[[40.7768301,-73.962684]] | [[Jeffrey Epstein]] | [[Harvard University]] | [[President Biden]] | [[Salomon Brothers]] | [[President Bush]] | [[President Obama]] | [[Bloomberg]] | [[NYC]] ## The Billionaire Who Bought New York City and Tried to Buy the Presidency Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, politician, and philanthropist worth approximately $106 billion, making him one of the ten richest people in the world. He built Bloomberg LP into a financial information empire that dominates Wall Street, served as Mayor of New York City for 12 years (2002-2013), spent over $1 billion unsuccessfully trying to buy the Democratic presidential nomination in 2020, and uses his wealth to influence politics, public health policy, climate change initiatives, and gun control advocacy globally. Bloomberg represents the purest form of plutocracy - using enormous wealth to control media, politics, and policy while claiming to serve the public good. ## Early Life and Goldman Sachs (1942-1981) Bloomberg was born February 14, 1942 in Boston to middle-class Jewish family. His father was bookkeeper and his mother stayed home. This was comfortable but not wealthy background - Bloomberg built his fortune himself rather than inheriting it. He attended Johns Hopkins University for undergraduate degree, then Harvard Business School for MBA in 1966. The Harvard MBA was crucial credential - it gave him access to Wall Street's elite firms. **Goldman Sachs** (1966-1981): After business school, Bloomberg joined **Goldman Sachs** as trader and then partner. He spent 15 years there during period when Goldman was transforming from partnership into Wall Street powerhouse. **The Role**: Bloomberg worked in equity trading and sales, eventually becoming head of equity trading and sales. He was on partnership track and making excellent money - millions per year by the late 1970s. **The Firing** (1981): In 1981, Goldman Sachs was transitioning leadership and Bloomberg was pushed out. The firm gave him $10 million severance - a massive payout at the time. Bloomberg was 39 years old, unemployed, and had capital to start something new. **What He Learned**: At Goldman, Bloomberg saw how much money Wall Street paid for information, data, and analytics. Traders and investors needed real-time financial data, news, and analytical tools. The existing systems (primarily Reuters) were clunky and inadequate. Bloomberg saw opportunity. ## Building Bloomberg LP (1981-2000): The Information Empire With his $10 million severance, Bloomberg founded **Innovative Market Systems** in 1981 (later renamed Bloomberg LP). The company's product was the **Bloomberg Terminal** - a computer system providing real-time financial data, news, analytics, and messaging to Wall Street professionals. **The Product**: The Bloomberg Terminal combined: - Real-time stock, bond, currency, and commodity prices - Historical data and analytics - Financial news from Bloomberg's own reporters - Messaging system allowing traders to communicate - Analytical tools for pricing securities and managing risk **The Business Model**: Bloomberg charged subscription fees ($1,500-2,000+ per month per terminal). This was expensive but worth it for Wall Street firms where traders made millions and needed every informational advantage. **The Growth**: Starting with Merrill Lynch as first major client in 1982 (Merrill invested $30 million for 30% stake), Bloomberg grew aggressively. By the 1990s, thousands of banks, hedge funds, asset managers, and corporations were paying for terminals. **The Moat**: Once traders and analysts learned to use Bloomberg terminals and integrated them into their workflows, switching to competitors became prohibitively difficult. The instant messaging system (Bloomberg Chat) became essential tool for deal-making and market gossip. This created network effects - you needed Bloomberg because everyone else had Bloomberg. **The Revenue**: By 2000, Bloomberg LP had over 165,000 terminal subscriptions generating roughly $3+ billion in annual revenue. Bloomberg personally owned 88% of the company (he'd bought back Merrill's stake), making him worth billions. **Bloomberg News and Media**: To make the terminals more valuable, Bloomberg built a global news organization. **Bloomberg News** started in 1990 with journalists producing financial news exclusively for terminal subscribers. The reporting was excellent - Bloomberg hired top financial journalists