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Kroft the name bloomberg is a worldwide brand that could refer to a number of things a cable channel; a radio network; a news service; a magazine; or, a 75yearold former mayor of new york, who founded the Bloomberg Financial media empire and flirted with running for president. According to forbes magazine, Michael Bloomberg is the 10th richest man in the world, and one of a growing number of extremely wealthy people who plan to give most of their money away, releasing a torrent of private philanthropy that is already having an impact on the country. Of that group, Michael Bloomberg is one of the most interesting and straightforward, and this past spring, he agreed to talk to us about how he came to accumulate 47 billion, and what he hopes to accomplish by giving it away. Michael bloomberg oh, its more money than anybody could possibly spend on themselves. The issue is, what can you do with it . You cant take it with you. Although, i have a cartoon at home of a guy on his death bed in a hospital with the rails around, and his family looking down like vultures. And he looks up and he says, i know i cant take it with me, but i can take the access code. laughter kroft at 75, Mike Bloomberg, as he likes to be called, is a long way from retirement. Most days, youll find him in the gleaming ozlike tower that bears his companys name a highenergy, egalitarian workplace, at the crossroads of media, Information Technology and capitalism. This is an incredible building, office building. It looks like i dont know what it looks like. Bloomberg what im tryin to do is to create excitement. So people say, my goodness, whats going on here . Theres Something Different about this company. The employees, you want them to get psyched. And its a chance to meet each other. My job is to get people to work together. Kroft with free food and no offices, even for bloomberg, this might be considered one of the worlds great Corporate Headquarters if it werent for the fact that bloomberg l. P. Is not a corporation. Its a limited partnership, a private company, and 85 of all of this and a lot more, belongs to Mike Bloomberg. Is this is a Technology Company . Is it an Information Company . Bloomberg yes and yes. We try to get information people need, store it, present it, and let you use it. Kroft when bloomberg started out as a clerk on the wall street trading desk of Salomon Brothers in 1966, he thought there must be a better way to get uptotheminute Financial Data than combing through the wall street journal. He spent 15 years trying to convince his partners at salomon that computers could be the answer. When they fired him in 1981, he used his 10 million severance to hire three young engineers and launch his startup. Bloomberg when i started the company, it was before p. C. s were invented. I know you dont think there was a day. We literally built our own. And the internet hadnt been invented, so we created our own. Wed rent a telephone line and then had a little device that let you branch out when you got to chicago or wherever. Kroft ever since then, Mike Bloomberg has pretty much done things the way he wants to. Bloomberg where else have you seen a curved escalator . We needed a curved one. It fit into the space, and the architect said, doesnt exist. And i said, you go to japan, youll find a curved one. And they did, of course. Kroft bloomberg has a degree in Electrical Engineering from Johns Hopkins university, and it is that discipline of an engineer that defines his character and personality detached, analytical, pragmatic. These are some of the words that people have used to describe you. Tell me bloomberg are these all my relatives, or . laughs kroft no, no, no. No. I dont think so. Well, maybe. laughter bloomberg depends whether its good or bad. Kroft blunt. Bloomberg i tend to be reasonably blunt, maybe a little bit too much. But i just i always respected people that tell the truth. And ive always wanted people to tell me the truth. Kroft selfconfident. Bloomberg reasonably self confident. Been successful. Dont think that im id im infallible. I will always make mistakes. Kroft arrogant. Youve certainly heard people say that. Bloomberg i suppose i come across that way, sometimes. But my mother would have told me, dont. Kroft even his late mother would probably forgive him for the occasional lapse of humility, given the size and the scope of the bloomberg empire. Nearly 20,000 employees in 192 locations around the world, gathering, writing, transmitting, and analyzing information that will move markets. Bloomberg these people are doing oneminute Radio Business updates for a hundred different radio stations around the country. Kroft but the real money and most of the profits come from a mysterious piece of equipment known as the bloomberg terminal, that sits on the desks of titans and traders this is my desk. Kroft all over the world. Bloomberg sound, pictures, graphics, tabular data. Different ways to look at the markets. Kroft its really a customized keyboard and closely guarded proprietary software, linked to a private computer network, that provides a volume of data thats unavailable anywhere else. Live streams from 300 stock exchanges, curated tweets, the exact location of oil tankers around the world. The kind of stuff 325,000 professionals pay 25,000 to rent for one year. If you do the math, it adds up to about 8 billion. Bloomberg but lets say you want to look at a stock. General motors, for example. Kroft after using his fingerprint to log onto his account, bloomberg gave us a peek behind the curtain. Bloomberg on the left are all of the companies that sell parts to General Motors. And on the right are all of the companies that buy General Motors output, generally cars. The different indices that General Motors stock is in. Here are the other companies that compete with them. Here are the big holders of their stock, analysts that follow it, whos on the board, who works in the company. Kroft why has nobody else done this . Bloomberg for an individual company to do it, its probably too expensive, unless its your business. This is our business. Kroft bloomberg has not only left his mark on wall street, he has left it on new york city. He took us up in a Company Helicopter he was piloting to have a look. Bloomberg laguardia, helicopter number six mike victor. Kroft the thing he likes best about flying, he said, is, if you dont follow the rules, you die. By 2001, bloomberg was already worth 5 billion, and looking for a new challenge. He wanted to run something big, like the u. N. Or the world bank. He settled on new york city, taking leave from his job and spending a quarter of a billion dollars of his own money to get himself elected mayor three times. Bloomberg here is the new world trade center. You can see the big Tall Building and others. Kroft right. The first time he was elected was just two month after 9 11, he managed the resurrection from the rubble. Bloomberg right through there you can see the oculus, which