The thousands of teachers who may get a pink slip from Mayor Bloomberg this spring may want to send him their résumés in return.
Bloomberg LP is now the fastest growing employer in the city, Crain's New York Business reports.
The company has added 1,800 jobs in the city since 2008 and plans to add 1,600 more this year to its Manhattan force of 6,500.
The impressive growth came in face of a national recession and in the wake of the mayor's aggressive pitch for a third term - that the city needed his experience to survive through tough financial times.
It turns out his company did better than survive, and while the mayor does not run the company's day-to-day operations, he is the majority owner of the privately-held company and has a say in big decisions.
Most of the new hires have been techies and salespeople to help develop the company's "cash cow," known as the Bloomberg Terminal. The platform provides data and analysis of financial markets to businesses and brings in about 85% of the company's $6.9 billion in annual revenues.
While Bloomberg LP acquired BusinessWeek in 2009 and created new research services, such as Bloomberg Law, Bloomberg Government and Bloomberg Sports, it has been the continued development of the terminals in a highly competitive environment that spurred the growth.
More than 500 research and development technicians will be hired this year alone
.It would be interesting to see an investigation of just how it is that Bloomberg has managed to do so well during a timeframe when so many other companies weren't doing so well.
Incredible also that not a word is said about the ethics of the city's richest man, who had the law changed allowing him a third term, is also having "a say in big decisions" of the city's fastest growing business.
ReplyDeleteIt's beyond oligarchy, and careening all the way to the banana republic end of the spectrum.
Exactly. It's the Bloomberg Ponzi scheme and he'll be laughing all the way to his banana republic at the end of the day!
ReplyDeleteI still want to know how his wealth tripled during this time in office.
ReplyDeleteSimple how his wealth tripled. He's in neck deep with Goldman Sachs and all of their predatory, evil methods. That company should have a. gone bankrupt in 2008 b. it's leadership should be splitting rocks doing life terms in Attica.
ReplyDeleteRead all of Matt Taibbi's work to completely undertstand the vast power and influence they exert on the world markets. Bloomberg makes billions from their hedge fund activities. That's only ONE way he's tripled his assets. His international business is also doubling and tripling in Muslim countries like Dubai. Now you understand why he was TOTALLY in favor of the downtown mosque proposal at Ground Zero. Also, we can only guestimate what he's made in under the table kickbacks for the endless city construction projects ongoing during his term. If you don't think he's somehow getting paid for all of this school construction, and the other contracts like City Time, etc...you're being naive. If you don't think he's getting paid for projects like Atlantic Yards, get real. Kickbacks and "buying the work" are simply how business has been done in The City for a loooong time. Firms bribe the principals involved, and they increase the price of the contract. The guy's a scoundrel, and we can only hope the hand of God strikes him soon. May there be a pox on his house...
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