Is NYC Bloomberg LP's Wholly-Owned Subsidiary?
via the Village Voice
Because Bloomberg is not only the mayor but also the richest man in New York, he agreed to several conditions when he took office in 2002. In order to make sure that his decisions about the welfare of all New Yorkers would not be complicated by his personal business welfare, he was required by the city ethics board to sell his publicly traded stocks and his interest in a hedge fund. Much was made in the media of how well the billionaire, and the city he ran for a salary of a dollar a year, had been sealed off from his (potentially corrupting) billions.
After nearly two full terms, however, the walls between the mayor's money and his public office that once looked so strict have appeared more and more porous. In some cases, like with Time Warner, that may not have been Bloomberg's doing. And in others, it may not have even been what was on his mind. But as he nears a third term, there's little doubt that Bloomberg's business interests have become increasingly intertwined with his government, a conflicted marriage unprecedented in the life of the city and unchecked by an independent overseer.
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