Michael Bloomberg

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Michael Bloomberg

108th Mayor of New York City
Incumbent
Assumed office January 1, 2002
Preceded by	Rudy Giuliani
Personal details
Born	Michael Rubens Bloomberg February 14, 1942 (age 71) Boston, Massachusetts, U.S.
Political party	Democratic (Before 2001) Republican (2001–2007) Independent (2007–present)
Spouse(s)	Susan Brown (1975–1993)
Domestic partner	Diana Taylor (2000–present)
Children	Georgina Emma
Alma mater	Johns Hopkins University Harvard Business School
Religion	Judaism
Net worth	US$27 billion (2013)^[1]
Signature
Website	Government website Personal website

Michael Rubens Bloomberg (born February 14, 1942) is an American business magnate, politician and philanthropist. He is the 108th and current Mayor of New York City, having served three consecutive terms since his first election in 2001. With a net worth of $27 billion, he is also the 7th-richest person in the United States.^[1] He is the founder and 88% owner ofBloomberg L.P., the global financial data and media company most famous for its Bloomberg Terminal.^[2]^[3]

Bloomberg began his career at the securities brokerageSalomon Brothers before forming his company in 1981 and spending the next twenty years as its Chairman and CEO.^[4] He also served as chairman of the board of trustees at his alma mater Johns Hopkins University from 1996 to 2002.^[1] ADemocrat before seeking elective office, Bloomberg switched his party registration in 2001 to run for mayor as a Republican. He defeated opponent Mark Green in a close election held just weeks after the September 11 terrorist attacks. Bloomberg won a second term in 2005 and left the Republican Party two years later.^[4] He campaigned to change the city's term limits law in the wake of the 2008 financial crisis and was elected to his third term in 2009 as an independent candidate on the Republican ballot line.

He was frequently mentioned as a possible candidate for the U.S. presidential elections in 2008 and 2012,^[5] and for New York Governor in 2010. He declined to seek either office, instead opting to continue serving as Mayor of New York.

Early life

Michael Bloomberg was born at St. Elizabeth's Hospital, in the Brighton neighborhood of Boston, on February 14, 1942.^[6] His family is Jewish. His father, William Henry Bloomberg (1906–1963), was a real estate agent and the son of Alexander "Elick" Bloomberg, an immigrant from Russia. His mother, Charlotte Rubens Bloomberg (January 2, 1909 – June 19, 2011), was a native of Jersey City, New Jersey. His maternal grandfather, Max Rubens, also was an immigrant from Russia.^[7]

The family lived in Allston, Massachusetts, until Bloomberg was two years old. They moved to Brookline, Massachusetts, for the next two years, finally settling in Medford, a Boston suburb, where he lived until after he graduated from college.^[8] Bloomberg is also an Eagle Scout.^[9]^[10]

Bloomberg attended Johns Hopkins University, where he joined Phi Kappa Psi. He graduated in 1964 with aBachelor of Science in electrical engineering.^[11] In 1966 he received his Master of Business Administrationfrom Harvard Business School.^[12]^[13]

Business career

In 1973, Bloomberg became a general partner at Salomon Brothers, a bulge-bracket Wall Street investment bank, where he headed equity trading and, later, systems development. In 1981, Salomon Brothers was bought^[14] and Bloomberg was laid off from the investment bank and given a $10 million severance package.^[15] Using this money, Bloomberg went on to set up a company named Innovative Market Systems. His business plan was based on the realization that Wall Street (and the financial community generally) was willing to pay for high quality business information, delivered as quickly as possible and in as many usable forms possible, via technology (e.g., graphs of highly specific trends).^[16] In 1982, Merrill Lynch became the new company's first customer, installing 22 of the company's Market Master terminals and investing $30 million in the company. The company was renamed Bloomberg L.P. in 1987.^[17] By 1990, it had installed 8,000 terminals.^[18] Over the years, ancillary products including Bloomberg News, Bloomberg Message, and Bloomberg Tradebook were launched.^[19]

