The Many Lives of Michael Bloomberg

by Eleanor Randolph

  19. Author interview with Michael Bloomberg, May 2015.

  20. Randy Kennedy, “John Cameron Swayze, 89, Journalist and TV Pitchman,” obituary, New York Times, August 17, 1995.

  21. Purnick, Mike Bloomberg, 21.

  22. Javier C. Hernandez, “A Mayor’s Recollections of Motherly Advice,” New York Times, June 20, 2011.

  23. Bloomberg, Bloomberg by Bloomberg (2019), 40.

  24. Purnick, Mike Bloomberg, 30.

  25. Dean E. Murphy, “Bloomberg Mentions Prayer and His Opponents Pounce,” New York Times, July 20, 2001.

  26. Author interview with Marjorie Stone Glau, 2014.

  27. Dean E. Murphy, “Bloomberg a Man of Contradictions, but with a Single Focus,” New York Times, November 26, 2001.

  28. Michael Bloomberg to William Newman, New York Times reporter, during Roosevelt Island event, September 13, 2017.

  29. Purnick, Mike Bloomberg, 8.

  30. Jon Meacham, “The Revolutionary,” Newsweek, November 12, 2007.

  31. Purnick, Mike Bloomberg, 14.

  32. Meacham, “The Revolutionary.”

  33. Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 11.

  34. Ibid., 10.

  35. Ibid., 9.

  36. Author interview with Dorothy Rubin Schepps, Medford High School, Class of 1960, 2014.

  37. Author interview with Reverand Richard Black, Medford High School, Class of 1960, 2015.

  38. Author interview with Dorothy Rubin Schepps, Medford High School, Class of 1960, April 2015.

  CHAPTER 2: THE WAY UP

  1. Author interview with Dr. Mary Kay Shartle-Galotto, 2015.

  2. Michael Bloomberg, commencement speech, Tufts University, May 20, 2007.

  3. Michael Bloomberg with Matthew Winkler, Bloomberg by Bloomberg (New York: John Wiley & Sons, 1997), 12.

  4. Mame Warren, Michael Bloomberg 1964 interview for Johns Hopkins University, November 17, 1999.

  5. Ibid.

  6. Ibid.

  7. Ibid.

  8. “Baltimore ’68 Events Timeline,” Baltimore 68: Riots and Rebirth, Langsdale Library Special Collections, University of Baltimore.

  9. Michael Barbaro, “$1.1 Billion in Thanks from Bloomberg to Johns Hopkins,” New York Times, January 26, 2013.

  10. Michael Bloomberg commencement address, Tufts University, 2007.

  11. Author interviews with Dr. John Galotto, July 2015.

  12. Ibid.

  13. “House Cleaned by Fraternities; Judge Told Sanitary Violations Were Corrected,” Baltimore Sun, November 8, 1963.

  14. Ibid.

  15. Barbaro, “$1.1 Billion in Thanks from Bloomberg to Johns Hopkins”; Warren interview.

  16. Ibid., Warren interview.

  17. Author interviews with Dr. Galotto.

  18. Ibid.

  19. Barbaro, “$1.1 Billion in Thanks from Bloomberg to Johns Hopkins.”

  20. Author interview with Dr. Mary Kay Shartle-Galotto.

  21. Warren interview.

  22. Linell Smith, “He Was Always Working,” Baltimore Sun, November 10, 2001.

  23. Author interview with Michael Bloomberg, August 16, 2018.

  24. Michael Bloomberg, speech to Harvard Business School, Fiftieth Reunion, June 2016.

  25. Gayle Fee, “Harvard Grades Former NYC Mayor Michael Bloomberg on Curve,” Boston Herald, March 13, 2014.

  26. Jennifer Steinhauer, “Bloomberg Says He Regrets Marijana Remarks,” New York Times, April 10, 2002.

  27. Michael R. Bloomberg, Bloomberg by Bloomberg, revised and updated, (Hoboken, NJ: John Wiley & Sons, 2019), digital p. 45.

