3 Politicians Who Made it Big in Business

Written by on January 18, 2013 in Career - No comments | Print this page



Some people believe that businessmen are more honest than politicians of other persuasions, which is why they are considered valuable in politics. Though not many prestigious businessmen make it to the top of the government, there are a few whose influence is ahead of the crowd.

Mike Bloomberg, current mayor of New York City

Born in 1942 to Jewish parent in Boston, Michael Bloomberg has been serving as New York City’s mayor since 2002. He graduated from Johns Hopkins in 1964, and in 1973 became a general partner of Saloman Brothers, a Wall Street Investment Bank, heading the department of equity trading and systems development.

When Saloman Bros. was bought in 1981, Bloomberg was given a $10 million severance package, which he used to start Innovative Market Systems, and created high-quality information systems for Wall Street traders. From the 22 systems bought by their first customer Merrill Lynch, they now have 310,000 systems installed worldwide.

Currently worth about $22 billion, the amount of money that he made with his self-started company allowed him to run for mayor of New York, and to have never taken a mayoral paycheck.

He lives in his own home on the Upper East Side rather than in Gracie Mansion, which is customary, and rides the subway to City Hall. Though he ran as a Republican in 2002, he declared himself an Independent in 2007. He wants his legacy to be in his improvement of pubic education first, then his dealings with poverty in the city.

Mitt Romney, former Governor of Massachusetts and 2012 Presidential Candidate

In 1947, he was born Willard Mitt Romney in Michigan. After college, he went into Management Consulting, and came to work for Bain and Company before co-founding the spinoff company called Bain Capital. They specialized in buying out failing companies, making the necessary improvements, then selling them. It is because of his knowledge of business and finance that he and his wife, Ann, are currently worth between $190 and 250 million.

Despite an unsuccessful run for Senate, he was encouraged by higher-up GOP members to run for governor of Massachusetts for 2003. He easily beat incumbent Jane Swift by over 50%, though he played down his Republican affiliation. He operated with a legislature that was primarily Democratic, and picked his Cabinet to reflect their merit rather than their party.

One of the more dramatic things he did during his 4-year reign was introduce Romneycare, which required all people living in Massachusetts to purchase health care. He also put his focus into domestic partner benefits, though personally against gay marriage, and made the public school system one of the best in the country.

Benjamin Franklin, Founding Father and Jack-of-All-Trades

Franklin was born in Boston and was only schooled until he was ten years old. He ran away at 17 to Philadelphia, where he began working for printing shops. He was an inventor and a scientist, famous for harnessing electricity from lightning and inventing the bifocal.

He also studied the wave theory of light, meteorology, early refrigeration and geo-engineering, among other things. He created one of the first volunteer firefighting companies and helped found the first US hospital, as well as the American Philosophical Society.

This Founding Father also served as the President of Pennsylvania and a Justice of the Peace. He was integral to the Declaration of Independence and the American Revolution, and was the only Founding Father to sign all four major documents pertaining to the formation of our nation. During this time, he was also the ambassador to France. Ben Franklin is an American icon, and was not only a philanthropic politician, but a prolific businessman.

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This is a guest post.  Norman Gaither is an accountant and guest author at BestAccountingSchools.net, a site with reviews of top-rated online accounting schools.


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