Mike Bloomberg on Corporations

Mayor of New York City (Independent)

Wooed Goldman Sachs to NYC with $1.65 billion in tax breaks

Bloomberg described how he lobbied the CEO of Goldman Sachs to build the company’s new headquarters across from Ground Zero. Bloomberg says, “This is where the best want to live and work. So I told him, ‘We can help with minimizing taxes. Minimizing your rent. Improving security. But in the end, this is about people.’ ” The city’s workforce has plenty of admirable qualities, but even Bloomberg can’t spin the fact that Goldman got more than $1.65 billion in city and state “help” in the deal. Source: Chris Smith, New York Magazine , Oct 3, 2005

Given $10M upon being fired from Salomon Brothers in 1981

So there I was, 39 years old and essentially hearing, “Here’s $10 million; you’re history.” One summer morning, the managing partners told me my life at Salomon Brothers was finished. On Saturday, Aug. 1, 1981, I was terminated from the only fulltime job I’d ever known, and from the high-pressure life I loved. This, after fifteen years of 12-hour days and 6-day weeks. Out!

For a decade and a half, I’d been an integral part of the country’s most successful securities trading firm, even of Wall Street itself. Not just in my head. If my press was to be believed, in everyone’s. Suddenly, though, needed no longer. I was a general partner. An owner rather than an employee. Nevertheless: Fired!

The Salomon Brothers Executive Committee had decide to merge the 71-year-old partnership with a publicly-held commodities trading firm, Phibro Corporation. For 63 of us, it was our last meeting as Salomon partners.

Of course, there was the $10 million I was getting. America’s a wonderful country.

Source: Chapter 1 of “Bloomberg by Bloomberg,” by Mike Bloomberg , Aug 10, 2001

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Page last updated: Apr 28, 2013