Influence In Business Journalism
Bloomberg News was known for having an intense, editor-driven culture, and employees who left the news service for other media organizations typically were not hired back. Business journalists who joined Bloomberg were trained to write stories in a specific manner based on the internal stylebook, The Bloomberg Way: A Guide for Reporters and Editors . The book, which has been updated multiple times, explained to reporters how to cover specific stories, such as company earnings and the daily stock market performance. Basic Bloomberg News stories were known for their four-paragraph lead structure, which included the nut paragraph and a quote, often in the fourth paragraph.
The Bloomberg terminal was a useful reporting tool for many business journalists. The terminal provided access to information about millions of company executives, Wall Street analysts and investors, and industry consultants, including phone numbers and e-mail addresses. It also provided Securities and Exchange Commission documents for all public companies and information on lawsuits and legal rulings.
Past Election Spending Pays Off
Despite his Republican past, Bloombergs previous election spending and funding for gun-control groups appears to be paying off.
Bloomberg is racking up support from Democratic elected officials, including 13 members of the House. On Wednesday he got endorsements from three members of the Congressional Black Caucus, even after audio emerged of his comments in full support of the racist stop-and-frisk policing method. Rep. Gregory Meeks , Rep. Lucy McBath , and Virgin Islands House Delegate Stacey Plaskett , endorsed the former mayor.
Independence USA spent $130,000 in favor of gun control activist McBath in the 2018 elections, and it spent over $2.2 million that year to help elect Rep. Mikie Sherrill , who has also endorsed Bloomberg. The super PAC arm of House Majority PAC, to which Bloomberg donated nearly $500,000 in 2018, also spent in favor of Sherrill. Bloomberg is by far the biggest donor to House Majority PAC in the 2020 cycle so far, having given $10 million.
Rep. Harley Rouda , who endorsed Bloomberg, got a boost from Independence USA in 2018 as the super PAC spent nearly $4.5 million against his Republican opponent, Rep. Dana Rohrabacher. And Rep. Haley Stevens , who has endorsed Bloomberg, benefited from over $2.2 million of Independence USA spending.
The Hubris Is Unbelievable: Dems Seethe Over Bloomberg Gop Donations
Good luck explaining the Scott Brown endorsement against Elizabeth Warren.
11/26/2019 05:21 AM EST
Michael Bloombergs debut 2020 campaign ad touts that he took charge of New York in the wake of 9/11.
What Bloomberg doesnt mention: He leaned heavily on an endorsement from Rudy Giuliani, the then-New York mayor who is now President Donald Trumps personal attorney, to win that post. Bloomberg trumpeted his support in TV advertising and direct mail, chastising his Democratic opponent for being no friend of Rudy Giuliani.
Giuliani is just one of many skeletons in Bloombergs partisan closet. As he pursues the Democratic presidential nomination, hell have to explain the millions hes spent putting Republicans into office, including contributions backing more than a dozen current and former members of Congress.
The billionaire businessman, who has switched parties several times throughout his political career, endorsed George W. Bushs 2004 reelection campaign, contributed to John McCain and even held a fundraiser for a House GOP member as recently as last year.
And thats not all. Beneficiaries of his largesse include former Sen. Orrin Hatch , a vigorous Trump defender, and Senate Appropriations Chairman Richard Shelby of Alabama, who once chaired the Senate Banking Committee.
Then theres former Sen. Scott Brown . Bloomberg endorsed and held a fundraiser for Brown when he ran against Elizabeth Warren in 2012.
Sally Goldenberg contributed to this report.
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Johns Hopkins University Philanthropy
As of 2019, Bloomberg has given more than $3.3 billion to Johns Hopkins University, his alma mater, making him “the most generous living donor to any education institution in the United States.” His first contribution, in 1965, had been $5. He made his first $1 million commitment to JHU in 1984, and subsequently became the first individual to exceed $1 billion in lifetime donations to a single U.S. institution of higher education.
Statements Concerning The Iraq War
In 2004, during a joint news conference with First Lady Laura Bush in lower Manhattan, he came to her support on the topic of Iraq, saying, “Don’t forget that the war started not very many blocks from here.”
In March 2007, during a news conference in Staten Island, Bloomberg declared his strong opposition to legislation proposed in Congress calling for a clear timetable for troop withdrawal. He said, “We ask our young men and women to go over and to fight, and if you have a deadline knowing they’re pulling out, how can you expect them to defend this country? How can you expect them to go out and put their lives at risk? I just think that’s untenable and that this is not a responsible piece of legislation. It is totally separate of how we’re conducting the war. It’s totally separate of whether we should have been there. The issue that you asked about is plain and simple: Should the Congress pass a law forcing the president to withdraw troops at a given point in time? I think that is not something that is in the country’s interest or in the military’s interest.”
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Michael Bloomberg Joins 2020 Democratic Field For President
Mr. Bloomberg brings a huge personal fortune and moderate views to an increasingly fluid race, but issues like criminal justice and his late start loom as vulnerabilities.