As of 2012, the company had more than 310,000 terminals worldwide.^[20] His company also has a radio network which currently has its flagship station as 1130 WBBR AM in New York City. He left the position of CEO to pursue a political career as the mayor of New York City. Bloomberg was replaced as CEO by Lex Fenwick.^[21] The company is now led by president Daniel L. Doctoroff, a former deputy mayor under Bloomberg.^[22]

Bloomberg wrote an autobiography, with help from Bloomberg News Editor-in-Chief Matthew Winkler, calledBloomberg by Bloomberg.^[23]

Wealth

In March 2013, Forbes reported Bloomberg's wealth as $27 billion and ranked him as the 13th richest person in the world. In March 2012, Forbes reported Bloomberg’s wealth at $22 billion, ranking him 20th in the world and 11th in the United States.^[24] In March 2009, Forbes reported Bloomberg's wealth at $16 billion, a gain of $4.5 billion over the previous year, enjoying the world's biggest increase in wealth in 2009.^[25] At that time, there were only four fortunes in the U.S. that were larger (although the Wal-Mart family fortune is split among four people). He moved from 142nd to 17th in the Forbes list of the world's billionaires in only two years (March 2007 – March 2009).^[26]^[27]

Elections

2001 election

Main article: New York City mayoral election, 2001

In 2001, the incumbent mayor of New York, Rudy Giuliani, was ineligible for re-election, as the city limited the mayoralty to two consecutive terms. Several well-known New York City politicians aspired to succeed him. Bloomberg, a lifelong member of the Democratic Party, decided to run for mayor as a member of theRepublican Party ticket.

Voting in the primary began on the morning of September 11, 2001. The primary was postponed later that day. In the rescheduled primary, Bloomberg defeated Herman Badillo, a former Congressman, to become the Republican nominee. Meanwhile, the Democratic primary did not produce a first-round winner. After a runoff, the Democratic nomination went to New York City Public Advocate Mark J. Green.

In the general election, Bloomberg received Giuliani's endorsement. He also had a huge spending advantage. Although New York City's campaign finance law restricts the amount of contributions which a candidate can accept, Bloomberg chose not to use public campaign funds and therefore his campaign was not subject to these restrictions. He spent $73 million of his own money on his campaign, outspending Green by five to one.^[28] 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 serving as the Republican nominee, Bloomberg had the ballot line of the controversialIndependence 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. He 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 handily beat Green in that borough, taking 75 percent of the vote there. Overall, Bloomberg won 50 percent to 48 percent.

Bloomberg's election marked the first time in New York City history that two different Republicans had been elected mayor consecutively. New York City has not been won by a Republican in a presidential election sinceCalvin Coolidge won in 1924. Bloomberg is considered a social liberal, who is pro-choice, in favor of legalizing same-sex marriage and an advocate for stricter gun control laws.

Despite the fact that 68 percent of New York City's registered voters are Democrats, Bloomberg decided the city should host the 2004 Republican National Convention. The Convention drew thousands of protesters, many of them local residents angry over the Iraq war and other issues. The Police Department arrested approximately 1,800 protesters, but according to The New York Times, more than 90 percent of the cases were later dismissed or dropped for lack of evidence.

2005 election

Main article: New York City mayoral election, 2005

Bloomberg was re-elected mayor in November 2005 by a margin of 20 percent, the widest margin ever for a Republican mayor of New York.^[29]

Bloomberg 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, Bloomberg gave theIndependence Party of New York $250,000 to fund a phone bank seeking to recruit volunteers for his re-election campaign.^[30]

Former Bronx Borough President Fernando Ferrer won the Democratic nomination to oppose Bloomberg in the general election. Thomas Ognibene sought to run against Bloomberg in the Republican Party's primary election.^[31] Bloomberg's campaign successfully challenged enough of the signatures Ognibene had submitted to the Board of Elections to prevent Ognibene from appearing on ballots for the Republican primary.^[31] Instead, Ognibene ran only on the Conservative Party ticket.^[32] Ognibene accused Bloomberg of betraying Republican Party ideals, a feeling echoed by others.^[33]^[34]^[35]^[36]^[37]

