Some twenty years ago I transferred in the World Bank (hereafter referred to as the bank) to the Investment Department. As a result of offering a workshop on expert systems and artificial intelligence I was called upon to take charge of the technology in the Department that manages the only real assets the bank has on its balance sheet. Those real assets at that time amounted to some 20+ billion dollars that were invested in treasury securities, mainly in the US but also in Europe, Canada, and Australia.

The technology in the Investment department at the bank was at that time rather primitive. The main technology was a turret system whereby every trader had a phone with about a hundred instant dial numbers whereby they could reach other traders in New York, London, Frankfurt, or Tokyo. The other technology was a stand-alone PC, networking had barely started, and some had a Bloomberg terminal.

The Bloomberg terminals were something unique: little boxes with square screen, yellow on black displays, through which a vast financial database could be consulted. There were ten Bloomberg terminals at the time on the trading floor. They were not cheap. I recall that we rented those terminals at $1000 per month per display. They were however so useful that soon thereafter the Director decided to invest in more Bloomberg terminals.

By the time the renovation of the trading floor of the bank was completed in late 1980’s, very trader had a Bloomberg terminal on his/her desk. Every terminal contained the Bloomberg trademark. Not only every terminal had Bloomberg upfront, but also every cable that connected the terminals to a central server that itself was hooked up to the computers of Bloomberg in New York.

Since I had a lot to do with the expansion of the Bloomberg terminals at the bank, I also had chance to visit the Bloomberg offices in New York and to meet Mr. Mike Bloomberg personally. The meeting I had with him in New York and later in Washington, when he came to inspect the expanded used of Bloomberg at the bank, were meetings I will never forget.

As you have read Mr. Bloomberg is lately in the news because he has dropped his affiliation with the Republican party and declared himself “independent”. If anyone had ever any doubts about just how independent Mr. Bloomberg is or thinks he/she should read how he made his fortune in the financial world.

I will refrain from commenting on how he has been doing as mayor, or how his reign as mayor compares to his illustrious predecessor. Let it be sufficient to say, that progress has been made on a wide range of issues that affected New York. His recent idea of turning New York more green is definitely not a bad idea; smaller cabs driving more fuel efficient cars will help to improve the air in New York…

Why this story about Bloomberg? Mike was a poor immigrant who through sharp thinking managed to carve out a unique piece in a highly competitive market of real-time financial information provision. Through his Bloomberg terminals of which there were probably less than a hundred installed twenty years ago, compared to thousands all over the world today, he became a multi billionaire. As some would say: he earned it the hard way.

I for one am going to be very interested to see what steps he takes next either as mayor of New York or as candidate for the presidency of the US. I have no doubt he will surprise a great many; especially the media who are now scrambling to find out who is Mike Bloomberg. The answer is simple: he was the guy who sold Bloomberg terminals with the yellow screen that only could be hooked up with Bloomberg cables that only could talk to Bloomberg computers at least that was 20 years ago.