Things You Need To Know About Mike Bloomberg
The surging billionaire who seems like he came from nowhere has a long and rich public record.
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Michael Kruse is a senior staff writer for POLITICO.
Zack Stanton is digital editor of Politico Magazine. You can find him .
Mike Bloombergs sudden climb up the polls has been fueled by an unprecedented gusher of cash, a self-funded, blank-check campaign buildup and blanket advertising designed to introduce the $64-billion man to a national electorate that mostly didnt follow his 12-year tenure as mayor of New York or his groundbreaking career as the founder of his eponymous financial services, data and media conglomerate.
Bloomberg arrives on the debate stage Wednesday night without the year or more of coverage that has been focused on his top rivalsto say nothing of the eight debates he missed. What do voters need to know? Here, culled from biographies, his memoir and coverage over the years in major news outlets, is a quick primer on the life of Michael Rubens Bloomberg, born on Valentines Day in 1942 in Boston, one of the richest people in the world and the most recent entrant in this topsy-turvy 2020 presidential cycle. Wednesday nights debate in Nevada is the first for which hes qualified, the result of a change in the rules that eliminated the donor threshold.
There are, after all, lots of things youll never learn from a campaign ad.
1. His father was a bookkeeper at a dairy and never earned more than $6,000 a year.
That Same Year Using $4 Million From The Salomon Payout He Co
He saw that computers would revolutionize Wall Street, and was one of the first to capitalize on it.
According to his website, the provision of this information was a way to “democratize financial information, empowering investors and smaller firms and result in dramatically improved returns for pensioners and retirees.”
The company’s first customer was Merrill Lynch.
Bloomberg still owns 88% of the company. In 2018, it bought in $10 billion in revenue, employing nearly 20,000 people in 120 countries.
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.
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Johns Hopkins University Press
The Johns Hopkins University Press is the publishing division of the Johns Hopkins University. It was founded in 1878 and holds the distinction of being the oldest continuously running in the United States. To date the Press has published more than 6,000 titles and currently publishes 65 scholarly periodicals and over 200 new books each year. Since 1993, the Johns Hopkins University Press has run , an online collection of over 250 full-text, peer-reviewed journals in the humanities and social sciences. The Press also houses the Hopkins Fulfilment Services , which handles distribution for a number of university presses and publishers. Taken together, the three divisions of the PressBooks, Journals and HFSmake it one of the largest of America’s university presses.
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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Did He Really Ban Big Gulps
He did not. But he tried. Sort of. As mayor, Mr. Bloomberg hoped to impose limits on the sale of large sugary drinks, but the initiative failed in the courts. Even if it hadnt, Mr. Bloombergs plan included exemptions for convenience stores like 7-Eleven, with its outsize Big Gulp. This has not stopped critics from invoking the Big Gulp as a symbol of what they view as Bloombergian policy overreach.
Involvement In 2018 Midterms
On June 20, 2018, Bloomberg announced he would spend $80 million supporting Democratic candidates in the 2018 midterms.
He released a statement that said the following:
| â |
Republicans in Congress have had almost two years to prove they could govern responsibly. They failed. As we approach the 2018 midterms, it’s critical that we elect people who will lead in ways that this Congress wonât â both by seeking to legislate in a bipartisan way, and by upholding the checks and balances that the Founding Fathers set up to safeguard ethics, prevent the abuse of power, and preserve the rule of law. And so this fall, I’m going to support Democrats in their efforts to win control of the House. To be clear: I have plenty of disagreements with some Democrats, especially those who seek to make this election about impeachment. Nothing could be more irresponsible. But I believe that âWe the Peopleâ cannot afford to elect another Congress that lacks the courage to reach across the aisle and the independence to assert its constitutional authority. And so I will support Democratic candidates who are committed to doing both. |
â |
| âMichael Bloomberg |
On October 2, 2018, Bloomberg announced he would donate $20 million to the Senate Majority PAC.
