NEW YORK, Nov 11: Billionaire Michael Bloomberg plans to draw a salary of just one dollar a year as New York’s next mayor, but the gimmicky gesture cannot distract attention from the fact that his media empire is firmly entrenched in the city he will run.
Elected unexpectedly last Tuesday after trailing Democrat Mark Green in some voter surveys by as much as 22 percentage points, Bloomberg now faces thorny ethical questions and doubts over potential conflicts of interest.
Early last year when Bloomberg began eying a run for City Hall, he handed over the day-to-day running of his empire to a small coterie of lieutenants, while holding on to his 72 percent share.
The Bloomberg LP financial information giant embracing media outlets Bloomberg News, Radio and TV as well as Internet vehicle Bloomberg.com employs some 8,000 people including 2,500 in New York.
The company also delivers up-to-the-minute securities data to nearly 160,000 subscribers worldwide from its base in the heart of Manhattan.
With the thousands of jobs and millions of dollars generated by Bloomberg LP in New York, the company plays a significant role in the city’s economy.
The major brokerage firm Merrill Lynch, which owns a 20 percent stake in Bloomberg LP, is among the city’s biggest bond underwriter.
Several city agencies subscribe to the Bloomberg financial information service, renting the small computer terminal known as a “Bloomberg.”—AFP