  28. Bloomberg speech to mayors for Harvard Business School, Cities Initiative, July 24, 2017.

  29. Ibid., Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 13.

  30. Crimson staff, editorial, “Listen to Bloomberg,” Harvard Crimson, March 12, 2014.

  31. Valerie Strauss, “Bloomberg, at Harvard, Blasts Ivy League ‘Liberals’ for ‘Trying to Repress Conservative Ideas,’ ” Washington Post, May 31, 2014. Video of speech is available on Bloomberg site: https://www.mikebloomberg.com/news/mike-bloomberg-delivers-remarks-at-harvard-universitys-363rd-commencement-ceremony/.

  32. “Answers About Michael R. Bloomberg,” City Room blog, New York Times, September 23, 2009, https://cityroom.blogs.nytimes.com/2009/09/23/answers-about-michael-r-bloomberg/.

  CHAPTER 3: THE SALOMON BROTHERHOOD

  1. Author interview with Michael Bloomberg, 2015.

  2. Jonathan Randell, “John Gutfreund, 86, Dies; Ran Wall Street Investment Firm at Its Apex,” New York Times, March 9, 2016.

  3. Michael Bloomberg with Matthew Winkler, Bloomberg by Bloomberg (New York: John Wiley & Sons, 1997), 17.

  4. Recording of Michael Bloomberg at William Salomon memorial, April 6, 2015, provided by Bloomberg staff.

  5. Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 23.

  6. Michael Bloomberg, Bloomberg by Bloomberg (Hoboken, NJ: John Wiley & Sons, updated and digital, 2019), 70.

  7. Kurt Eichenwald, “Robert William Haack, 75, Dies; Led Stock Exchange During Crises,” New York Times, July 16, 1992; FINRA staff, “When Paper Paralyzed Wall Street: Remembering the 1960s Paperwork Crisis,” August 19, 2015.

  8. Author interview with Salomon colleague on background, 2016.

  9. Bloomberg, Bloomberg by Bloomberg (2019), 71–72.

  10. Author interview with Robert P. Quinn, July 8, 2015.

  11. Martin Mayer, Nightmare on Wall Street: Salomon Brothers and the Corruption of the Marketplace (New York: Simon & Schuster, 1993), 66.

  12. Ibid., 10.

  13. Author interviews with former Salomon officials, Robert Quinn, Kenneth Lipper, Donald Feuerstein, and others, on background, 2014, 2015, and 2016.

  14. Author interview with Robert Quinn.

  15. Author interview with Dr. John Galotto, 2015.

  16. Mayer, Nightmare, 43.

  17. Henry Kaufman, Of Money and Markets: A Wall Street Memoir (New York: McGraw-Hill, 1999), 97.

  18. Author interview with Gedale Horowitz, Citibank, October 17, 2017.

  19. Mayer, Nightmare, 62.

  20. Bloomberg, Bloomberg by Bloomberg (2019), 73.

  21. Ibid., 94–95.

  22. Ibid., 80.

  23. Author interview with Harvey Eisen, 2014.

  24. Andrea Bernstein, “The Bloomberg Chronicles,” Observer, October 22, 2001.

  25. Bloomberg, Bloomberg by Bloomberg (2019), 99.

  26. Chris Welles, “The Fall of Jay Perry,” Institutional Investor (October 1975): 38.

  27. Newton W. Lamson, “Block Trader at Salomon,” New York Times, November 9, 1975.

  28. Ibid., Author interview with Harvey Eisen.

  29. Bloomberg, Bloomberg by Bloomberg (2019), 86.

  30. Joyce Purnick, Mike Bloomberg: Money, Power, Politics (New York: PublicAffairs, 2009), 58.

  31. Author interview with longtime Bloomberg associate, for background, 2014.

  32. Bloomberg, Bloomberg by Bloomberg (2019), 86.

  33. Author interview with Salomon executive board member, 2017.

  34. Bloomberg, Bloomberg by Bloomberg (2019), 322.

  35. Author interviews with Salomon alumnae, 2014 and 2016.

  36. Mayer, Nightmare, 101.

  37. Ibid., 103.

  38. Author interview with Don Feuerstein, October 7, 2014.

  39. Wolfgang Saxon, “Richard Rosenthal, Arbitrager,” obituary, New York Times, April 19, 1987.

  40. Michael Bloomberg, interview with John Caddell, “How Michael Bloomberg Got His Start: ‘I Brought You a Cup of Coffee,’ ” “Founder Stories,” TechCrunch, November 28, 2011, https://techcrunch.com/2011/11/28/founder-stories-how-michael-bloomberg-got-his-start-i-brought-you-a-cup-of-coffee/.

