Michael Bloomberg

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Michael Rubens Bloomberg is a former 2020 Democratic candidate for President, former New York City's 108th mayor, and founder of Bloomberg LP, a powerful financial news and information company.[1] The company made $8 billion in profits in 2012.[2] His long-term partner is Diana L. Taylor.[3]. Bloomberg is also co-chair of the Campaign to Fix the Debt (see more below).

Bloomberg, a Democrat turned Republican turned Democrat, was "at one point one of the single biggest contributors anywhere to Republican candidates."[4]

In 2020, Bloomberg, at an estimated net worth of $60.4 billion, ranked at #8 on the Forbes 400 list of billionaires in the United States[5] and at #9 on the list of the world's billionaires.[6]

2020 Presidential Run

Dropped Out of Race, Endorsing Joe Biden

On March 4, 2020, after the Super Tuesday contests, Bloomberg endorsed Joe Biden after dropping out of the race.[7]

Leaked Comments on Race and Policing in Defense of Stop-and-Frisk

In February 2020, Bloomberg's 2015 comments at an Aspen Institute event leaked. In the leaked comments, the former mayor defended the controversial stop-and-frisk policy he had implemented as mayor in New York City.

Bloomberg claimed, "95% of your murders— murderers and murder victims— fit one M.O. You can just take the description, Xerox it, and pass it out to all the cops. They are male minorities, sixteen to twenty-five. That’s true in New York, that’s true in virtually every city".[8][9]

Bloomberg also noted, "You want to spend the money on a lot of cops in the streets. Put those cops where the crime is, which means in minority neighborhoods... So, one of the unintended consequences is people say, ‘Oh my god, you are arresting kids for marijuana that are all minorities.’ Yes, that’s true. Why? Because we put all the cops in minority neighborhoods. Yes, that’s true. Why do we do it? Because that’s where all the crime is."[8][9]

To contextualize Bloomberg's comments, some conservative media outlets included New York City's 2019 crime statistics when reporting on the story.

National Interest noted that, according to the NYPD's 2019 Crime and Enforcement Activity report, "62.4% of murder or non-negligent manslaughter suspects were black, while another 30.8% of suspects were Hispanic. Whites made up only 3% of murder suspects. The racial percentages are similarly distributed among those arrested for murder or non-negligent manslaughter."[8]

Citing the same statistics, National Review agreed, saying "Having an accurate statistical profile of victims and perpetrators is a prerequisite for effective law enforcement. Dismissing those statistics as 'racist' is not helpful to anyone."[10]

An article in The Atlantic also defended the former mayor on the numbers, saying: "Bloomberg’s justification for concentrating on black and Latino neighborhoods was sound. Those areas suffered from a disproportionate amount of crime for reasons beyond most residents’ control. As a matter of crime fighting, primly assigning just as many cops to the Upper East Side and Kips Bay would have been insane."

However, the article pointed out how, "The problem was that the policy morphed into an onslaught on millions of innocent people for no real reason. Out of 2.3 million friskings up against a wall or car, no weapon was found in 98.5 percent of them. On 99 percent of the black people stopped, no weapon was found. Contraband (such as drugs) was found on 1.8 percent of black people stopped—and on 2.3 percent of white people. Nothing justified how many brown men going about their business suffered this kind of treatment from the cops, and nothing more ringingly seals the coffin on the web of justifications than that homicides are down 43 percent in New York City since the policy was all but abandoned."[11]

An article in The Intercept contained a similar theme, asserting "While data does reflect that violent crime tends to cluster in particular neighborhoods and among young men, the Bloomberg administration’s stop-and-frisk program went well beyond targeting based solely on objective evidence. Expert testimony in federal court found that the New York Police Department carried out far more stop-and-frisks on African American and Latino residents even when controlling for precinct-level crime statistics and socioeconomic characteristics. In other words, the evidence showed that minorities were targeted for stops based on a lesser degree of suspicion than white people."[12]

Massive Hiring of Staffers Exceeding Market Rate

In February 2020, Ryan Grim of The Intercept reported that Bloomberg's campaign was employing so many staffers that other campaigns were struggling to fill all their available positions. As Grim pointed out, compared to a more typical monthly rate of $3,000-$4,000 for a field organizer, the Bloomberg campaign's offered $6,000, which also often had "housing included, as well as a laptop and an iPhone."[13] As a result of significantly higher wages, many supporters of other candidates began working for Bloomberg while resolving to vote for a different candidate.[13]

