{"id":2431465,"date":"2025-05-06T13:46:01","date_gmt":"2025-05-06T17:46:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/michael-bloomberg-won-big-after-giving-biden-cash\/"},"modified":"2025-05-06T13:48:16","modified_gmt":"2025-05-06T17:48:16","slug":"michael-bloomberg-won-big-after-giving-biden-cash","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/michael-bloomberg-won-big-after-giving-biden-cash\/","title":{"rendered":"Michael Bloomberg won big after giving Biden cash"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmichael-bloomberg-won-big-after-giving-biden-cash%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2431465&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Michael Bloomberg donated $19 million to support President Joe Biden&#8217;s reelection campaign in June 2024.This notable contribution came shortly before the Biden administration proposed a regulation that aligns with Bloomberg&#8217;s long-standing advocacy for implementing the Financial Instrument Global Identifier (FIGI) as a standard for monitoring financial assets. The SEC&#8217;s proposed rule would endorse FIGI, which bloomberg&#8217;s company has promoted for years as an industry standard.<\/p>\n<p>While Bloomberg&#8217;s donation raises questions about the intersection of campaign financing and regulatory decisions, his firm contends that FIGI is available as a free, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-this-untold-story-of-poll-worker-data-chinese-servers-and-scandal-only-the-fbi-knows-the-truth\/\" title=\"In This Untold Story Of Poll Worker Data, Chinese Servers, And Scandal, Only The FBI Knows The Truth\">open-source tool<\/a>, although access to its full utility is often locked behind the costly Bloomberg Terminal subscription service. Critics, including various industry groups, argue that the SEC&#8217;s endorsement effectively privileges Bloomberg LP and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/corporate-funding-raises-ethical-concerns-about-medical-associations\/\" title=\"Corporate Funding Raises Ethical Concerns About Medical ...s\">raises ethical concerns<\/a> regarding the influence of major donors in the regulatory process.<\/p>\n<p>Bloomberg has historically been a significant political donor, contributing over $350 million to primarily left-leaning political causes since 2016. The recent events showcase the potential implications of campaign contributions on regulatory outcomes and raise ongoing discussions about the ethics of such monetary influences in U.S. politics.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Michael Bloomberg gave Biden $19 million. A month later, his company won a major regulatory victory<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1570922\" class=\"tpd-featured-video bridtv\"><\/div>\n<p><span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">Federal campaign finance records&nbsp;<a href=\"https:\/\/www.fec.gov\/data\/receipts\/individual-contributions\/?committee_id=C00669259&amp;contributor_name=Michael+Bloomberg&amp;contributor_employer=Bloomberg&amp;two_year_transaction_period=2024\" target=\"_blank\">show&nbsp;<\/a>that on June 30, 2024, billionaire Michael Bloomberg cut a $19 million check to help reelect former President&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\">Joe Biden<\/a>. Roughly a month later, the Biden administration&nbsp;<a href=\"https:\/\/www.sec.gov\/rules-regulations\/2024\/08\/s7-2024-05#33-11295proposed\" target=\"_blank\">proposed&nbsp;<\/a>a regulation affecting the entire financial industry, wh<\/span>ich Bloomberg had long pushed for.<\/p>\n<p>The regulation in question would <a href=\"https:\/\/www.bloomberg.com\/company\/press\/waterstechnology-feature-not-a-bug-bloomberg-makes-the-case-for-the-figi\/\" target=\"_blank\" rel=\"noopener\" title=\"\">establish<\/a> Bloomberg LP&rsquo;s Financial Instrument Global Identifier as the standard tool for the government and market participants to monitor the movement of stocks, bonds, and other assets. The adoption of FIGI by the Securities and Exchange Commission and other financial regulators would be the culmination of years of advocacy from Bloomberg LP to establish itself as an industry standard.