codfish

Who is Michael Bloomberg? Bio

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Michael Rubens Bloomberg[1] KB3E[2] (born February 14, 1942) is an American businessman, politician, author, and philanthropist. As of November 2019, his net worth was estimated at $53 billion,[3] making him the 9th richest person in the United States and the 14th richest person in the world. He has joined The giving Pledge, whereby billionaires pledge to give away at least half of their wealth.[4] To date, Bloomberg has given away $8.2 billion, including his November 2018 $1.8 billion gift to John Hopkins University for student aid—the largest private donation ever made to a higher education institution.[5]

 

Food for thought:)

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Just now, codfish said:

Michael Rubens Bloomberg[1] KB3E[2] (born February 14, 1942) is an American businessman, politician, author, and philanthropist. As of November 2019, his net worth was estimated at $53 billion,[3] making him the 9th richest person in the United States and the 14th richest person in the world. He has joined The giving Pledge, whereby billionaires pledge to give away at least half of their wealth.[4] To date, Bloomberg has given away $8.2 billion, including his November 2018 $1.8 billion gift to John Hopkins University for student aid—the largest private donation ever made to a higher education institution.[5]

 

Food for thought:)

Trying to buy his way into the White House?

He's everything Democrats usually rail against.

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3 mins ago, tomkaz said:

A third Bloomberg thread?!

 

GettyImages-81931615-700x420.jpg

I did not know anything about the guy,but we will, 53 Billion yikes he makes Trump look like the Walmart Greeter :)

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2 mins ago, codfish said:

I did not know anything about the guy,but we will, 53 Billion yikes he makes Trump look like the Walmart Greeter :)

He’s a monopolist. Made his terminals mandatory on every trading desk and then crush any competition. I pay 2x$23,000 per year for two terminals for our team. 

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1 hour ago, tomkaz said:

A third Bloomberg thread?!

 

GettyImages-81931615-700x420.jpg

-

-

He's going to need a bigger steep stool, bigger than Castro's.

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2 hours ago, codfish said:

I did not know anything about the guy,but we will, 53 Billion yikes he makes Trump look like the Walmart Greeter :)

Yeah but Trumps taller....so 

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3 hours ago, tomkaz said:

He’s a monopolist. Made his terminals mandatory on every trading desk and then crush any competition. I pay 2x$23,000 per year for two terminals for our team. 

Tspaz- don’t leave us in suspense.  “He” did that, really?  On every trading desk - in the world? Your little schlock boiler room penny stock operation (2 terminals, pffft)?  Merrill, Schwab, Morgan Stanley, Bear Stearns, Fidelity, Leheman (Bloomberg started well before 2008) Vanguard, Solomon, Goldman, etc., all of them were made to have his terminals - it was MANDATORY, really, how did he do that?  Was it illegal?  Did he hold a gun to their heads?  Did he threaten to withhold government financial aid (he wasn’t a federal official)?  How, specifically did he accomplish this trading desk monopoly?  Explain your statement, how did he accomplish this takeover of the trading desks and monopolize the world’s financial information.  We’re waiting :waiting:

Edited by PeterO

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1 hour ago, PeterO said:

Tspaz- don’t leave us in suspense.  “He” did that, really?  On every trading desk - in the world? Your little schlock boiler room penny stock operation (2 terminals, pffft)?  Merrill, Schwab, Morgan Stanley, Bear Stearns, Fidelity, Leheman (Bloomberg started well before 2008) Vanguard, Solomon, Goldman, etc., all of them were made to have his terminals - it was MANDATORY, really, how did he do that?  Was it illegal?  Did he hold a gun to their heads?  Did he threaten to withhold government financial aid (he wasn’t a federal official)?  How, specifically did he accomplish this trading desk monopoly?  Explain your statement, how did he accomplish this takeover of the trading desks and monopolize the world’s financial information.  We’re waiting :waiting:

You have become a deranged idiot, approaching Frank in the quality of your contributions, assumptions you make about others and your sandbox worthy insults.
 

I have worked for one of the big houses for over 30 years you idiot, one that has over 30,000 installed Bberg terminals. When I say my team, those are the people who work for me and their terminals that the Firm will not pay for, so I literally pay for them, out of my productions. We have no dedicated Bloomberg terminals but we have a number of Bloomberg Anywhere licenses, most Firm paid and two additional that I am out of pocket over $45,000 annually. And that is after payout so it requires about $90,000 in production to pay for them. That’s a lot of pennies from my churn and burn operation. 
 

As for the rest of it, either you know and you are being smug, or you are an idiot. Either way, I won’t bother explaining because that would be wasted knowledge on a maroon. That said, when I started in the business, Quotron owned the market with over 100,000 installed units when Citi bought the company in the mid-1980s. Telerate was a weak second player back then. 
 