In November 2019, Bloomberg announced his run for president in the Democratic primary.[14] After winning only American Samoa on Super Tuesday, Bloomberg ended his presidential bid the following day on March 4, endorsing Joe Biden.[15]

Democratic Debate Rules Change Seen as Effort to Favor Bloomberg

On January 31, 2020, the DNC announced a change in the qualifications required for its Feb. 19 debate in Las Vegas, Nevada. While the first eight debates had required candidates to surpass an amount of individual donors, the DNC announced the Nevada debate would only require candidates to meet a 10% polling threshold in four polls or have received at least one delegate from the Iowa or New Hampshire contests.[16][17]

Many media outlets immediately noted that Bloomberg stood to gain the most from this rule change and many of his Democratic opponents and their surrogates criticized the decision.[16][17]

In a tweet on the same day the news broke, Elizabeth Warren claimed "The DNC didn’t change the rules to ensure good, diverse candidates could remain on the debate stage. They shouldn’t change the rules to let a billionaire on. Billionaires shouldn't be allowed to play by different rules— on the debate stage, in our democracy, or in our government."[18]

In an ABC interview, Andrew Yang claimed, "I think the DNC looked at this and said, 'We need to get Bloomberg on the debate stage.' This change is clearly tailor-made to deliver him to the debate stage.”[19]

In response to the debate rules change, Vice News noted that Bloomberg had given a total of $300,000 to the DNC two days before he entered the presidential race in November. The piece highlighted Bloomberg's further contributions to the Democratic party, reporting: "In addition to the donations made directly to the DNC, Bloomberg also made an $800,000 donation that same day to the Democratic Grassroots Victory Fund, a joint fundraising PAC between the DNC and state Democratic parties around the country which was established in 2017. Bloomberg also donated hundreds of thousands to state parties around the country in November, according to FEC records."[20]

Massive Ad Spending

According to Advertising Analytics, Bloomberg had spent $558 million before he ended his campaign in March, the highest amount by any campaign of all time.[21]

In late December 2019, Bloomberg reportedly had spent a total of nearly $135 million on TV and digital ads, an amount so high, "it’s causing ad rates to soar".[22] His campaign said he would spend "whatever it takes" to beat Donald Trump in 2020.[22]

Bloomberg News Criticized for Hit Piece on Bloomberg's Primary Opponents

Also in December 2019, Bloomberg News, a media organization owned by Bloomberg, ran a piece attacking Sanders and Warren. The piece sought to brand these leading progressives as hypocrites, pointing out that their campaigns have each spent over $150,000 on Amazon products while simultaneously criticizing the corporation's business practices.[23] A month before the piece's publication, the editor in chief of Bloomberg News had claimed, "We will continue our tradition of not investigating Mike (and his family and foundation) and we will extend the same policy to his rivals in the Democratic primaries". Publications across the political spectrum highlighted the resulting criticism of Bloomberg News.[23][24]

Polling

National Polling Average

According to data collected by FiveThirtyEight, Michael Bloomberg has risen to fourth in national polling averages, behind Joe Biden, Bernie Sanders, and Elizabeth Warren. In mid-January 2020, he overtook Pete Buttigieg.[25]

Early State Polling Averages

In Iowa, New Hampshire, and Nevada, the three first states to vote, Bloomberg has not yet broken 3% in polling average as of February 2020.[26][27][28] As of this same time, he was fifth in South Carolina at 5.6% polling average.[29]

Ties to Pete Peterson's "Fix the Debt"

The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem."

Bloomberg is listed as a chairman of the campaign to Fix the Debt, along with former New Hampshire Senator Judd Gregg and former Pennsylvania Governor Ed Rendell.[30]

Bloomberg pushed the "No Budget, No Pay" bill stunt backed by Fix the Debt partner organization Comeback America Initiative,[31] which passed the U.S. House in January 2013, but was promptly denounced as unconstitutional.[32]

Bloomberg has long been sympathetic to the deficit reduction crowd. In a March 2012 op-ed in the Wall Street Journal, Bloomberg complained about the President asking millionaires and billionaires to do more to fix the debt calling it "class warfare," and backed the $4 trillion Simpson-Bowles deficit reduction plan. He also expressed support for the expiration of Bush tax cuts for all income levels, which would have been a large hike on the poor and middle class.[33]

In 2011, Bloomberg proposed his own $8 trillion deficit reduction plan that would entail steep cuts to Social Security and Medicare and proposed to raise the retirement age.[34]

This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.

