Word: bloomberg
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...could be tapped: In New York, the former Clinton appointee has distinguished himself as a keen reformer under Mayor Michael Bloomberg. An attorney by training, Klein has also shown himself adept at working with unlikely partners - union leaders as well as the Rev. Al Sharpton - and is a major proponent of charter schools, a keystone in Obama's education agenda...
...will go to someone else: With Bloomberg recently getting the OK to seek a third term as mayor, Klein may prefer to stay put and finish the job of reforming New York's 1,500 schools...
...easily understand why being mayor of New York City might be a difficult job to give up. Michael Bloomberg is having a particularly difficult time dealing with his upcoming separation from mayoral power. For one thing, he has installed enormous countdown timers in several government offices that measure the time he has remaining in office (440 days, as of today). More insidiously, he is now proposing a change in city law that would allow him to run for a third term, claiming that the current financial crisis requires continuity in municipal leadership in New York. The current law regarding term...
...thing that has him spooked is the price of credit-default swaps for major U.S. banks - a derivative that provides insurance against the possibility that they might default on their debt, dooming them to bankruptcy. According to data provided by Bloomberg using a model devised by JP Morgan, the price of this insurance currently implies that the odds of banking giant Morgan Stanley defaulting in the next five years are 45%. For Citigroup, another financial linchpin, they're 21%. "This is astonishing," says Weiss. "If Citigroup fails, it could be disastrous...
...overhauled-or whether an amendment is even in the popular mayor's best interest. History hasn't been kind to the city's third-term mayors, of whom there have been four; the most recent, Ed Koch, saw his popularity plummet during a tumultuous final term. A third Bloomberg administration would be forced to confront massive challenges, not the least of which would be steering the city through the fallout from Wall Street's implosion while coping with budget cuts. Even if Bloomberg secures a third term, there's no guarantee his legacy would emerge unscathed. We have an electoral...