&nbsp;<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/investigations\/3398418\/microsoft-support-europe-hires-anti-trump-law-firm\/\">Microsoft touts &#8216;support for Europe&#8217;, threatens to sue Trump administration<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/policy\/education\/3399770\/ccp-officials-state-entities-china-donations-berkeley\/\">CCP officials and Chinese state entities poured donations into UC Berkeley: Report<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/investigations\/3396927\/lawsuit-filed-threats-against-trump-supporters\/\">Lawsuit launched over threats against Pennsylvania Trump supporters in lead-up to election<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>Industry groups, such as the American Bankers Association, contended that, though FIGI is a free open-source tool and owned by a nonprofit organization, its full utility is locked behind Bloomberg Terminal, proprietary software that <a href=\"https:\/\/www.neugroup.com\/bloomberg-terminals-how-much-more-youll-pay-next-year\/\" target=\"_blank\" rel=\"noopener\" title=\"\">requires <\/a>an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/x-twitter-tests-charging-new-users-1-to-post-or-repost\/\" title=\"Twitter is experimenting with a  fee for new users to post or repost.\">annual subscription fee<\/a> of roughly $30,000 paid to Bloomberg LP to access. Bloomberg LP defended itself by pointing out that billions of transactions have been tracked and accessed by interested parties for free since FIGI went open source and that other subscription services can be used to access that same data.<strong> <\/strong>Bloomberg Terminal <a href=\"https:\/\/www.investopedia.com\/articles\/investing\/052815\/financial-news-comparison-bloomberg-vs-reuters.asp\" target=\"_blank\" rel=\"noopener\" title=\"\">has <\/a>a 33.4% market share, making it a dominant player in the business information space.<\/p>\n<p>While the 2024 rule represents FIGI&rsquo;s biggest victory to date, it was not its first, as Bloomberg has long sought to establish the system as a standard tool. For instance, in 2021, Bloomberg LP <a href=\"https:\/\/www.waterstechnology.com\/data-management\/7877101\/after-lengthy-fight-bloombergs-figi-recognized-as-official-us-data-standard\" target=\"_blank\" rel=\"noopener\" title=\"\">succeeded<\/a> in a campaign to win U.S. accreditation for FIGI through the Accredited Standards Committee X9, which sets standards for the U.S. financial services industry.<\/p>\n<p>Though Bloomberg <a href=\"https:\/\/www.nytimes.com\/2023\/09\/01\/business\/dealbook\/mike-bloomberg-lp-future.html\" target=\"_blank\" rel=\"noopener\" title=\"\">stepped away<\/a> from the company bearing his name in 2023, he retains an 88% stake in the enterprise, <a href=\"https:\/\/www.forbes.com\/profile\/michael-bloomberg\/\" target=\"_blank\" rel=\"noopener\" title=\"\">according <\/a>to <em>Forbes<\/em>. While it remains unclear how profitable the SEC rule could be for Bloomberg, his financial services and media firm nonetheless got what they wanted out of the regulatory process &mdash;&nbsp;the prospect of a full government endorsement.<\/p>\n<p>&ldquo;The Bloomberg terminal is a black box to the public and the source of the wealth that has enabled Michael Bloomberg to fund some of the worst groups on the left,&rdquo; Tom Jones, president of the American Accountability Foundation, a conservative oversight group, told the <em>Washington Examiner<\/em>. &ldquo;The idea that the federal government would lock in his products after a massive infusion of campaign cash is a huge ethical violation. This is the type of pay-to-play politics Americans hate.&rdquo;<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Michael Bloomberg speaks during the Bloomberg Transition Finance Action Forum at the Plaza Hotel, Tuesday, Sept. 19, 2023, in New York. (AP Photo\/Andres Kudacki)<\/figcaption><\/figure>\n<p>Bloomberg LP&rsquo;s representatives <a href=\"https:\/\/www.sec.gov\/comments\/s7-2024-05\/s7202405.htm\" target=\"_blank\" rel=\"noopener\" title=\"\">wrote <\/a>three letters to the SEC and met with SEC staffers three times to advocate for FIGI and address the complaints raised by groups such as the ABA.&nbsp;<\/p>\n<p>&ldquo;If a Bloomberg Terminal were necessary to utilize a FIGI, how does one explain the massive number of OpenFIGI.com instrument requests, OpenFIGI.com API connections, and the fact that a minimum of 135 data vendors and third<a href=\"https:\/\/amzn.to\/3YuVZYV\" >-party service providers advertise<\/a> that they offer FIGI as a security identifier option as part of their service?&rdquo; Bloomberg LP Global Head of Regulatory Affairs Gregory Babyak <a href=\"https:\/\/www.sec.gov\/comments\/s7-2024-05\/s7202405.htm\" target=\"_blank\" rel=\"noopener\" title=\"\">asked<\/a> in a Feb. 20 letter to the SEC. &ldquo;Clearly, a subscription for the Bloomberg Terminal is neither needed nor required.