Wednesday, February 11, 2009

Michael Bloomberg


Michael Bloomberg is most famous for being the Mayor of New York. Before two largely successful term as Mayor, he was maybe best known as the guy who bought his way into office. Having avoided campaign spending laws by financing his own campaign, Bloomberg spent $73 million on his campaign, more than five times as much as his opponent. But before this successful entry into the political arena, Michael Boomberg was known as a businessman.

Before starting his own company, Bloomberg worked in the information systems department at Saloman Brothers. Bloomberg’s company, Innovative Market Systems, was a brainstorm born of this experience on Wall Street. Innovative Market systems focused on the provision of information to those who wished to play the market – answering a need that Bloomberg had identified in his earlier work career. In 1982, Merrill Lynch began using Bloomberg’s company, and Bloomberg was on his way. Shortly thereafter, he renamed the company Bloomberg, L.P. Today, Bloomberg L.P. is one of the leading information providers in the financial world (it competes closely with Thomson Reuters for the top spot), with over 250,000 subscribers spread across the financial sector, and even has its own radio network. It’s web-site, Bloomberg.com, bills itself as one of the five most-trafficked websites on the internet.

Bloomberg is still the majority stockholder in his company, and the wealth this venture created him has vaulted Bloomberg high on the Forbes 400 list. He currently sits as the 7th richest American on the 2009 rankings. Like many of our Heroes, Bloomberg has become well-known as a philanthropist, as well, giving money to education (over $300 million to Johns Hopkins) and health care.

Bloomberg created a staggering amount of wealth for himself by identifying a need in the financial sector and then answering that need. In the process, his improved mechanism for the distribution of information has created additional wealth for countless individuals within the financial sector.

Bloomberg Bio

More on Bloomberg

1 comment:

Galileo Blogs said...

Bloomberg also has a television channel. Its coverage of financial news is better than the other well-known network, CNBC.