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Politifact: Michael Bloomberg Is Registered As A Democrat But Is He Accepted As One
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.
“Ive never much liked political parties,” Bloomberg wrote. “Ive always believed that we should put country before party. Too many politicians practice the reverse, with terrible consequences for the American people.”
Bureau Of National Affairs
Bloomberg L.P. purchased Arlington, Virginia-based Bureau of National Affairs in August 2011, for $990 million to bolster its existing Bloomberg Government and Bloomberg Law services. BNA publishes specialized online and print news and information for professionals in business and government. The company produces more than 350 news publications in topic areas that include corporate law and business, employee benefits, employment and labor law, environment, health and safety, health care, human resources, intellectual property, litigation, and tax and accounting.
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Early Life And Bloomberg Lp
Bloombergs father, a Polish immigrant, was a bookkeeper and his mother a secretary. After studying engineering at Johns Hopkins University , he attended Harvard University and took an entry-level position with Salomon Brothers investment bank. Within 15 years he had achieved the level of partner and was leading the firms block trading operations. When Salomons acquisition by another firm in 1981 left him without a job, Bloombergs $10 million partnership buyout provided the funding he needed to create Innovative Market Systems, a financial data-services firm, in 1982. Twenty years later the renamed Bloomberg LP had become a global leader in financial data services. Central to the companys success was the Bloomberg computer terminal, a comprehensive financial news and information source. The companys other holdings included the Bloomberg Business News wire service, news radio station WBBR in New York City, and Bloomberg Television.
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 Admiral’s 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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Fraternity And Sorority Life
life came to Hopkins in 1876 with the chartering of Fraternity, which still exists on campus today. Since, Johns Hopkins has become home to nine sororities and 11 fraternities. Of the nine sororities, five belong to the and four to the Multicultural Greek Council Sororities. Of the fraternities, all 11 belong to the Inter-Fraternity Council. Over 1,000 students participate in Fraternity and Sorority Life, with 23% of women and 20% of men taking part. Fraternity and Sorority Life has expanded its reach at Hopkins in recent decades, as only 15% of the student body participated in 1989., a historically black fraternity, was founded in 1991 and , an Asian-interest fraternity, was founded in 1994 Rush for all students occurs in the spring. Most fraternities keep houses in Charles Village while sororities do not.
Relation To Marital Status And Parenthood
Americans that identify as single, living with a domestic partner, divorced, separated, or widowed are more likely to vote Democratic in contrast to married Americans which split about equally between Democrat and Republican.
of more than 11,000 Democrats and Republicans conducted between 1996 and 2006 came to the result that the differences in are not statistically significant between these parties, with the average Democrat having 1.94 children and the average Republican having 1.91 children. However, there is a significant difference in fertility rates between the two related groups and , with liberals reproducing at a much lower rate than conservatives.
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Center For Talented Youth
The Johns Hopkins University also offers the “” programa nonprofit organization dedicated to identifying and developing the talents of the most promising K-12 grade students worldwide. As part of the Johns Hopkins University, the “Center for Talented Youth” or CTY helps fulfill the university’s mission of preparing students to make significant future contributions to the world. The Johns Hopkins Digital Media Center is a multimedia lab space as well as an equipment, technology and knowledge resource for students interested in exploring creative uses of emerging media and use of technology.
What Is Rent Control
Bloomberg and Alfred Sommer, a prominent ophthalmologist he knew through their affiliation with Hopkins, were eating steaks one night when the businessman asked a surprising question.
What do you think about me running for mayor?
Why would you want to do that? Sommer replied. Why would anyone want to do that?
As he contemplated a different path, Bloomberg consulted a long list of political operatives, including Bill Cunningham, a former adviser to Sen. Daniel Patrick Moynihan .
You have any idea what guys like me do to guys like you? Cunningham recalled asking. He warned that Bloombergs wealth would be a bulls eye for opponents lampooning him as an out-of-touch oligarch.
Thats whats wrong with politics, Bloomberg snapped. He insisted that he was more than his money and that he had the credentials to govern.
