The Chief Investment Officer for Motley Fool Asset Management described presidential candidate Michael Bloomberg’s stranglehold over the financial industry as “the closest thing to a mafia power that exists in finance”.
Then-CIO Bill Mann appeared on a Motley Fool financial podcast in 2016, discussing the Bloomberg Terminal apparatus that accounts for a vast majority of Mayor Michael Bloomberg’s immense wealth – much of it from clients funded by the Bush/Obama-era bailouts.
The Bloomberg Terminal – effectively a custom keyboard and dual monitors paired with proprietary “Bloomberg Professional” software – has become a mainstay of corporate elites since the 1980s.
“…I don’t just mean New York City, I mean San Francisco, Tokyo, Kazakhstan, whatever, whoever’s in finance,” Mann added.
While some major firms have made noises about moving away from the kit designed by Michael Bloomberg, the reach is still expanding, with around 330,000 Terminals allowing real time access to market data, shipping information, and corporate insider info in use today.
“I’m trying to use a word other than ‘mafia’, but I’m going to fail at it,” said Mann. “I think Bloomberg is the closest thing to a mafia power that exists in finance, because it is such a default, and they have been able, for years, to come in and say, ‘Well, this is our pricing. Discount? No. There’s no discount. This is our pricing.’”