and gave them resources to break stories. Bloomberg later expanded into television (Bloomberg TV), radio (Bloomberg Radio), magazines (Bloomberg Businessweek, purchased 2009), and digital media. The media operations lost money but made the terminals indispensable. **The Strategy**: Every news story, TV segment, and radio broadcast subtly advertised the terminals. Bloomberg created vertically integrated information ecosystem where the media drove terminal subscriptions and terminals funded the media. ## The First Mayoral Campaign and Victory (2001-2002) After the September 11, 2001 terrorist attacks, Rudy Giuliani was term-limited and couldn't run for re-election as NYC mayor. Bloomberg saw opportunity. **The Decision**: Bloomberg was billionaire businessman with zero political experience and no natural constituency. But he had unlimited money and New York City was in crisis after 9/11. The city needed competent management and Bloomberg positioned himself as the businessman who could deliver it. **The Party Switch**: Bloomberg had been lifelong Democrat but switched to Republican Party to run for mayor because the Democratic primary field was crowded. He knew he couldn't win Democratic primary against career politicians with established bases. The Republican primary was easier - fewer voters, less competition. **The Money**: Bloomberg spent over $73 million of his own money on the 2001 campaign - by far the most expensive mayoral race in New York history at that time. He outspent his opponents 5-to-1, flooding TV and radio with ads. **The Message**: Bloomberg ran as nonpartisan technocrat who would manage the city like a business, focus on competence over ideology, and use data-driven approaches to solve problems. After 9/11, this message resonated. **The Victory**: Bloomberg won narrowly, defeating Democrat Mark Green 50%-47%. He became the 108th Mayor of New York City on January 1, 2002. ## Mayor Bloomberg: First Two Terms (2002-2009) Bloomberg's first eight years as mayor were largely successful by conventional measures: **The Economy**: New York's economy recovered from 9/11 and thrived. Real estate boomed, Wall Street rebounded, and the city attracted businesses and wealthy residents. Bloomberg's pro-business policies - tax incentives, reduced regulations, and welcoming attitude toward development - fueled growth. **Crime Reduction**: Bloomberg continued Giuliani's aggressive policing strategies, particularly **stop-and-frisk** - police policy allowing officers to stop, question, and search anyone they deemed suspicious. Crime continued declining but at enormous cost to civil liberties and community relations, particularly in Black and Latino neighborhoods. **Education Reform**: Bloomberg took control of NYC public schools (previously run by independent board of education), appointed Joel Klein as Chancellor, and implemented reforms including charter school expansion, teacher accountability metrics, and school closures. **Public Health Initiatives**: Bloomberg was obsessed with public health and implemented controversial policies: - **Smoking ban** (2002): Banned smoking in all bars, restaurants, and workplaces. This was wildly unpopular initially but became model copied globally. - **Trans fat ban** (2006): Required restaurants to eliminate artificial trans fats from food. - **Large soda ban** (2012): Attempted to ban restaurants and theaters from selling sodas larger than 16 ounces. This was struck down by courts but showed Bloomberg's willingness to use government power to change behavior. **Bike Lanes and Plazas**: Under Transportation Commissioner Janette Sadik-Khan, Bloomberg added hundreds of miles of bike lanes and created pedestrian plazas (including Times Square pedestrian zones). These were controversial but transformed the city. **The Development Boom**: Bloomberg rezoned vast areas of the city to allow massive development. Hudson Yards, Atlantic Yards (now Pacific Park Brooklyn), and countless luxury residential towers were built. This generated tax revenue but also accelerated gentrification and displacement. ## The Term Limits Scandal (2008): Buying a Third Term Bloomberg was term-limited and supposed to leave office in 2009 after two terms. Instead, he engineered one of the most brazen exercises of plutocratic power in American political history: **The Problem**: NYC law limited mayors to two consecutive four-year terms. Bloomberg wanted to stay in power. **The