Sunday, October 23, 2005

Pay the Mayor: Bloomberg's Empire

Anyone catch that tiny article on Bloomy hiding in the back of Saturday's Weekend Journal?

In case you missed it, apparently the NYC Mayor will be $12-16 billion dollars richer as early as next year.

That's because his financial services empire is on the brink of putting itself on the block.

Quite the exit strategy for Bloomberg, who started his career at Goldman Sachs.

With the 10 million he was awarded as part of a severance package (yes, Bloomberg was fired), Bloomberg went from Goldman to entrepreneurship.

What a ride it's been.

The first time I used a Bloomberg terminal -- a rite of passage for all stockbrokers -- my jaw dropped.

This was like Disneyland for anyone interested in stocks and market data -- you just wanted to try out every ride, bell, and whistle until closing time.

The first thing I asked my supervisor: "Hey, can I get one of these for my home?"

Today, Bloomberg has hundreds of thousands of clients each paying over $20,000 a year for the terminals.

That means payday for the Mayor in 2006; it's not uncommon for services like Bloomberg to close at 3 X sales.

Bloomberg, already a die-hard philanthropist, should have his hands full when that day arrives.

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