Bloomberg's Tax Returns: He's Still Really Rich!

Bloomberg likes soccer! (NYC Mayor's Office)

Last Friday, Mayor Bloomberg allowed reporters to take a peek at his taxes. Guess what—he's still crazy rich, since he's able to not only put $500,000 into a trust for his ex-wife, he's also put over $1 million into a trust for an ex-girlfriend!

The NY Times described the "highly controlled" peek—reporters were "[forbidden] from making copies"—and how the documents "were edited for the presentation, displaying earnings and losses not as dollar amounts but as ranges represented by letters A ($1,000 to $5,000) to G ($500,000 or more)." His financial investments also did better in 2009 than in 2008 (the Times reminds us he installed his former advisers from the Quadrangle group to a firm devoted just to his interest).

Other tidbits: He made a few thousand from appearances on Law & Order and a Sesame Street special and "granted a loan to Day Road Capital LLC, apparently so a Bloomberg LP executive could buy a $360,000 condo in TriBeCa." Plus he donated a set of four chairs to charity. The mayor's donations are coming under scrutiny as the Manhattan DA's office looks at the $1.3 million he gave to the state Independence Party, because the party hasn't kept very good records of how it spent the money.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on June 13, 2010 4:29 PM

Comments [rss]

blink

Behind every great fortune there is a crime.

John L

This is directly from wikipedia:

"Michael Rubens Bloomberg (born February 14, 1942) is the current Mayor of New York City, and the 8th richest person in the United States with personal wealth of US$18 billion in 2010." ... "In March 2009, Forbes reported Michael Bloomberg's wealth at $16 billion, a gain of $4.5 billion since the previous year"

While most New Yorkers were figuring out how to survive during these hard economic times his wealth grew by $4.5 BILLION in one year! Couldn't his wealth just grow up say 2 billion and the other $2.5 billion go to raises for the thousands of workers his various companies employs? Then again this is the man who was opposed to workers making $10/hr! I don't know how he can call himself a philanthropist, but that's a whole other discussion. This just one example of the super rich getting richer while we, the bottom 99% of the country, suffer.

longacre

The boost in his net worth was due to Merrill Lynch's 2008 sale of the 20% of Bloomberg LP it owned for $4.5 billion, which means the whole company was worth 4x that, or $22 billion. Because Bloomberg is a privately held company (as opposed to a publicly traded one) it is only possible to put a price tag on the company, and therefore Mr. Bloomberg's net worth, when a sale like this occurs.

longacre

Sorry, that should read 5x, not 4x.

inoyourider

Do you know that his workers didn't get raises?

FelixtheCat & Christine Quinn'

yes his deputy mayor slush fund Christine Quinn not only gave herself a 25% pay hike but increase her office budget by over 10%.

Guest

That has nothing to do with his personal wealth, jackass. Your agenda overrides any logic that comes into play, doesn't it?

John L

You're absolutely right I don't know. I apologize I shouldn't make assumptions.

What I do know is that his opposition to NYC workers at taxpayer subsidized developments to make $10 an hour with benefits was despicable and outrageous especially coming from the 8th richest person in the nation. As usual he chose to protect his rich friends over the interests of the vast majority of New Yorkers.

csk

a $360k condo in TriBeCa?

John L

Why so secretive? Obviously someone has something to hide.

longacre

Please post your tax returns and bank statements on Facebook and link us so we can review them.

El Izzy

Oh, the filthy rich Jew - not the most emphatic archetype, eh?

El Izzy

Ah, our own Berlusconi.

napalm

I hope Bloomberg passes away next week

JacqueMehoff

no worries, it all balances out in the end.

if not him, a family member, if not a family member, a friend, if not a friend, an employee, oopsie.

but he could care less even if people died at his doorstep.

inoyourider

Of course you do.

He's white, smart, and in power.

Everything you hate.

FelixtheCat & Christine Quinn'

Smart because he is rich? If he was smart then he would work to help society and not work against it for his own enrichment.

inoyourider

Where did I say he's smart because he's rich?

FelixtheCat & Christine Quinn'

you didn't, I assume it because so many people equate his wealth as a reflection of managerial skills and intelligence. He just knows how to robbed people with no conscience.