Michael Bloomberg as a Businessman and Politician

Posted on November 16, 2011

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Michael Bloomberg

image via asterix611

It’s hard to believe that a city mayor would land on Forbes lists of billionaires, but Michael Bloomberg made it. To those who don’t know him, Bloomberg is the New York City Mayor and a powerful business magnate. Though Bloomberg as a billionaire public official have irked more than a few people, he certainly earned his share of praises – and wealth – as a business tycoon.

Many people question whether it’s fair for an entrepreneur to be placed in a position that obviously poses conflicts of interests with business, but Bloomberg has managed to keep his empire up despite facing negative criticism.

Bloomberg LP, his company, was founded 20 years ago. It involved bond trading and provided bond traders with better information. The business went well, and over the years the company expanded its scope by adding equity information and news services. As of 2009, the company had more than 250,000 terminals scattered all over the world. The company also operates a radio network, with its flagship station based in New York.

But can a good mayor amass too much power? People who are not personally acquainted with Bloomberg may find it difficult to distinguish his political and business motives; however, Bloomberg himself has made several sacrifices on his part to assure critics and supporters that both fields will remain independent of the other.

He has declined to receive a city salary and stepped down as the CEO of his company to give his political career full attention. He also denied his rights to live in the official mayor’s mansion and chose to settle at his own home on the Upper East Side.

A significant portion of his share as a major stockholder at his company goes to philanthropic endeavors. He has donated $300 million to the John Hopkins University and given away another $600 million through his Bloomberg Family Foundation.

We have seen what Bloomberg is capable of doing in the business industry. The challenge now is for him to prove himself as a worthy public servant. Only time will tell.

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Posted in: Politicians