Financial Crisis Justification**: The 2008 financial crisis provided Bloomberg's excuse - he argued the city needed experienced leadership during economic emergency and term limits should be waived. **The City Council Maneuver**: Rather than put term limits to public referendum (which would likely have failed), Bloomberg worked with City Council to change the law through normal legislative process. He lobbied council members heavily, made deals, and ensured he had votes. **The Vote** (October 2008): City Council voted 29-22 to extend term limits from two to three terms, allowing Bloomberg to run for re-election in 2009. The vote was clearly engineered for Bloomberg - many council members who voted to extend limits were also seeking third terms themselves. **The Public Reaction**: New Yorkers were furious. Bloomberg had previously supported term limits and even donated money to term limits campaigns. His reversal was pure self-interest. Polls showed strong public opposition. **The 2009 Campaign**: Bloomberg spent $102 million of his own money - the most expensive mayoral campaign in U.S. history. He outspent Democratic opponent William Thompson by more than 10-to-1. **The Close Victory**: Despite his spending advantage and incumbency, Bloomberg barely won, defeating Thompson 51%-46%. The narrow margin showed voters' anger about the term limits maneuver. **What It Revealed**: Bloomberg's willingness to override democratic norms when convenient. He spent over $100 million to buy a job that paid $225,000 per year because what he really wanted was power, not salary. ## Mayor Bloomberg: Third Term (2010-2013) **Stop-and-Frisk Escalation**: Bloomberg doubled down on stop-and-frisk despite growing evidence of racial discrimination and civil rights violations. At its peak in 2011, NYPD conducted 685,724 stops - roughly one stop for every 12 New Yorkers. Nearly 90% of those stopped were innocent of any crime. **Occupy Wall Street** (2011): Bloomberg's police department brutally cleared Occupy Wall Street protesters from Zuccotti Park in November 2011. The midnight raid involved hundreds of police in riot gear destroying the encampment and arresting protesters. Bloomberg's response to Occupy exposed his class loyalty - he defended Wall Street, dismissed protesters' concerns about inequality, and used police power to crush dissent. **Hurricane Sandy** (2012): Bloomberg managed the city's response to Hurricane Sandy competently. The storm devastated coastal areas of NYC, causing 43 deaths and $19 billion in damage. Bloomberg's emergency management and recovery coordination worked reasonably well. **The Record**: By the end of 12 years, Bloomberg had dramatically reshaped New York: - Real estate values skyrocketed, making the city unaffordable for working and middle-class residents - Crime was low but police-community relations were devastated - The city was cleaner, safer for wealthy residents, and more business-friendly - Income inequality had increased dramatically - Gentrification had displaced thousands of long-time residents from neighborhoods across the city Bloomberg left office in December 2013, succeeded by Bill de Blasio (Democrat) who won on explicit anti-Bloomberg platform. ## Post-Mayoralty: Global Political Influence (2014-2019) After leaving City Hall, Bloomberg used his wealth to influence politics and policy globally: **Climate Change**: Bloomberg Philanthropies spent billions on climate initiatives, funding renewable energy projects, supporting legal challenges to coal plants, and advocating for carbon reduction policies. He funded Beyond Carbon campaign to shut down coal plants in the U.S. **Gun Control**: Bloomberg funded **Everytown for Gun Safety**, becoming one of the largest gun control advocacy organizations in America. He spent hundreds of millions supporting gun control candidates and opposing NRA-backed politicians. **Public Health**: Continued funding anti-smoking campaigns globally, obesity prevention programs, and public health infrastructure in developing countries. **Political Donations**: Bloomberg spent hundreds of millions supporting Democratic candidates, particularly in 2018 midterm elections. He focused on flipping House seats to give Democrats control. **The Strategy**: Bloomberg used philanthropy and political spending to advance his policy preferences without having to win elections. He could simply buy influence through donations and advocacy campaigns. ## The 