN reported that a source close to Bloomberg said that the mayor had launched a research effort to assess his chances of winning a potential presidential bid. According to the report, the unidentified source also stated that Bloomberg had set early March as a timetable for making decision as whether or not to run.

On January 18, 2008, the Associated Press reported that Bloomberg had a meeting in Austin, Texas with Clay Mulford, a ballot access expert and campaign manager for Ross Perot's third party presidential campaigns. Bloomberg denied that the meeting concerned a possible presidential campaign by him, stating "I'm not a candidate - it couldn't be clearer. Which of the words do you not understand?"

Possible Vice Presidential campaign

While Bloomberg has stated that he won't run for president of the United States, there's some speculation that he'd be a candidate for the vice presidency. In a blog posting of June 21, 2007, The Politico's Ben Smith asks the question of whether a VP candidate can self-finance an entire presidential ticket. Many believe that Bloomberg would in fact be legally permitted to self-finance a campaign as the VP candidate.
Adding more fuel to the speculation that Bloomberg might consider a VP slot are a series of meetings he'd in mid-August 2007 with former Georgia Senator Sam Nunn, a Democrat who had considered running as an Independent, and later with Barack Obama on 30 November 2007. A breakfast meeting with John McCain on May 17, 2008 has led to speculation that Bloomberg may be on McCain's short list of possible VP candidates.

Possible Gubernatorial campaign

On November 6, 2007, the New York Post detailed efforts by New York Republicans to recruit Bloomberg to oppose then-incumbent Governor Eliot Spitzer in the 2010 election. Early polls indicated Bloomberg would defeat Spitzer in a landslide. (The potential 2010 match-up became moot when Spitzer resigned on March 17, 2008.) A March 20, 2008 poll of New York State voters had the Mayor topping newly ascended Governor David Paterson and former New York City Mayor Rudy Giuliani for the 2010 gubernatorial election. Bloomberg has denied any plans to run for the governorship in 2010.

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