Search Results for: Bloomberg
The New Cover of Bloomberg Businessweek Reminds Us: Businesses Can’t Thrive Amid Chaos

The reason the U.S. is a good place to do business is that, for the past two centuries, it’s built a firm foundation on the rule of law. President Trump almost undid that in a weekend. That’s bad for business.
-From a scathing short column by Matt Levine about businesses waking up to a harsh reality under President Trump.
Trouble in the Bloomberg Solar System

The Bloomberg was often seen inside the company it built as a sort of heavenly body. Dan Doctoroff likened it to the sun, a “life-giving force” that sustains its orbiting planets of business and media ventures. The CEO kept a model of the solar system near his desk, with a tiny replica of The Bloomberg affixed to the sun. The analogy might have even been too limited. There are now 324,000 Bloombergs in operation. Each brings in more than $20,000 in annual subscription fees per user. Bloomberg’s annual revenue is about $9 billion, with gross profit approaching $3 billion, according to Douglas Taylor of Burton-Taylor International Consulting, a market research and consulting firm that closely tracks the privately held company. The lion’s share of that profit comes from the terminal, which Bloomberg’s media operation and its 2,400 journalists exist to serve. Started by Winkler as a supplement to the terminal, the wire service has evolved into an essential feature. Taylor estimates that Bloomberg’s terminal business would suffer a 30 to 50 percent hit if Bloomberg News were to disappear.
***
To stay solvent today, almost every media outlet strikes a devil’s bargain with its business model, some more offensive than others. (BuzzFeed, for instance, has deleted posts that big advertisers object to.) The difference with Bloomberg is that its news service doesn’t merely grapple with that questionable compact—it was born from it. Bloomberg News was created to fuel the sun, not to be sustained by it in virtuous orbit. That is a tension that may never be resolved, a gap between business and influence, Owner and Mayor, a conflict inherent in the DNA of the company created in Mike Bloomberg’s image.
Which is why everything at Bloomberg, ultimately, begins and ends with what is going on in the black box of a billionaire’s brain. It has always been thus. Bloomberg is, as many of his employees told me, a brainy, unpredictable, sometimes irrational actor driven by ego. He has never been able to let the media professionals take over.
—Politico Magazine senior correspondent Luke O’Brien reports on the existential problem facing the 73-year-old billionaire’s eponymous company as he returns to run it.
How Bloomberg Stayed Involved with His Company While Still Being Mayor

“Officially the company was Doctoroff’s to run. Mike agreed with a city ethics board that he’d have no involvement in Bloomberg’s day-to-day operations, limiting his input to major decisions that ‘significantly’ affect his ownership stake. ‘I’ve recused myself from anything to do with the company,’ Mike said at a press conference in November.
“In truth, Mike was considerably more involved than that statement would suggest. He monitored the business from his Bloomberg terminal at City Hall and, as noted, spoke to Doctoroff every week. On occasion—including twice in one week as New York grappled with a blizzard dubbed ‘snowpocalypse’ in February 2010—Mike turned up at Bloomberg headquarters after-hours for meetings. (One of those sessions, during the blizzard week, concerned a redesign of Bloomberg’s website.) In other cases, he was briefed down at City Hall. Mike stayed on top of what was happening at his company, but he didn’t want to act as the decider after he left. And so a series of internal struggles played out, with Bloomberg playing only an occasional, oblique role.”
–Peter Elkind, in Fortune Magazine (subscription required), on the internal company battles over the future of Bloomberg News. Read more on Bloomberg.
***
We need your help to get to 5,000 Longreads Members.
In Conversation: Michael Bloomberg
Entertaining and infuriating exit interview with New York City’s mayor, in which Bloomberg defends the rich, criticizes the current mayoral candidates, and trumpets his record across crime, education and quality of life:
“A common theme in the campaign to succeed you has been that you’ve governed primarily for the rich.
“I’m fascinated by these comments—and it is just campaign rhetoric—suggesting that we haven’t done enough for the poor. The truth of the matter is we’ve done a lot more than anybody else has ever done. The average compensation—income—for the bottom 20 percent is higher than in almost every other city. Of course, the average compensation for the top 20 percent is 25 percent higher than the next four cities. But that’s our tax base. If we can find a bunch of billionaires around the world to move here, that would be a godsend, because that’s where the revenue comes to take care of everybody else.
“Who’s paying our taxes? We pay the highest school costs in the country. It comes from the wealthy! We have an $8.5 billion budget for our Police Department. We’re the safest big city in the country—stop me when you get bored with this! Life expectancy is higher here than in the rest of the country—who’s paying for that? We want these people to come here, and it’s not our job to say that they’re over- or underpaid. I might not pay them the same thing if it was my company—maybe I’d pay them more, I don’t know. All I know is from the city’s point of view, we want these people, and why criticize them? Wouldn’t it be great if we could get all the Russian billionaires to move here?”
Homelessness in the Age of Bloomberg
We had four options: join Ready Willing and Able’s program, which prepared men to become street sweepers and janitors; sign up for a Bloomberg administration program which presents participants with a one-way ticket out of town, so long as the applicants could provide a contact person in the destination city who would agree to host them; enter the city’s shelter system, which the liaison accurately portrayed as a horror show, with gang-and-drug-infested death traps like Wards Island (Said one of my brethren, “Yo, I was at Wards Island one night, woke up and a dude was laying there dead, all cut the fuck up.”); or hop in the van with him to tour Brooklyn’s three-quarter sober houses, which were private residences that sounded a lot more promising than a shelter.
Mike Bloomberg Will Save Us from Ourselves If Only We Let Him
Mike Bloomberg Will Save Us from Ourselves If Only We Let Him
Mike Bloomberg has become important because he represents a great American dream, not the one about owning a home or becoming more successful than your father but the one beneath all of those, the foundational American dream — the dream of freedom from politics. Bloomberg is the ultimate independent, the calm modern technocrat rooted in metrics and cleansed of ideology, come to drain the swamps of government with his amazing modern business-management techniques … unless he’s actually just an old-fashioned autocrat looking down on us from above and tinkering with our lives like a science experiment, stripping our noisy polis of all its native poetry.
Mike Bloomberg Will Save Us from Ourselves If Only We Let Him
Mike Bloomberg has become important because he represents a great American dream, not the one about owning a home or becoming more successful than your father but the one beneath all of those, the foundational American dream — the dream of freedom from politics. Bloomberg is the ultimate independent, the calm modern technocrat rooted in metrics and cleansed of ideology, come to drain the swamps of government with his amazing modern business-management techniques … unless he’s actually just an old-fashioned autocrat looking down on us from above and tinkering with our lives like a science experiment, stripping our noisy polis of all its native poetry.
You must be logged in to post a comment.