  41. Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 5.

  42. Author interview with Kenneth Lipper, September 10, 2015.

  43. Author interview with Harvey Eisen, 2014
.

  44. Winnie Hu, “Solitaire Costs Man His City Job After Bloomberg Sees Computer,” New York Times, February 10, 2006.

  45. Howard Wolfson, Fordham University, March 26, 2015, author recording. Howard Wolfson in Janet Sassi, “Q-and-A Measures the Metrics of a Mayor’s Success,” Fordham News, March 26, 2015.

  46. Elizabeth Kolbert, “The Mogul Mayor,” The New Yorker, April 22, 2002.

  CHAPTER 4: THE MAKING OF A BLOOMBERG

  1. Michael Bloomberg with Matthew Winkler, Bloomberg by Bloomberg (1997; Hoboken, NJ: John Wiley & Sons, updated and digital, 2019), 34.

  2. Ibid., 122.

  3. Ibid., 46.

  4. Tim Sablik, “Recession of 1981–82,” Federal Reserve Bank of Richmond, Federal Reserve History, https://www.federalreservehistory.org/essays/recession_of_1981_82.

  5. Charles Grosvenor Jr, “Prices in the Eighties,” In the 80s, http://www.inthe80s.com/prices.shtml.

  6. “Dow Jones Industrial Average History,” FedPrimeRate.com, http://www.fedprimerate.com/dow-jones-industrial-average-history-djia.htm.

  7. Wall Street Journal history of prime rates, http://www.fedprimerate.com/wall_street_journal_prime_rate_history.htm.

  8. “Time, Machine of the Year: The Computer Moves In,” Time, January 3, 1983.

  9. David Leinweber, Nerds on Wall Street: Math, Machines and Wired Markets (Hoboken, NJ: John Wiley & Sons, 2009), 12.

  10. Ibid., 18.

  11. Ibid., 23.

  12. Ibid., 25.

  13. Internet Hall of Fame, “Living History Timeline,” Internet Society, https://www.internethalloffame.org/internet-history/timeline.

  14. Madeline Berg, “Meet the Newest Billionaire to Mint His Fortune at Bloomberg LP,” Forbes, March 8, 2018.

  15. Author interview with Morgan Downey of Money.net, October 20, 2017.

  16. Author interview with Tom Secunda, August 26, 2015.

  17. Ibid.

  18. Author interview with Dr. Richard Sylla, professor emeritus of economics at New York University, November 3, 2016.

  19. Ibid., Internet Hall of Fame, “Living History Timeline.”

  20. Author interviews with John Holman, 2015 and 2016.

  21. Ibid., Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 40.

  22. Joyce Purnick, Mike Bloomberg: Money, Power, Politics (New York: PublicAffairs, 2009), 42.

  23. Ibid., Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 50.

  24. Ibid., Author interview with Tom Secunda.

  25. Ibid., Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 59.

  26. “Intel,” WhatIs.com, https://whatis.techtarget.com/definition/Intel.

  27. Carol J. Loomis, “Bloomberg’s Money Machine,” Fortune, April 5, 2007.

  28. Ibid., Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 54.

  29. Author interview with Jerome Kenney, president and chief executive officer of Merrill Lynch Capital Markets Group, 1984–1991, remembered watching the machine arrive and, mostly, being surprised that Bloomberg had met his deadline, February 28, 2018.

  30. Ibid., Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 55.

  31. Ibid., Author interview with Jerome Kenney.

  32. Bloomberg speech to mayors, July 24, 2018, provided by Bloomberg LP.

  33. Michael W. Miller and Matthew Winkler, “Plugging In: A Former Trader Aims to Hook Wall Street on—and to—His Data; Michael Bloomberg Dreams of Making His Computers Global Bond-Market Hub—Merrill Lynch Plays Key Role,” Wall Street Journal, September 22, 1988.