About Fix the Debt
The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Through a special report and new interactive wiki resource, the Center for Media and Democracy -- in partnership with the Nation magazine -- exposes the funding, the leaders, the partner groups, and the phony state "chapters" of this astroturf supergroup. Learn more at PetersonPyramid.org and in the Nation magazine.


Undisclosed Conflicts of Interest

From 2010 to 2012, Bloomberg LP spent $2.5 million lobbying on financial issues, a fact not disclosed in his Fix the Debt biography. Most of Bloomberg LP’s lobbyists previously held federal government jobs.[35] His long-term partner is Diana L. Taylor, who is the state banking superintendent for the State of New York[36] as well as a board member of Citigroup with an annual compensation of $316,250 in 2011,[37] and of Brookfield Properties. Citigroup lobbies on corporate tax reform.[38] Bloomberg has long been sympathetic to the deficit reduction crowd. In a March 2012 op-ed in the Wall Street Journal, Bloomberg complained about the President asking millionaires and billionaires to do more to fix the debt calling it "class warfare," and backed the $4 trillion Simpson-Bowles deficit reduction plan. He also expressed support for the expiration of Bush tax cuts for all income levels, which would have been a large hike on the poor and middle class.[39] Bloomberg pushed the "No Budget, No Pay" bill stunt backed by Fix the Debt partner organization Comeback America Initiative,[40] which passed the U.S. House in January 2013, but was promptly denounced as unconstitutional.[41] In 2011, Bloomberg proposed his own $8 trillion deficit reduction plan that would entail steep cuts to Social Security and Medicare and proposed to raise the retirement age.[42]

Political Contributions and Lobbying

Political Contributions to Super PACs and Congressional Republicans

Many sources have commented on Bloomberg's past funding of Republican congressional campaigns. The former mayor has donated personally to campaigns and also contributed to bipartisan Super PACs who supported candidates of Democrats and Republicans. The watchdog group Center for Media and Democracy (CMD) released an article highlighting Bloomberg's spending history, reporting "He may no longer be the Republican mayor who endorsed George W. Bush and hosted the Republican National Convention in 2004, but his financial support for the GOP continued through 2018."[43]

The CMD's article laid out Bloomberg's various political financing ventures, including a 2018 fundraiser for New York Republican Rep. Peter King and contributions to many Super PACs, such as Independence USA, Americans for Responsible Solutions, West Main Street Values, Mississippi Conservatives, and the With Honor Fund.[43]

Between 2012-2016, the Independence USA Super PAC, funded entirely by Bloomberg, spent over $10 million on congressional campaigns. $5.9 million went to Pennsylvania Republican Senator Pat Toomey, who "had led an effort, albeit unsuccessful, to expand background checks for gun purchasers, a top priority of Mr. Bloomberg’s."[44] As described by The New York Times, Toomey's "race in Pennsylvania is the one that left the most bitter taste for many Democrats because they saw no path to retaking the Senate without winning that seat."[44]

Bloomberg personally donated to Maine Republican Senator Susan Collins in 2007 and 2014, also donating to a bipartisan PAC which supported her in 2014. Additionally in 2014, he donated to the West Main Street Values PAC, which spent over $270,000 to help reelect South Carolina Republican Senator Lindsey Graham.

The billionaire also supported 2020 Democratic presidential contender Elizabeth Warren's opponent in her 2012 Massachusetts senate race.[43]

A 2020 Public Citizen report found that Bloomberg contributed $155,180,624 towards super PACs between the years of 2010 and 2020.[45] This amount placed him in third place for total super PAC contributions, behind Sheldon Adelson and Tom Steyer. The report also found that Bloomberg had contributed 5.2% of all funds towards super PACs in this time period.[45]

In 2012, Bloomberg gave heavily to two super PACs, the Mayors against Illegal Guns Action Fund, and Americans Elect, a super PAC which ran ads for independent nominee for Senate Angus King.[46] Bloomberg's contributions to Americans Elect totaled $500,000.[47]

From 2010 to 2012, Bloomberg LP spent $2.5 million lobbying on financial issues. Most of Bloomberg LP’s lobbyists previously held federal government jobs.[48]

Political Positions

Prior to his 2020 presidential campaign, Bloomberg held a variety of different political positions that would generally be considered centrist, drawing from both Democratic Party and Republican Party positions on different key American issues. He tends to be more liberal on social issues and some economic issues, such as public welfare and income inequality, while being a fiscal conservative.