Through serendipity, I met Bloomberg on a Merrill mortgage trading desk in the weeks before the Citi deal. He was there because the ML mortgage traders were demoing the earliest Bberg terminals. In the days before Lotus 123, Bloomberg’s ability to calculate the payments in pass-throughs, as well as their duration and compute how to hedge them, as bad as trying to hedge negative convexity was. But that programming made the Bloomberg the only device in the world to do any of that. He turned the indispensable Monroe bond calculator into the functional equivalent of an abacus.
 

So I shook his hand just as he was working to get ML to drop Quotron and adopt Bloomberg terminals across their entire FICC division. And Merrill, not wanting to have its traders dependent on tech owned by a potential competitor, decided against renewing the Quotron contract and effectively dooming that Citi deal from making any sense. Bloomberg was a genius in staying independent, though he did take in a good deal of money from Merrill and it think Sollie. 
 

But what do I know from the purview of, what did you call it, my boiler room operation? 
 

The Funny thing is, at one point in the 1990s our firm thought they could break Bloomberg's monopoly and build their own system. We started with Sun Micro workstations under our desks but those weren’t fast enough or had enough RAM to run calculations locally. So we upgraded to NeXT terminals and their GUI interfaces which were quite cool, but could not compete. As with Apple, it was not about the hardware, it was the software, and no one could catch Bloomberg on what they had created, especially the historical databases of bond, commodity and equity pricing, for markets around the world. 

Oh look, I nearly explained how he cornered the international trading desk markets, silly me.

 

But Peter, you are correct, I don’t know chit about what I claim. Nothing at all. 
 

Oh, BTW, I did literally "look down" on Bloomberg nearly 35 years ago, he is that short. And, if you think Trump has small hands, well.....

 

 

ETA: The global installed base of Bloomberg terminals is nearly 350,000 last I heard. Annuals fees run $21-26,000, depending on what you are paying to. Outside of exchange fees, the balance goes to Bloomberg Financial LP. Do the math and learn how the dude is worth over $50billion. 
 

 

 

Edited by tomkaz

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2 hours ago, tomkaz said:

You have become a deranged idiot, approaching Frank in the quality of your contributions, assumptions you make about others and your sandbox worthy insults.
 

I have worked for one of the big houses for over 30 years you idiot, one that has over 30,000 installed Bberg terminals. When I say my team, those are the people who work for me and their terminals that the Firm will not pay for, so I literally pay for them, out of my productions. We have no dedicated Bloomberg terminals but we have a number of Bloomberg Anywhere licenses, most Firm paid and two additional that I am out of pocket over $45,000 annually. And that is after payout so it requires about $90,000 in production to pay for them. That’s a lot of pennies from my churn and burn operation. 
 

As for the rest of it, either you know and you are being smug, or you are an idiot. Either way, I won’t bother explaining because that would be wasted knowledge on a maroon. That said, when I started in the business, Quotron owned the market with over 100,000 installed units when Citi bought the company in the mid-1980s. Telerate was a weak second player back then. 
 

Through serendipity, I met Bloomberg on a Merrill mortgage trading desk in the weeks before the Citi deal. He was there because the ML mortgage traders were demoing the earliest Bberg terminals. In the days before Lotus 123, Bloomberg’s ability to calculate the payments in pass-throughs, as well as their duration and compute how to hedge them, as bad as trying to hedge negative convexity was. But that programming made the Bloomberg the only device in the world to do any of that. He turned the indispensable Monroe bond calculator into the functional equivalent of an abacus.
 

So I shook his hand just as he was working to get ML to drop Quotron and adopt Bloomberg terminals across their entire FICC division. And Merrill, not wanting to have its traders dependent on tech owned by a potential competitor, decided against renewing the Quotron contract and effectively dooming that Citi deal from making any sense. Bloomberg was a genius in staying independent, though he did take in a good deal of money from Merrill and it think Sollie. 
 

But what do I know from the purview of, what did you call it, my boiler room operation? 
 

The Funny thing is, at one point in the 1990s our firm thought they could break Bloomberg's monopoly and build their own system. We started with Sun Micro workstations under our desks but those weren’t fast enough or had enough RAM to run calculations locally. So we upgraded to NeXT terminals and their GUI interfaces which were quite cool, but could not compete. As with Apple, it was not about the hardware, it was the software, and no one could catch Bloomberg on what they had created, especially the historical databases of bond, commodity and equity pricing, for markets around the world. 

Oh look, I nearly explained how he cornered the international trading desk markets, silly me.

 

But Peter, you are correct, I don’t know chit about what I claim. Nothing at all. 
 

Oh, BTW, I did literally "look down" on Bloomberg nearly 35 years ago, he is that short. And, if you think Trump has small hands, well.....

 

 

ETA: The global installed base of Bloomberg terminals is nearly 350,000 last I heard. Annuals fees run $21-26,000, depending on what you are paying to. Outside of exchange fees, the balance goes to Bloomberg Financial LP. Do the math and learn how the dude is worth over $50billion. 
 

 

 

^^^ knows something ...

 

... actuallly I'd say that he knows a lot more, but he dumbed this down for the sake of some of the libs here ;) 

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