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Michael R. Bloomberg announced on Sunday that he would run for president in 2020, bringing his enormous wealth and eclectic political biography into the tumultuous Democratic primary and seeking to win over skeptical liberal voters by presenting himself as a multibillion-dollar threat to President Trump.
Mr. Bloomberg, a former Republican who has expressed reservations about his adopted partys leftward drift, said in a statement that he would offer a pragmatic option to voters in a campaign to unseat a president who represents an existential threat to our country and our values.
Defeating Donald Trump and rebuilding America is the most urgent and important fight of our lives. And Im going all in, Mr. Bloomberg said. I offer myself as a doer and a problem solver not a talker. And someone who is ready to take on the tough fights and win.
Mr. Bloomberg, 77, faces immense obstacles to winning the Democratic nomination, starting with his own political baggage that includes a complex array of business entanglements, a history of making and a record of championing law enforcement policies that disproportionately targeted black and Latino men with invasive searches.
Early Years And Education
Bloomberg was born on Feb. 14, 1942, in Boston, and grew up in nearby Medford, Massachusetts. He earned an undergraduate degree in electrical engineering from Johns Hopkins University in 1964. He paid his tuition by working as a parking lot attendant and taking out loans. He earned an MBA from Harvard Business School in 1966.
Bloomberg began his career in financial services in 1966 at the now-defunct Wall Street investment bank Salomon Brothers, where his first job was counting bonds and stock certificates in the banks vault. He moved up to bond trading, becoming a partner in 1972 and a general partner in 1976.
In 1979, Salomon Brothers moved him from his position of head of equity trading and sales to run Information Systems. This was apparently a demotion, but it put Bloomberg in charge of the department that implemented computer technology. When the company was acquired by the commodity trading firm Phibro in 1981, Bloomberg received a $10 million severance package.
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Mike Bloomberg To Spend At Least $100 Million In Florida To Benefit Joe Biden
Former New York mayor Mike Bloomberg plans to spend at least $100 million in Florida to help elect Democrat Joe Biden, a massive late-stage infusion of cash that could reshape the presidential contest in a costly toss-up state central to President Trumps reelection hopes.
Bloomberg made the decision to focus his final election spending on Florida last week, after news reports that Trump had considered spending as much as $100 million of his own money in the final weeks of the campaign, Bloombergs advisers said. Presented with several options on how to make good on an earlier promise to help elect Biden, Bloomberg decided that a narrow focus on Florida was the best use of his money.
The presidents campaign has long treated the state, which Trump now calls home, as a top priority, and his advisers remain confident in his chances given strong turnout in 2016 and 2018 that gave Republicans narrow winning margins in statewide contests.
Voting starts on Sept. 24 in Florida, so the need to inject real capital in that state quickly is an urgent need, Bloomberg adviser Kevin Sheekey said. Mike believes that by investing in Florida, it will allow campaign resources and other Democratic resources to be used in other states, in particular the state of Pennsylvania.
Save NYC instead, he added.
The spending will focus mostly on television and digital ads, in English and Spanish.
Bloomberg Helped To Flip The Us Senate
Over the last decade, Bloomberg helped Republicans take and maintain control of the U.S. Senate, which, in the Trump era and under Mitch McConnells leadership, has confirmed scores of right-wing judges, blocked liberal legislation passed by the House, and shielded the president from any repercussions after seeking foreign election assistance, tampering with witnesses, and defying congressional subpoenas.
Bloombergs Independence USA super PAC, which he funds exclusively, spent nearly $10.1 million supporting Republican federal candidates from 2012-16. The majority of that, $5.9 million, helped Sen. Pat Toomey win re-election in 2016 against Democrat Katie McGinty, an environmental policy expert and another Emilys List endorsee. In 2014, the super PAC boosted Republican House candidates Bob Dold and Michael Fitzpatrick . Two years earlier, Independence USA had spent $1.7 million backing Connecticut House candidate Andrew Rorabach, as well as $963,000 supporting Dold.
Americans for Responsible Solutions, a gun control-focused super PAC heavily funded by Bloomberg, also spends the majority of its money in favor of Democrats, but in 2014, when Bloomberg gave it $250,000, it backed Maine Republican Sen. Susan Collins and Fitzpatrick . Collins recently voted to acquit Trump of both impeachment charges and said she thought Trump had a pretty big lesson from impeachment. In 2007, Bloomberg personally donated $4,600 to Collinss campaign, and in 2014, he gave $5,200.
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Support For Congressional Candidates In And Out Of The New York Area
Since 2000, Bloomberg has donated to dozens of candidates for the United States Congress. The candidates have been on both sides of the aisle. In July 2016, Bloomberg spoke at the Democratic National Convention, endorsing former Secretary of State Hillary Clinton‘s presidential bid. In June 2018, Bloomberg announced he would spend $80 million to support Democratic candidates in an effort to reverse control of Congress in the midterm elections.