2020 Presidential Campaign: The Billion-Dollar Failure In November 2019, Bloomberg announced he was running for Democratic presidential nomination. This became one of the most expensive and embarrassing political campaigns in American history. **The Strategy**: Skip early primary states (Iowa, New Hampshire, Nevada, South Carolina) where grassroots campaigning matters and instead spend billions on advertising in Super Tuesday states where money could theoretically overwhelm opponents. **The Spending**: Bloomberg ultimately spent over **$1 billion** on his campaign - roughly $500 million on advertising, $500 million on staff, infrastructure, and operations. This was entirely self-funded. **The Message**: Bloomberg positioned himself as moderate alternative to progressive candidates Bernie Sanders and Elizabeth Warren. He argued Democrats needed pragmatic centrist who could beat Trump, and his business success proved his competence. **The Problems**: **Stop-and-Frisk**: Bloomberg's record on racial justice was catastrophic. Stop-and-frisk had disproportionately targeted Black and Latino New Yorkers, violating their civil rights on massive scale. Bloomberg defended the policy until literally weeks before announcing his candidacy. **The Audio Tape**: In 2015 audio, Bloomberg defended stop-and-frisk by saying "you can just take the description, Xerox it, and pass it out to all the cops. They are male, minorities, 16-25." This revealed his actual views on race and policing. **Sexual Harassment and NDAs**: Bloomberg's companies had settled numerous sexual harassment and discrimination complaints with non-disclosure agreements. Women who'd worked at Bloomberg LP described hostile, sexist work environment. During a debate, Elizabeth Warren demolished Bloomberg by demanding he release women from NDAs. Bloomberg refused initially, then partially agreed under pressure. The exchange went viral and destroyed his campaign. **The Debate Disasters**: Bloomberg's first debate (February 19, 2020 in Las Vegas) was catastrophic. He was unprepared, wooden, and unable to defend his record. Warren eviscerated him. Sanders and others piled on. Bloomberg seemed entitled, out of touch, and shocked that money couldn't buy him immunity from criticism. **The Super Tuesday Collapse**: Bloomberg won only American Samoa (population 55,000). He spent over $500 million on Super Tuesday advertising and won essentially nothing. Joe Biden swept the South and consolidated moderate support, making Bloomberg's candidacy pointless. **The Exit** (March 4, 2020): Bloomberg dropped out after Super Tuesday and endorsed Biden. His campaign lasted roughly 100 days and burned through $1 billion. He won 59 delegates total. **The Silver Lining**: Bloomberg's spending helped Democrats in down-ballot races. His field operations in swing states continued working for Biden and Democratic Senate/House candidates. The infrastructure he built helped Democrats in November 2020. ## Bloomberg LP: The Continuing Cash Machine Throughout his political career, Bloomberg remained majority owner of Bloomberg LP. The company continued printing money: **Current Revenue**: Bloomberg LP generates approximately $10-12 billion in annual revenue, primarily from terminal subscriptions. There are over 325,000 terminals globally at roughly $24,000-27,000 per terminal annually. **The Valuation**: Private company valuations are difficult, but Bloomberg LP is worth an estimated $60-80 billion. Bloomberg owns approximately 88% of the company. **The Succession Question**: Bloomberg is 82 years old. When he dies, ownership will pass to his three daughters and Bloomberg Philanthropies. Whether the daughters will maintain family control or sell to private equity or strategic buyer is major question for financial services industry. **The Monopoly**: Bloomberg Terminal has maintained near-monopoly position for 40+ years despite competitors like Refinitiv (formerly Thomson Reuters), FactSet, and others. The network effects and switching costs protect Bloomberg's dominance. ## Personal Life and Wealth **Marriages and Children**: Bloomberg has been married once, to Susan Brown (1975-1993), with whom he had two daughters: Emma and Georgina. He had another daughter, Georgina Bloomberg (horseback rider and equestrian), from that marriage. His daughter **Georgina Bloomberg** is professional equestrian who competes internationally. She's also involved in animal welfare