  34. Ibid.

  35. Ibid., Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 59.

  36. Ibid., 61.

  37. Ibid., Miller and Winkler, “Plugging In.”

  38. Ibid., Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 55.

  39. Author interview with Michael Bloomberg, August 16, 2018.

  40. Michael Lewis, Liar’s Poker (New York: W. W. Norton, 1969), 44.

  41. Julian Hebron, “Paul Volcker’s Legacy, 30 Year Anniversary of Floating Rates,” The Basis Point, October 6, 2009, http://thebasispoint.com/2009/10/06/paul-volkers-legacy-30-year-anniversary-of-floating-rates/.

  42. Ibid., Author interview with Tom Secunda.

  43. Ibid.

  44. Andrew Marton, “Mastering the Bond Market,” Institutional Investor, November 1985.

  45. Bloomberg, Bloomberg by Bloomberg (2019), 283.

  46. Andrew Alleman, “Michael Bloomberg’s Hilarious .NYC Domain Name Registrations,” Domain Name Wire, November 3, 2014.

  47. Author interview with John Aubert, May 7, 2018; Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 56.

  48. Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 69.

  49. Ibid., 70.

  50. Ibid., 69.

  51. Ibid., Author interview with Tom Secunda.

  52. Ibid.

  53. Author interview with Bloomberg executive, background, June 2016.

  54. Author interview, Shawn Feeney, chief administrative officer for North America Markets at Citi, October 17, 2016.

  55. Ibid., Miller and Winkler, “Plugging In.”

  CHAPTER 5: BLOOMBERG MAKES THE NEWS

  1. Michael Bloomberg with Matthew Winkler, Bloomberg by Bloomberg (New York: John Wiley & Sons, 1997), 80.

  2. Ibid.

  3. Author interview with Matthew Winkler, May 24, 2016.

  4. Ethan Bilby, “London’s Big Bang at 25, Origin of Today’s Financial University,” Reuters, October 27, 2011, https://www.reuters.com/article/britain-big-bang/londons-big-bang-at-25-origin-of-todays-financial-universe-idUSL5E7LO1T720111027.

  5. Matthew Winkler, The Bloomberg Way: A Guide for Reporters and Editors (Hoboken, NJ: John Wiley & Sons, 2014), xi.

  6. Author interview with Matthew Winkler, May 24, 2016.

  7. Ibid.

  8. This was 1991. Even Netscape was still three years away.

  9. Joyce Purnick, Mike Bloomberg: Money, Power, Politics (New York: PublicAffairs, 2009), 48.

  10. Author interview with Floyd Norris, July 26, 2016.

  11. Wharton School management, “ ‘The Bloomberg Way’: An Inside Look at How the News Organization Covers News,” Wharton School of the University of Pennsylvania, January 9, 2012, http://knowledge.wharton.upenn.edu/article/the-bloomberg-way-an-inside-look-at-how-the-news-organization-covers-news/.

  12. Winkler, The Bloomberg Way, xii.

  CHAPTER 6: LIFE IN THE BLOOMBERG FISHBOWL

  1. Author interview, Thomas Secunda, August 26, 2015.

  2. “Bloomberg Chair Steps Down,” CNN Money, March 5, 2001, https://money.cnn.com/2001/03/05/news/bloomberg.

  3. Sekiko Sakai Garrison v. Michael Bloomberg, as owner, Bloomberg L.P. Bloomberg Asia, inc and Bloomberg Inc., SDHR No. 95-E-MNOS-95-7940474-E, Federal Charge No. 16G-95-9182.

  4. Author interview with Bloomberg LP employee, background, 2017.

  5. Sheeraz Raza, “Ray Dalio and Michael Bloomberg Talk Leadership,” September 22, 2014, ValueWalk, https://www.valuewalk.com/2014/09/ray-dalio-michael-bloomberg-talk-leadership-video/.