Social Issues

On the major issue of abortion, Bloomberg is considered pro-choice. He supports abortion rights, stating: "Reproductive choice is a fundamental human right and we can never take it for granted, on this issue, you're either with us or against us." He has criticized pro-choice politicians who support pro-life candidates. His comments may have been directed at New York Senator Chuck Schumer, a supporter of abortion rights who supported Bob Casey, who is pro-life, in the 2006 Senate election.[49]

Bloomberg tends to be liberal about his policies towards many social issues; for instance, Bloomberg supports governmental funding for stem cell research, calling the Republican position on the issue "insanity,"[50] while also supporting same-sex marriage with the rationale, "I think anybody should be allowed to marry anybody."[51]

However, he continues to support the strict drug laws that have been established in New York City and enforced by the New York Police Department (NYPD), despite having admitted to smoking marijuana in the past and "[enjoying] it."[52]

Domestic Issues

On crime, the decline in New York criminal activity that occurred throughout Rudy Giuliani's tenure has continued. Bloomberg, however, is against the death penalty, stating, "I'd rather lock somebody up and throw away the key and put them in hard labor, the ultimate penalty that the law will allow, but I'm opposed to the death penalty."[53]

In addition to his anti-crime work, Bloomberg is an avid supporter of gun control, stating, "I don't know why people carry guns. Guns kill people." As mayor, he increased the mandatory minimum sentence for illegal possession of a loaded handgun. In regard to the change, Bloomberg commented, "Illegal guns don't belong on our streets and we're sending that message loud and clear, we're determined to see that gun dealers who break the law are held accountable, and that criminals who carry illegal loaded guns serve serious time behind bars."[53] Bloomberg formed Mayors Against Illegal Guns in May 2007, an organization made up of 210 mayors who support gun control.[54]

Bloomberg has also shown involvement in education reform as mayor, replacing the school board set up by the state with direct mayoral control over public education. He raised the salaries of teachers by 15 percent while the test scores of students in the city and the graduation rate rose as well. Bloomberg is opposed to the promotion of students to the next grade level for strictly social reasons, stating that students should only be promoted when they are adequately prepared for the next grade level. He favors after-school programs to help students that are behind. As mayor, Bloomberg strengthened the cell-phone ban in schools.[55]

In dealing with the global warming debate and New York's role in it, he has enacted a plan called "PlaNYC: A Greener, Greater New York" to fight global warming, protect the environment, and prepare New York for the projected one million more people expected to be living in the city by the year 2030.[56] Bloomberg has also been involved in motivating other cities to make changes, delivering the keynote address at the C40 Large Cities Climate Summit and stating, "[W]e now know beyond a doubt that global warming is a reality. And the question we must all answer is, 'What are we going to do about it?'" Bloomberg also talked about how he would go about fighting climate change by reducing carbon dioxide emissions, using cleaner and more efficient fuels, and encouraging public transportation.[57]

On issues of domestic and homeland security, Bloomberg has attacked social conservatives on immigration, calling their stance unrealistic: "We're not going to deport 12 million people, so let's stop this fiction. Let's give them permanent status."[58] He supports a worker ID database that uses DNA and fingerprint technology to keep track of all workers to verify their status.[59] Bloomberg believes that law-abiding immigrants should be given citizenship and supports the congressional efforts of John McCain and Ted Kennedy in immigration reform. Regarding border security, Bloomberg compared it to the tide, stating, "It’s as if we expect border control agents to do what a century of communism could not: defeat the natural market forces of supply and demand . . . and defeat the natural human desire for freedom and opportunity. You might as well as sit in your beach chair and tell the tide not to come in. As long as America remains a nation dedicated to the proposition that 'all men are created equal, endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness,' people from near and far will continue to seek entry into our country."[60]

Bloomberg believes that the September 11, 2001 attacks were not intended to be solitary events. When he assumed office, he set up a Counterterrorism Bureau that works with the NYPD intelligence division to gather information about terrorism affecting New York worldwide. He feels that funding for Homeland Security by the federal government should be distributed by risk, where cities that are considered to have the highest threat for a terrorist attack would get the most money.[61] Bloomberg is also a supporter of the USA PATRIOT Act.[62]