Cunningham joined a growing cast of strategists around Bloomberg, a troupe including New Yorks preeminent political guru, David Garth, who had steered Lindsay, Democrat Ed Koch and Giuliani to mayoral victories.
Their new boss, they learned, had no patience for chitchat or navel-gazing. He could be blunt, profane and biting.
How do you live with her? Bloomberg said when meeting the husband of Ester Fuchs, by then a policy adviser, who was flabbergasted until she saw the billionaires smirk.
He also had a lot to learn about New York politics.
Heres your money. Go tour, Bloomberg said when they landed, Ayarza recalled.
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Michael Bloomberg: Everything You Need To Know About The 2020 Presidential Candidate
The former New York City mayor has entered the race of president.
Who is Mike Bloomberg?
Former New York City Mayor and founder of Bloomberg LP Michael Bloomberg formally entered the 2020 presidential race in November 2019. He is the second billionaire Democrat to seek the presidency during this election cycle.
Out of the running: By Super Tuesday, it was clear that Bloombergs efforts to target the 15 contests in play in lieu of traditional campaigning methods of hitting the early voting states did not pay off in terms of netting the bulk of pledged delegates or the popular vote. He announced the next day that he entered the race three months earlier to defeat President Donald Trump and that he was leaving the race for the same reason because it is clear to me that staying in would make achieving that goal more difficult, he wrote in a letter to supporters adding, Ive always believed that defeating Donald Trump starts with uniting behind the candidate with the best shot to do it. After yesterdays vote, it is clear that candidate is my friend and a great American, Joe Biden.
Name: Michael Rubens Bloomberg
Date of Birth: Feb. 14, 1942
Hometown: Medford, Massachusetts
Family: Bloomberg has been in a longtime domestic relationship with Diana Taylor. He is also the father to two daughters, Emma and Georgina.
Education: He earned a masters in business administration from Harvard Business School in 1966 and a bachelor of arts degree from John Hopkins University in 1964.
Bloomberg Vowed To Spend Whatever It Takes To Beat Trump Democrats Are Still Waiting
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Mike Bloomberg, seen here speaking to supporters and staff in March in New York City, spent $1 billion of his own fortune to run for president but exited the race early on.hide caption
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Mike Bloomberg, seen here speaking to supporters and staff in March in New York City, spent $1 billion of his own fortune to run for president but exited the race early on.
When a billionaire with a history of investing generously and strategically in campaigns promised to spend whatever it takes to defeat President Trump, it made Democrats sit up and take notice.
And how did they interpret that pledge from former New York Mayor Mike Bloomberg?
“It meant spending about a billion dollars,” said Jim Messina, who ran President Barack Obama’s 2012 reelection campaign. “It meant making sure that Donald Trump did not have the typical incumbent advantage on finance, and it meant helping us catch up in a couple places where Trump was well ahead of us, which was digital and data.”
It is the most ambitious campaign promise ever made by someone who isn’t still running, and Bloomberg fully intends to fulfill it, according to former Philadelphia Mayor Michael Nutter, the national political chair of Bloomberg’s short-lived primary campaign, in which the candidate spent $1 billion of his own fortune. But Nutter also says that “whatever it takes” can’t be defined simply by a specific dollar amount instead it’s about how and where Bloomberg spends his money this year.
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In 1995 Bloomberg Joined The Ranks Of Billionaires Money Was Flowing As Well As His Property Purchases Bloomberg Was Donating Hundreds Of Millions Of Dollars But It Wasn’t Enough To Satisfy Him
That same year he donated $55 million to John Hopkins, a sizeable chunk of the $1 billion he has donated to the university, according to Politico. The John Hopkins School of Public Health was renamed after Bloomberg, because of the donations.
According to New York Magazine, Bloomberg told the school’s dean Alfred Somner that he needed another challenge, and it wasn’t building another company. “I don’t need any more money. Where can I make a difference?” he said.