Bloomberg opposed the confirmation of John Roberts as Chief Justice of the United States.^[38] Though a Republican at the time, Bloomberg is a staunch supporter of abortion rights and did not believe that Roberts was committed to maintaining Roe v. Wade.^[38]

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, and his son, Councilman Peter Vallone, Jr.; former Democratic Congressman Floyd Flake (who had previously endorsed Bloomberg in 2001), and Brooklyn Borough President Marty Markowitz.^[39]

2009 election

Main article: New York City mayoral election, 2009

On October 2, 2008, Bloomberg announced that he would seek to extend the city's term limits law and run for a third mayoral term in 2009, arguing that a leader of his field is needed during the Wall Street financial crisis. "Handling this financial crisis while strengthening essential services ... is a challenge I want to take on," Bloomberg said at a news conference. "So should the City Council vote to amend term limits, I plan to ask New Yorkers to look at my record of independent leadership and then decide if I have earned another term."^[40] On October 23, 2008, the City Council voted 29–22 in favor of extending the term limit to three consecutive four-year terms, thus allowing Bloomberg to run for office again.^[41] After two days of public hearings, Bloomberg signed the bill into law on November 3.^[42]

Bloomberg's bid for a third term generated some controversy. Civil libertarians such as former New York Civil Liberties Union Director Norman Siegel and New York Civil Rights Coalition Executive Director Michael Meyers joined with local politicians such as New York State Senator Eric Adams to protest the term limits extension.^[43]

Bloomberg's opponent was Democratic and Working Families Party nominee Bill Thompson, who had beenNew York City Comptroller for the past eight years and before that President of the New York City Board of Education.^[44] Bloomberg defeated Thompson by a vote of 50.6 percent to 46.0 percent.^[45]

After the release of Independence Party campaign filings in January 2010, it was reported that Bloomberg had made two $600,000 contributions from his personal account to the Independence Party on October 30 and November 2, 2009.^[46] The Independence Party then paid $750,000 of that money to Republican Party political operative John Haggerty Jr.^[47]

This prompted to an investigation beginning in February 2010 by the office of New York County District Attorney Cyrus Vance, Jr. into possible improprieties.^[48] The Independence Party later questioned how Haggerty spent the money, which was to go to poll-watchers.^[49] Former New York State Senator Martin Connor contended that because the Bloomberg donations were made to an Independence Party housekeeping account rather than to an account meant for current campaigns, this was a violation of campaign finance laws.^[50] Haggerty also spent money from a separate $200,000 donation from Bloomberg on office space.^[51]

Mayoralty

Main article: Mayoralty of Michael Bloomberg

Bloomberg attending the opening night of the 2011 Tribeca Film Festival

Bloomberg assumed office as the 108th Mayor of New York Cityon January 1, 2002. He won re-election in 2005 and again in 2009. As mayor, Bloomberg initially struggled to gain high approval levels from the public; however, he subsequently developed and maintained high approval ratings.

Bloomberg's re-election means 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's 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 the mostly Democratic city. (John Lindsay was also elected mayor of New York twice while a registered Republican; however, Lindsay did not receive the Republican Party nomination during his 1969 campaign for re-election but ran successfully on the Liberal ticket and joined theDemocratic Party during his second term.)

Bloomberg has said that he wants public education reform to be the legacy of his first term and addressing poverty to be the legacy of his second.^[52] Some^[who?] have alleged that he made certain decisions regarding the closure of seventeen day-care centers across the city for political reasons.^[53] According to the National Assessment of Educational Performance, fourth-grade reading scores from 2002 through 2009 rose nationally by 11 points. However, on May 10, 2010, The New York Timesreported:

According to the test [NAEP], New York City eighth graders have shown no significant improvement [in math or reading] since they began taking it in 2003, mirroring the largely flat performance of American eighth graders as a whole during that period. In the city, the lack of improvement held true across ethnic groups and also among lower-income students.