is this big shopping thing. This whole part of manhattan before was sort of desolate after 9 11. We now have 25 hotels. Now its a bustling Residential Community as well. Kroft he saw the city through the economic crisis of 2008, and while he was mayor, development and construction boomed and the crime rate dropped. Bloomberg hudson yards, which is this big development. Phenomenally successful development. Created an enormous amount of jobs, enormous amount of new office space. Kroft he was sometimes ridiculed for his Public Health war on smoking, trans fats and soft drinks, but he points out, Life Expectancy of new yorkers increased by three years while he was in office. Did you enjoy your time as mayor . Bloomberg loved every minute of it. Its a wonderful job. The challenges are enormous, but you have a great opportunity to make a difference. Kroft he was successful enough in the job to twice consider running for president , but he was never able to find a solid constituency in either party. Last year, he thought about running as an independent, and was prepared to spend 1 billion of his fortune to get elected, aides say. Hed even decided on retired admiral mike mullen as a running mate. And you came close. You looked at it. But you didnt pull the trigger. Bloomberg if i thought we could win, or had a reasonable chance, i would have done it. It would be totally unlikely, very unlikely that an independent could win. And in my case, i was mayor for a long time. People know where i stand. I couldnt pretend to be something im not. For the republicans, im pro choice, progay rights, pro immigration. Thats a good start there. Youll never get their nomination. On the democratic side, i believe in teacher evaluation. The big banks, we need to help them rather than just keep tryin to tear them down. Those are not particularly things that will help you get the nomination. Kroft he campaigned hard against donald trump, his new york rival in the general election, calling him a con man at the Democratic Convention in philadelphia. Bloomberg im a new yorker, and i know a con when i see one kroft have you spoken to trump since hes in the white house . Bloomberg yes, once i called him and congratulated him. We joked about my speech in philadelphia. And before he finished the conversation, he gave me his personal phone number, his cell phone. I havent called him, so i dont know if whether hed answer it now. But hes i hope he does a good job. Kroft youre not going to run for office again . Bloomberg well, im 75 years old. Itd be an age issue, i suppose. Ive got plenty of things to do. And maybe ill run for president of my block association, but not much more than that. Kroft bloomberg remains incredibly influential, and was received as a world leader when he traveled abroad for meetings on climate change. He is still trying to make a difference, and using his incredible wealth to do it. Almost all of his fortune will end up with his charitable foundation. Hes already given away more than 5 billion to causes that often dovetail with his political interests. There is now a fairly crowded field out there, of people who are incredibly wealthy, that are giving money to advance their own political agendas. Bloomberg well, if they if the projects kroft the koch brothers, for one. Or george soros. Bloomberg i know george soros, and i know the koch brothers. And, while i dont agree with any of those three on a lot of things, i think its fair to say, because i know them reasonably well, they really believe and they really are trying to do something. They really want to change the world. You, for example, in the northeast, couldnt get treated for cancer at any Major University or hospital without being in a koch cancer building. Theyve given an enormous amount of money. And if you get cancer, you should start saying thank you to the kochs. Kroft to some, its just another example of the super wealthy having a disproportionate influence on political debate and public opinion. Bloomberg has spent a billion dollars trying to get people to quit smoking, 135 million to battle the n. R. A. On gun control, and a 100 million to assist the sierra club and its lawyers in shutting down more than 250 coalfired plants. Youre not out of the political arena altogether. Youre, youre very active in a number of issues, coal and the environment being one of them right now bloomberg yeah. Coal is a very dirty fuel. Its been killing people. Around the world, people are saying, no more coal. Kroft in new a book with carl pope, bloomberg writes, i dont have much sympathy for industries whose products leave behind a trail of diseased and dead bodies. Hes more sympathetic to the miners. Bloomberg coal miners have lost their jobs. Its very tragic, and we have to do something about it. Technologys come in. Technology has replaced most of these coal miners. They didnt lose their jobs for any reason other than it was automated. And now, we have a bunch of people who have, because no fault of their own, theyve lost their job. Those jobs dont exist anymore. Somebody said to promise that coal jobs are coming back is like promising the workers who used to work at Eastman Kodak that film is going to come back. Not likely to happen. Kroft there are people out there would say, look, is it Mike Bloombergs job to give the sierra club 100 million to go out and try and . Bloomberg its not my job. I wanted kroft 250 coal plants . Bloomberg well, keep in mind, Mike Bloombergs kids and grandkids are breathing that air, just like the coal miners families are breathing that air. And the coal miners are the ones that have the conflict. They want their jobs, i understand that. They need to be able to feed their families. They also have to worry about their health and the health of their families. Kroft are you giving money to try and find these coal to try and reeducate and give them new skills . Bloomberg were certainly working on trying to find ways to create jobs. Not just for them. But technology, which is what cost the coal miners their jobs not the sierra club, incidentally long before the sierra club started this, coal mining jobs went from 250,000 in the country to 70,000 in the country. Kroft bloomberg sees personal philanthropy in the tradition of carnegie, the rockefellers and the mellons not as a threat to democracy, but as a way to do important things that are not politically feasible. And as always, Mike Bloomberg trusts his judgement. Kroft is there anything you want that you dont have . Bloomberg i like what i see when i look in the mirror. If i get sentimental, i look and say, huh, its a bad day. They beat up on me; this, that, and the other thing. But, you know . Weve spent 1 billion trying to convince people to not smoke. Its been phenomenally successful. Weve probably saved millions of lives. There arent many people that have done that. So, you know, when i get to heaven, im not sure im going to stand for an interview. Im going right in. laughter my belly pain and constipation . I could build a small ci