Why Is Wall Street Afraid Of Michael Bloomberg?

Back in the 1970s, Michael Bloomberg was flying high. At age 32, he was running the equity trading desk at Salomon Brothers Inc. and raking in big bucks. But his penchant for speaking his mind led to frequent clashes with management. "He thought he knew more than the people he was working for," says Morris W. Offit, chairman of Offitbank and a former Salomon partner. When Bloomberg was fired in 1981, he seemed like just another trader who had crashed and burned.

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