The CNBC Business News and Finance app is NBC’s flagship financial news app. What would it be like,” he wondered, if the person who was depending on those economic figures to make a decision gets, at 8:30, precisely the moment when the numbers are released, a thousand words that is comparable to what he’s going to read in tomorrow’s Wall Street Journal?” It wasn’t long before Winkler told Bloomberg that he was the man to put this plan into effect.
In New York, when Dow Jones recently hired its new chief excutive, Lex Fenwick , from rival Bloomberg, he spent the first several months tearing out offices on the executive floor to create an open-plan layout, launched a new initiative focused on customer service and data, and generally made the place feel like a copy of the Bloomberg building 10 blocks to the north.
Mike Bloomberg is enormously and justifiably proud of Bloomberg LP. He nonetheless recently considered selling it. A sale, of course, would sweep in the other shareholders, who include (a) a few people who started the company with Mike and (b) Merrill Lynch, which helped finance it along the way and owns 20 percent of it (a large fact that goes completely unmentioned in Merrill’s financial statements).
That might sound fantastical, but if you had speculated in 1980 that in less than 25 years a bare-bones start-up launched by an unemployed, five-foot-six-inch Jewish man from Medford, Massachusetts, would supplant Dow Jones and Reuters as the world’s primary distributor of financial data—which Bloomberg L.P. did in April 2004—well, that would have sounded pretty fantastical, too.
And although it would appear that Bloomberg’s sending out back pay checks would be a good thing, there are serious consequences to cashing the settlement check that should be fully considered before doing so. Under the deal with the USDOL, Bloomberg has already or will shortly be sending out checks to GCUS Reps purporting to settle FLSA overtime claims for work done between July 4, 2009 and July 2, 2011.
Astoundingly, that still doesn’t include the nearly dozen properties he owns across the globe, including in Manhattan, Bermuda, London and Southhampton, or his various helicopters and jets If we’re being generous, we could round it up to a cool $50 billion, but since he is a billionaire (48 times over), we don’t feel the need to bestow that particular charity.