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Monday, 27 August 2012

Bloombergs House In Bermuda $10 Million

Bloombergs House In Bermuda $10 Million - Bloombergs House In Bermuda, Michael Bloomberg started his New York City story sweating in his underwear in Salomon Brothers’ vaults.And in a little over 20 years he turned a $10 million severance package from that now defunct bank into a multi-billion dollar company Wall Street can’t live without.

The inspiring journey, with plenty of highs and lows, is one of a man who enjoys both success and philanthropy.

His current gig is only paying him $1 per year, but it’s not like he needs the money. According to Forbes, he’s now the 11th richest man in the world.

Michael Bloomberg was born on Valentines Day, February 14, 1942 near Boston, Massachusetts.

He grew up in a middle class home in Medford, MA.

His father worked seven days a week as an accountant at a local dairy to to provide for his family of four.

Bloomberg graduated from Johns Hopkins University in 1964 with a degree in electrical engineering.

After graduating from Johns Hopkins, he received his MBA from Harvard Business School.

Two years later in 1966, during the height of the Vietnam war, he applied to the Officer Candidate School of the US Armed Forces, but was rejected for having flat feet.

“We slaved in our underwear, in an un-air-conditioned bank vault, with an occasional six pack of beer to make it more bearable. Every afternoon, we counted out billions of dollars of actual bond and stock certificates to be messengered to banks as collateral for overnight loans. By the 1980s such practices would be as quaint as the horse-drawn carriage.”
In a 10 foot by 10 foot rented room, Bloomberg put his Johns Hopkins University electrical engineering degree to work.

He invested $4 million of his $10 million Salomon Brothers severance package into his start-up.

His company was originally called Innovative Market Solutions, and consisted of four others, who collaborated to create and program a computer terminal that let traders stay informed about the Treasury bond market.