Michael Bloomberg

Businessman and philanthropist Michael Bloomberg is the current mayor of New York City and one of the world's richest people. He was re-elected to a third term as mayor on November 3, 2009, after a close race against Comptroller William C. Thompson and an extended legislative battle over Bloomberg's eligibility to run for a third term.http://www.washingtonpost.com/wp-dyn/content/article/2009/11/03/AR2009110302546.html?hpid=topnews

Bloomberg vs. Term Limits

Bloomberg's intention to run for a third term as New York's mayor in the November 2009 election violated the city's law limiting mayors to two terms. Bloomberg, who argued that his financial experience would be needed to guide the city through its current economic crisis, was opposed by a court challenge filed by two members of the city council. The council eventually approved Bloomberg's plans to run by a vote of 29-22.ABC News: NY Council Extends Term Limit... (October 23, 2008)

Business Career

Bloomberg made his fortune by launching Bloomberg, L.P. in 1981, a financial software service company that sold financial information to Wall Street firms. As of 2007, Bloomberg's was reportedly worth more than $11.5 billion.