Some^[who?] have seen this approach to the New York education system as largely unsuccessful because of skewed numbers. Under the reformed approach, a school must do better than the previous year to receive funding. Because of this requirement, many successful schools were closed for being "unsuccessful" because of their inability to raise test scores, even though they were the top performing schools, while many unsuccessful schools received the bulk of funding for simply raising their scores slightly.^[54]

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, he implemented what New York Times political reporter Adam Nagourney called 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.^[55]

In efforts to create "cutbacks" in the New York City Spending Bracket, Bloomberg declined to receive a city salary. He accepts a remuneration of $1 annually for his services.^[56] He maintains a public listing in the New York City phone directory,^[57] and lives not in Gracie Mansion – the official mayoral residence – but instead at his own home on the Upper East Side of Manhattan, at 17 East 79th Street between Madison and Fifth Avenues. He owns additional homes in London; Bermuda; and Vail, Colorado.^[58]

Bloomberg stated that he rides the New York City Subway on a daily basis, particularly in the commute from his 79th Street home to his office at City Hall. An August 2007 story in The New York Times asserted that he was often seen chauffeured by two New York Police Department-owned SUVs to an express train station to avoid having to change from the local to the express trains on the Lexington Avenue line.^[59]

Political stands

Some of the policies Bloomberg advocates parallel those of either the Democratic or the Republican party platform. He is socially liberal or progressive, supporting abortion rights, gay marriage, gun control, and amnesty for illegal immigrants, for example. On economics, foreign, and domestic issues, Bloomberg tends to be conservative. He opposed a timeline for withdrawal from the Iraq War, and criticized those who favored one. Economically, he supports government involvement in issues such as public welfare, while being strongly in favor of free trade, pro-business, and describing himself as a fiscal conservative because he balanced the city's budget.^[60] Environmentally, he believes in man-made climate change. Bloomberg has been cited for not allowing many emergency officials who responded to the September 11, 2001 attacks to attend the tenth anniversary observation of this day.^[61] He also is at odds with many around the United States for not inviting any clergy to the ceremony marking the anniversary of the 9/11 attacks.^[62]

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.^[63]

Bloomberg supports governmental funding for embryonic stem cell research, calling the Republican position on the issue "insanity".^[64] He also supports same-sex marriage with the rationale that "government shouldn't tell you whom to marry."^[65]

Bloomberg supports the strict drug laws of New York City. He has stated that he smoked marijuana in the past, and was quoted in a 2001 interview as saying "You bet I did. I enjoyed it." This led to a reported $500,000 advertising campaign by NORML, featuring his image and the quote. Bloomberg stated in a 2002 interview that he regrets the remark and does not believe that marijuana should be decriminalized.^[66]

Domestic issues

On crime, Bloomberg opposes 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."^[67]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."^[67]

Education

Bloomberg replaced the school board set up by the state with direct mayoral control over public education.^[68]He raised the salaries of teachers by fifteen percent^[69] while the test scores of students in the city and the graduation rate rose as well.^[70] He is opposed to social promotion, i.e. the promotion of students to the next grade level for strictly social reasons, stating that students should be promoted only when they are adequately prepared for the next grade level. However, recent studies have shown that New York City high school graduates are not prepared to meet the challenges of college. Many take remedial courses for no credit in their first year. These criticisms have put a dent in the Mayor's reputation on education. He favors after-school programs to help students who are behind. As mayor, Bloomberg strengthened the cell-phone ban in schools.^[71]

Environmental issues

In 2012, TRAVEL+LEISURE rated New York City the top, number one "Dirtiest American City," for having the most unremoved, publicly visible litter, selected and voted for by both magazine readership and city residents.^[72] In dealing with global warming and New York's role in it, Bloomberg has enacted a plan calledPlaNYC: 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.^[73] Bloomberg has 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 would go about fighting climate change by reducing carbon dioxide emissions, using cleaner and more efficient fuels, and encouraging public transportation.^[74] His ideas have occasionally been rejected, such as the New York State Assembly's rejection of his idea for applying congestion pricing below 60th Street in Manhattan.