Preservation And Development Issues
Bloomberg is a proponent of large-scale development. He has repeatedly supported projects such as the Pacific Park mega-development, the Hudson Yards Redevelopment and associated rail-yard development , and the Harlem rezoning proposal. On smaller-scale issues, Bloomberg usually takes the side of development as well. He favors the demolition of Admirals Row to build a supermarket parking lot. However, Bloomberg has occasionally sided with preservation, most notably in vetoing landmark revocation for the Austin Nichols warehouse. This move was widely applauded by architectural historians. The City Council overruled the veto shortly thereafter, however.
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Mayor Of New York City
While at the helm of his company, Bloomberg served on the boards of leading cultural institutions, including the Metropolitan Museum of Art, Lincoln Center for the Performing Arts, the Central Park Conservancy, and the Jewish Museum, and he donated $100 million to Johns Hopkins University. Yet he was known for tyrannical outbursts in the Bloomberg offices, browbeating employees and turning against anyone who left his firm. Intensely competitive, Bloomberg, a lifelong Democrat, entered the 2001 race for mayor of New York City as a Republican. Bloomberg funded much of his mayoral campaign himself, spending more than $68 million from his personal fortune .
Bloombergs campaign themes focused on issues of great concern to New Yorkers: improvements in traffic and transit, housing, and education. What helped him most, however, was the endorsement of outgoing New York City Mayor Rudolph Giuliani, whose leadership following the was universally praised. After trailing badly in the polls just weeks before the November 6 election, Bloomberg won the mayors race. He immediately led redevelopment efforts, pushed for the passage of a controversial citywide smoking ban , revitalized tourism, and erased the citys budget deficit.
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How Is The Democratic Party Different From The Republican Party
Democrats are generally considered liberal, while Republicans are seen as conservative. The Democratic Party typically supports a larger government role in economic issues, backing regulations and social welfare programs. The Republicans, however, typically want a smaller government that is less involved in the economy. This contrary view on the size of government is reflected in their positions on taxesDemocrats favour a progressive tax to finance governments expanded role, while Republicans support lower taxes for all. However, Republicans do support a large budget for the military, and they often aggressively pursue U.S. national security interests, even if that means acting unilaterally. Democrats, however, prefer multilateralism. On social issues, Democrats seek greater freedoms, while Republicans follow more traditional values, supporting government intervention in such matters. For example, Democrats generally back abortion rights, while Republicans dont. In terms of geography, Democrats typically dominate in large cities, while Republicans are especially popular in rural areas.
Reporter To Billionaire Dem Bloomberg: ‘are You Trying To Buy The Presidency’
Democratic voters say they already have plenty of options in 2020 and Former Massachusetts Gov. Deval Patrick, who jumped in the race two weeks ago, had to cancel a recent event at Morehouse College in Atlanta after no one showed up.
But rival campaigns are reacting differently to Bloombergs entry as they did to Patricks or that of billionaire Tom Steyer, who has struggled for relevance despite spending tens of millions of dollars on TV ads in recent months. There’s a hint of fear in some of their voices when they privately discuss Bloomberg, even as they argue he has no shot.
If Steyer, financially, was a battleship compared to other candidates fishing boats, Bloomberg is an aircraft carrier.
The media mogul and former mayor, who has already made the single largest political advertising purchase in history, is worth some fifty times as much as Steyer.
Bloomberg spent more than $250 million combined on his three mayoral campaigns in New York City and has doled hundreds of millions more on charitable and political causes. Aides say hell spend whatever it takes on his latest project, the presidential run.
Some welcome the development as a needed shakeup to the messy status quo of the 2020 primary.
Im all for it. I think he will be good for the Democratic field, Mark Cuban, the billionaire owner of the Dallas Mavericks, who considered running for president in 2020 himself, said in an email to NBC News.
The mythology will not last long, de Blasio said.
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Politifact: Michael Bloomberg Is Registered As A Democrat But Is He Accepted As One
- Tom Kertscher, PolitiFact Staff Writer
Michael Bloomberg is a leading contender for the 2020 Democratic presidential nomination despite being first elected mayor of New York City as a Republican, and later switching his party affiliation to independent.
Indeed, he announced his re-registration as a Democrat in October 2019 just weeks before unveiling his presidential bid.
That history and the billionaire businessmans penchant for donating to Republicans has led to consternation among some Democrats who wonder whether Bloomberg is really one of them.
So is he?
Hes never been as good a Democrat as Ronald Reagan was a Republican, Jim Frasier, former member of the executive committee of the Democratic National Committee, told PolitiFact. Hes every bit as good a Democrat as Bernie Sanders is.
In 1980, Reagan was elected president as a Republican, after having spent much of his early political life as a Democrat. In 2016, Sanders was runner-up for the Democratic presidential nomination, though he hasnt always identified as a member of the party.
Bloombergs campaign didnt offer comment for this article. But in a June 2018 column, Bloomberg explained why he was supporting Democrats in their attempts to win control of the U.S. House of Representatives that year.
Bloombergs form of bipartisanship, seen by some as a pattern of contradictions, can be confusing: