It was announced today that the business magnate and former New York Major, Michael Bloomberg, has decided to return to lead his business empire, Blooomberg, L.P. The decision was made only 8 months after he finished his third term as New York mayor. While some had thought that the 72 year-old Michael Bloomberg would focus on charity work and other ventures outside his company, those who know him better must alwas have believed it was only a matter of time, before he decides to reoccupy his chair.
He had left his chair to his long term confident Michael L Doctoroff. Both Doctoroff and another of Michael Bloomberg's closest confident Matthew Winkler successfully led the company through the 2008-2009 financial crisis.
Where other financial institutions lost money or filed for bankruptcy, Bloomberg LP increased its revenues and hired more people. Revenues increased from 5.4 to more than 9.0 billion dollars a year, during the recession.
However, with the slowing growth in revenues, coupled with several negative news stemming from accusations of Bloomberg L.P. withholding a report about government corruption in China to protect its business interests and of privacy violations by Bloomberg employees, there appeared to have been worry at the top. This may have pushed Michael Bloomberg to get more involved in the daily management of the business, and eventually to decide to come back at the helm.
With Bloomberg running Bloomberg L.P., one may wonder what will become of his other interests, such as Gun Control legislation or the US-Africa investment. Bloomberg has been instrumental in pushing Gun Control legislations in the US and has often led fundraising for Gun control candidates. He was a major sponsor of the latest US-Africa summit.
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