&rdquo;<\/p>\n<p>However, organizations such as the ABA, the Science Applications International Corporation, the Investment Company Institute, Intercontinental Exchange, the Association of Global Custodians, the Association of National Numbering Agencies, the Bank Policy Institute, the London Stock Exchange Group, and SIFMA <a href=\"https:\/\/www.sec.gov\/comments\/s7-2024-05\/s7202405-557575-1599062.pdf\" target=\"_blank\" rel=\"noopener\" title=\"\">all argued<\/a> in comments submitted to the SEC that a subscription to a service such as Bloomberg Terminal was required to access the whole body of information from FIGI.<\/p>\n<p>&ldquo;The Proposal notes, correctly, that entities may obtain a FIGI at no cost,&rdquo; the Investment Company Institute <a href=\"https:\/\/www.sec.gov\/comments\/s7-2024-05\/s7202405-532356-1528403.pdf\" target=\"_blank\" rel=\"noopener\" title=\"\">said <\/a>of the proposed rule in October 2024. &ldquo;However, we understand that FIGI only offers users access to a limited set of data at no cost. In order to access several key attributes of the security under FIGI, users would need to use a Bloomberg Terminal or third-party provider platform that is only available through subscription.&rdquo;<\/p>\n<p>The ABA, for its part, should not be viewed as an entirely neutral party, as it owns CUSIP, a rival subscription-based financial mapping tool currently serving as an industry standard.&nbsp;<\/p>\n<p>Bloomberg has pushed back on claims that the SEC regulation would make other tracking systems obsolete. <\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/news\/investigations\/3299959\/bernie-sanders-campaign-money-bankroll-family-charity\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><strong>BERNIE SANDERS USES CAMPAIGN DOLLARS TO BANKROLL FAMILY CHARITY<\/strong><\/a><\/p>\n<p>Bloomberg&rsquo;s $19 million donation to a pro-Biden super PAC was hardly a break from tradition for the billionaire. Since 2016, the billionaire has made over $350 million in political contributions, almost all of which went to left-of-center political committees, <a href=\"https:\/\/www.fec.gov\/data\/receipts\/individual-contributions\/?contributor_name=Michael+Bloomberg&amp;contributor_employer=Bloomberg&amp;min_date=01%2F01%2F2016&amp;max_date=12%2F31%2F2026\" target=\"_blank\" rel=\"noopener\" title=\"\">according <\/a>to Federal Election Commission records. Progressive groups in 2020 <a href=\"https:\/\/www.businessinsider.com\/dnc-debate-qualification-rules-bloomberg-donation-2020-2\" target=\"_blank\" rel=\"noopener\" title=\"\">accused <\/a>Bloomberg of buying influence when the Democratic National Committee changed its debate qualifying rules in his favor following a $300,000 donation from the billionaire. The DNC also gave him a box to stand on during the debate, a detail President Donald Trump was quick to poke fun at.<\/p>\n<p>&ldquo;Mini Mike is a 5&rsquo;4&Prime; mass of dead energy who does not want to be on the debate stage with these professional politicians,&rdquo; the president <a href=\"https:\/\/x.com\/realDonaldTrump\/status\/1227946304057364481\" target=\"_blank\" rel=\"noopener\" title=\"\">said <\/a>of Bloomberg on Feb. 13, 2020. &ldquo;No boxes, please. He hates Crazy Bernie and will, with enough money, possibly stop him. Bernie&rsquo;s people will go nuts!&rdquo;<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1570922\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1570922\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Michael Bloomberg donated $19 million to Biden, leading to a significant regulatory win for his company shortly after<\/p>\n","protected":false},"author":894,"featured_media":2431466,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/05\/AP20051136277995.jpg.optimal.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[3620,33926,32321,54711,38930],"class_list":["post-2431465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-biden","tag-campaign-finance","tag-election-results","tag-michael-bloomberg","tag-political-donations"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/05\/AP20051136277995.jpg.optimal.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2431465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2431465"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2431465\/revisions"}],"predecessor-version":[{"id":2431469,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2431465\/revisions\/2431469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2431466"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2431465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2431465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2431465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}