charities. **Current Relationship**: Bloomberg has been in long-term relationship with Diana Taylor (former New York State Superintendent of Banks) since approximately 2000. They're not married but have been together over 20 years. **The Wealth**: Bloomberg is worth approximately $106 billion, making him one of the ten richest people globally. His wealth comes almost entirely from his 88% stake in Bloomberg LP. **Lifestyle**: Bloomberg lives well but not ostentatiously compared to other billionaires. He has homes in New York, London, Bermuda, and Westchester County. He uses private jets but maintains relatively low-key lifestyle. **Philanthropy**: Bloomberg Philanthropies has donated billions to education, public health, environment, and arts. Bloomberg has pledged to give away majority of his fortune during his lifetime or at death through Giving Pledge. ## The Authoritarian Streak Bloomberg's political career reveals authoritarian tendencies dressed as technocracy: **Term Limits**: Overrode democratic process to stay in power. **Stop-and-Frisk**: Defended unconstitutional policing that violated hundreds of thousands of people's rights annually. **Nanny State Policies**: Banned sodas, trans fats, smoking everywhere - using government power to control personal behavior. **Occupy Crackdown**: Used police force to crush peaceful protesters critical of inequality. **The Philosophy**: Bloomberg believes he knows what's best for people and has right to impose his preferences through wealth and political power. This is fundamentally anti-democratic even when policies produce good outcomes. ## Why Bloomberg Matters Michael Bloomberg represents plutocracy in its purest form: **Wealth as Political Power**: Bloomberg spent over $1 billion trying to buy the presidency and spent $175 million+ buying three terms as NYC mayor. He proved that enormous wealth can purchase political power, though there are limits. **Media Control**: Owning Bloomberg News while running for office created obvious conflicts. How could Bloomberg journalists objectively cover their boss's campaign? (They largely didn't - Bloomberg News didn't investigate Bloomberg.) **Policy Through Philanthropy**: Bloomberg funds initiatives globally, influencing policy without democratic accountability. When billionaire decides global climate policy through private spending, that's plutocracy regardless of whether policies are good. **The Technocratic Myth**: Bloomberg sold himself as data-driven pragmatist above politics. In reality, his policies consistently favored wealthy and used police power against poor and minorities. Technocracy often masks class interests. **Class Warfare**: Bloomberg's mayoralty accelerated inequality, gentrification, and displacement while using stop-and-frisk to terrorize working-class communities. He waged war on poor New Yorkers while enriching real estate developers and the wealthy. **Financial Information Monopoly**: Bloomberg Terminal's dominance gives Bloomberg LP enormous power over how Wall Street accesses and processes information. This is infrastructure-level control of global finance. ## Why He Matters in Your Investigation Given the networks you've been mapping: **Wall Street Connections**: Bloomberg is embedded in financial services networks globally. Every major bank, hedge fund, and asset manager uses Bloomberg terminals, giving him relationships throughout finance. **New York Real Estate**: As mayor, Bloomberg approved massive development projects and rezoning that made developers billions. These relationships connect him to real estate networks you've investigated. **Media Control**: Bloomberg News operates globally with hundreds of journalists. The news organization shapes narratives while serving Bloomberg's interests. **Political Access**: Through donations and political involvement, Bloomberg has relationships with politicians globally. He spent billions supporting Democrats but maintained bipartisan connections. **Davos and Global Elite**: Bloomberg is regular at World Economic Forum and similar gatherings where global elite coordinate policy. His wealth and political experience make him peer to heads of state. **Private Clubs and Social Networks**: Bloomberg is member of exclusive clubs and social networks where powerful people gather privately. His mayoral tenure gave him access to every elite network in New York. ![[Pasted image 20251220182931.jpg]] ![[Pasted image 20251220182938.jpg]]