NYC Mayor Michael Bloomberg

October 20, 2009 | scorpion

If you are not into financial investing then Michael Bloomberg is simply the current mayor of New York City. However, many others will recognize him as the founder of Bloomberg Media and a financial investor who helped others with a simple computer database.

Biography

Born in 1942 in Medford Massachusetts, Michael Bloomberg developed a fascination with technology of all types at a very early age. He attended Johns Hopkins University and then continued on the Harvard where he received his MBA in 1966. When he graduated from Harvard, he was hired at Salomon Brothers as a Wall Street worker.

Bloomberg worked his way up the corporate ladder at Salomon Brothers and earned a partnership with the firm in 1972. He was in charge in supervising the sales, stock trading and information systems for the company, losing his job in 1981 when the company was bought out by another firm. Instead of looking for a new firm to join, Bloomberg started his own company and Wall Street was changed forever. He created the database system that tracks stock trading and analyzes the trades that is still used today. Today there are over 165,000 international subscribers to the system Bloomberg and his firm, Bloomberg L.P. developed.

In 1990 Bloomberg and his company branched out into the media, offering audiences a news service, television programming, Internet websites, radio shows, and publishing company. By 2002, Bloomberg L.P. employed over 8,000 people worldwide. Bloomberg turned his attention to civic duties and philanthropic pursuits in the hopes of improving education and medicine as well as increasing the general public’s access to the arts.

Claim to Fame

Bloomberg’s claim to fame, his company Bloomberg L.P., helped revolutionize the way things are done on Wall Street. He recognized the need to put together an easier way for traders and investors to access historical information, namely stock trading. Instead of using old copies of the Wall Street Journal or oversized handwritten ledgers, he developed a computer system that would accommodate the collection and analysis of past securities data as well as current data. Subscribers to the service have immediate access to trading information.

Why was he successful?

Bloomberg recognized a need among the investors and traders on Wall Street to access historical information easier. His love of technology helped him take the money he had earned working for Salomon Brothers and invest it into his company. His database concept launched the firm that has turned into a multi-million company serving investors and traders all over the world.

Bloomberg has the drive to help people in all areas and when he began to focus his attention on other things besides his successful business, many others benefitted from his philanthropic efforts. Today he serves as the Mayor of New York City with the hope to continue providing for the people of the city and the state.

Publications

Bloomberg has one published book so far. His autobiography ‘Bloomberg by Bloomberg’ was released in 1997. All of the royalties on the book are donated to the organization Committee to Protect Journalists on Bloomberg’s behalf.

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