On February 21, 2013, Bloomberg spoke with oil tycoon, T. Boone Pickens in support of a new eco-friendly food truck. A press conference took place in front of city hall where the company, Neapolitan Express, explained how their mobile pizzeria emits 75% less greenhouse gases than trucks running on gas or diesel. The company is expected to launch early 2013. ^[75]

Immigration

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."^[76] He supports a federal ID database that uses DNA and fingerprint technology to keep track of all citizens and to verify their legal status.^[77] Bloomberg has held that illegal immigrants should be offered legalization and supported the congressional efforts of John McCain and the late Ted Kennedy in their attempt at immigration reform in 2007.^{[citation needed]} Regarding border security, he 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."^[78] In 2006, Bloomberg stated on his weekly WABC radio show that illegal immigration does not strain the financial resources of New York City, since many immigrants are hard working and "do not avail themselves of services until their situation is dire".^[79]

Health regulations

In January 2011, city schools began a pilot program which allows girls over 14 years old to be provided with Plan B emergency contraception without parental consent, unless parents opt out in writing. Beginning with five schools, the pilot had been expanded to thirteen schools by September 2012.^[80]^[81]

In September 2012, the city passed a law limiting the practice of circumcision among orthodox Jews. The legislation requires that at each event, the circumciser receives signed consent forms from the parents, acknowledging that they were notified of health risks associated with cleaning the wound by sucking blood from the male baby's organ. This regulation caused an outcry among the orthodox communities on the infringement of their religious freedom,^[82]^[83] and the matter was taken to federal court.^[84]

During the same month, the NYC Board of Health approved Bloomberg's proposal to ban the sale of many sweetened drinks more than 16 ounces (473 ml.) in volume. The limit applies to businesses such as restaurants and movie theaters, but does not apply to grocery stores including 7-Eleven. Diet varieties of sweetened drinks are unaffected by the ban.^[85] On March 12, 2013, hours before the ban was scheduled to take effect, State Supreme Court Justice Milton Tingling struck it down, ruling that the Board of Health lacked the jurisdiction to enforce it and that the rule was "arbitrary and capricious". The city appealed the decision.^[86] On July 30, theAppellate Division upheld the lower court's ruling, stating the Board of Health, "failed to act within the bounds of its lawfully delegated authority" and the ban was a violation of the separation of powers doctrine, which reserves legislative power to the legislature and does not allow the board to "exercise sweeping power to create whatever rule they deem necessary". Bloomberg announced that the city would appeal the decision.^[87]

Bloomberg has been criticized for some of his policies which have been described by many as facilitating the creation of a nanny state.^[88] Comedian Bill Maher, while on Jimmy Kimmel Live, said that Bloomberg's soda ban "gives liberals a bad name".^[89] Also in response to the soda ban, The Center for Consumer Freedom ran a full-page ad in The New York Times featuring an image of Bloomberg's face superimposed on an elderly female body wearing a dress and scarf, with the title "The Nanny", and the tagline "New Yorkers Need a Mayor, Not a Nanny."^[90] Others have pointed out the fact that the smoking rate has dropped quickly during Bloomberg's time in office (which has involved the banning of smoking in certain areas).^[88]

Response to 9/11

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.^[91] 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.^[92] Bloomberg is also a supporter of the USA PATRIOT Act.^[93]

After the April 15, 2013 Boston Marathon Bombings Bloomberg expressed the view that terrorism threats may require a reconsideration of civil liberties, saying "[t]he people who are worried about privacy have a legitimate worry, but we live in a complex world where you’re going to have to have a level of security greater than you did back in the olden days, if you will...our laws and our interpretation of the Constitution, I think, have to

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