  6. Michael Bloomberg with Matthew Winkler, Bloomberg by Bloomberg (New York: John Wiley & Sons, 1997), 60.

  7. Geoffrey Croft, “Bloomberg Throws $9 Million Party in Annual Randall’s Island Land Grab,” A Walk in the Park blog, June 24, 2011, http://awalkintheparknyc.blogspot.com/2011/06/bloomberg-throws-9-million-party-in.html.

  8. Frankie Edozien, “Party-Hearty Bloomberg Wannabe Mayor a Real Ladies’ Man,” New York Post, May 27, 2001.

  9. Elizabeth Kolbert, “Big Ticket Item,” The New Yorker, September 3, 2001.

  10. Author interviews with former Bloomberg employees, 2014–2018.

  11. Ray Rivera, “Bloomberg @Google, Where Lunch Is Free,” City Room blog, New York Times, January 31, 2008.

  12. Ibid., Bloomberg with Winkler, Bloomberg by Bloomberg (1997), 61.

  13. Ibid., 165.

  14. Michael Bloomberg, interv
iew with Andrew Ross Sorkin, Squawk Box, CNBC, May 2, 2014.

  15. Carol J. Loomis, “Bloomberg’s Money Machine,” Fortune, April 5, 2007; Description in Judge Loretta A. Preska’s ruling, October 16, 2011, in EEOC v. Bloomberg L.P., case 1:07-cv-08383-LAP, document 202, p. 6.

  16. Sekiko Sakai Garrison interview with Wayne Barrett, Wayne Barrett archives, Austin, Texas; author interview with Wayne Barrett, August 14, 2015.

  17. Leah Nathans Spiro, “Is This on Your Bloomberg?,” Bloomberg Business News, June 30, 1997.

  18. Sekiko Sakai Garrison v. Michael Bloomberg as owner Bloomberg LP, Bloomberg Asia and Bloomberg Inc., SDHR No. 9S-E-MNOS-95-7940474-E, June 19, 1997; Reuters, “Bloomberg Faces Sexual Harassment Suit”; Meryl Gordon, New York, April 16, 2001; James Ledbetter, Press Clips, Village Voice, August 12, 1997.

  19. Bloomberg New York Sales Group evaluation, January 1, 1994, Wayne Barrett archives; author interview with Barrett.

  20. Witness affidavit, Sekiko Sakai Garrison v. Michael Bloomberg.

  21. Robert Polner, “Bloomberg Denies Harassment: Eyeing Mayoral Run, Says He Passed Polygraph Test,” Newsday, March 29, 200l.

  22. Larry Cohler-Esses, “Mike Settled Abuse Case: Bloomberg Paid Woman Over Pregnancy Remark,” New York Daily News, March 27, 2001.

  23. Ibid.

  24. Michael Bloomberg interviewed by Samuel Abady, deposition on June 25, 1998, for case of Mary Ann Olszewski v. Bloomberg LP and Bryan Lewis (96Civ3393, RPP).

  25. Leslie Eaton, “Candidate Hoping New York Is Newest Bloomberg Market,” New York Times, June 11, 2001.

  26. Felicity Barringer and Geraldine Fabrikant, “Coming of Age at Bloomerg LP,” New York Times, March 21, 1999.

  27. Status report from Getman Sweeney & Dunn on overtime pay lawsuit settled in 2018, https://getmansweeney.com/current-cases/bloomberg-analytics-overtime.

  28. David W. Chen, “Mayor Shows His Testy Side in Deposition for a Lawsuit,” New York Times, April 14, 2011.

  29. Elissa Gootman, “Bloomberg Discrimination-Suit Ruling Renews Work-Life Debate,” New York Times, August 18, 2011.

  30. EEOC v. Bloomberg LP, U.S. District Court, Southern District of New York, No. 07-08383, Case 1:07-cv-08383-LAP-Document 202-Filed 08/16/11, p. 22.

  31. Ibid., 32.

  32. Ibid., 60; David Chen, “Discrimiation Suit Against Bloomberg L.P. Is Rejected,” New York Times, August 17, 2011.

  33. Goodman, “Bloomberg Discrimination-Suit Ruling Renews Work-Life Debate.”