Economic Issues

Economically, Bloomberg tends to be conservative, expressing distaste for taxes. He has stated, "Taxes are not good things, but if you want services, somebody's got to pay for them, so they're a necessary evil."[63] As mayor, he did raise property taxes to fund budget projects. However, in January 2007, he proposed cuts in property taxes by five percent and cuts in sales taxes, including the elimination of taxes on clothing and footwear. Bloomberg pointed to Wall Street profits and the real estate market as evidence that the city's economy was booming and could handle a tax break.[64]

Bloomberg's fiscal conservativism also led him to eliminate the previous $6 billion deficit when he assumed office. He balanced the budget of New York City by raising property taxes and making cuts to city agencies, excluding the police and fire departments.[65]

As a businessman, Bloomberg is respected by the business community and governs with a pro-business platform. He is in favor of providing tax breaks to big corporations. As mayor, Bloomberg lobbied the CEO of Goldman Sachs to establish its headquarters across from Ground Zero by promising $1.65 billion in tax breaks. Regarding this deal, Bloomberg stated, "This [New York City] is where the best want to live and work. So I told him [CEO of Goldman Sachs], 'We can help with minimizing taxes. Minimizing your rent. Improving security. But in the end, this is about people.'"[66]

He has had a less cordial relationship with unions as mayor. In 2002, when New York City's transit workers threatened to strike, Bloomberg responded by riding a mountain bike through the city to show how the city could deal with the transit strike by finding alternate means of transportation and not pandering to the unions.[67]

Bloomberg is a staunch advocate of free trade and is strongly opposed to protectionism, stating, "The things that we have to worry about is this protectionist movement that has reared its head again in this country. . . ." He worries about the growth of China and fears the tightening gap between the United States and other countries: "The rest of the world is catching up, and, there are people that say, surpassing us. I hope they are wrong. I hope those who think we are still in good shape are right. But nevertheless, the time to address these issues is right now."[68]

Bloomberg puts a strong emphasis on public health and welfare, adopting many economically liberal policies. As mayor, he made HIV, diabetes, and hypertension all top priorities. He extended the city's smoking ban to all commercial establishments and implemented a trans fat ban in restaurants.[69] He also launched a program called Opportunity NYC, which is the nation's first-ever conditional cash transfer pilot program, designed to help New Yorkers break the cycle of poverty in the city. He instituted a $7.5 billion municipal affordable housing plan, the largest in the nation, that is supposed to provide 500,000 New Yorkers with housing.[70]

Bloomberg is concerned about poverty and growing class divisions, stating, "This society cannot go forward the way we have been going forward, where the gap between the rich and the poor keeps growing."[71]

Foreign Policy

Initially, Bloomberg strongly supported the war in Iraq and the rationale for going in. He stated, "Don't forget that the war started not very many blocks from here," alluding to Ground Zero. In regard to the global War on Terrorism including Iraq he said, "It's not only to protect Americans. It's America's responsibility to protect people around the world who want to be free." His enthusiasm seems to have lessened somewhat over the course of the war, however. In August of 2005, he said, "I think everybody has very mixed emotions about the war that was started to find weapons of mass destruction and then they were not found."

Draft Bloomberg 2008 (aka Unite For Mike)

The Draft Bloomberg 2008 committee, which is based out of New York City, Boston, and Washington DC, promotes a Mike Bloomberg candidacy, regardless of election vehicle or political party he chooses to run under. This is the most heavily trafficked site promoting Mike Bloomberg for President (according to alexa). So far the group has received significant publicity due to its close ties to Kevin Sheekey, New York City's Deputy Mayor, in social networking sites like the Draft Mike Bloomberg Facebook group.[72]

This unaffiliated Draft Bloomberg group launched its bloomberg08nyc.com New York City Draft Bloomberg 2008 campaign lead by Karin Gallet, Andrew MacRae and Michael White.[73][74] In December 2007, the Draft Bloomberg 2008 campaign site relaunched as UniteForMike.com, providing a blog and collecting signatures for the Draft Bloomberg 2008 movement.[75] The site included blogs, forums, videos, news, and commentary as well as up to date information on the activities of the Draft Bloomberg for President movement.

Affiliations

Contact Information

Office of the Mayor, New York City.

Articles and Resources

Featured SourceWatch Articles on Fix the Debt

Other Related SourceWatch Articles

External Resources

Profiles

Articles by Michael Bloomberg

External Articles and Commentary

2007

2006

2005

References

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