Bill Thompson (New York)
Encyclopedia
William Colridge Thompson, Jr. (born July 10, 1953), known as Bill or Billy, was the 42nd Comptroller of New York City
. Sworn into office on January 1, 2002, he was reelected to serve a second term that began on January 1, 2006. He left office on December 31, 2009, having been succeeded by John Liu
. Thompson was the nominee of the Democratic
and Working Families
parties in the 2009 election
for Mayor of New York.
. He is the son of Elaine Thompson, a New York City public-school teacher, and William C. Thompson, Sr., formerly a prominent Brooklyn Democratic Party
leader, City Councilman
, State Senator and judge on New York Supreme Court, Appellate Division
. Thompson attended Midwood High School
, a public school in Brooklyn, and graduated from Tufts University
in 1974.
Thompson has gone through two divorces and is currently married to Elsie McCabe Thompson, President of the Museum for African Art
, whom he married in September 2008. A lifelong Brooklyn resident, Thompson moved to Harlem
in September 2008 following his most recent marriage. In April 2010, Mr. Thompson joined the prestigious Investment Banking firm of Siebert Brandford Shank, a lead underwriter of municipal bonds.
, who pleaded guilty to income tax evasion, marijuana possession and making an illegal payment to a government employee and who resigned his seat pursuant to a plea agreement in 1982. Later, Thompson became the youngest Brooklyn Deputy Borough President
. As Deputy to Borough President Howard Golden
, Thompson was Golden's designee to the New York City Board of Estimate
. Following the Crown Heights riots, Thompson worked to fix the racial divide that had paralyzed Brooklyn. In 1993, Thompson moved to the private sector for one year, taking a position as senior vice president of the investment firm George K. Baum & Co.
In 1994, Borough President Golden appointed Thompson to be Brooklyn’s representative to the New York City Board of Education
. Two years later, with the backing of Mayor Rudolph Giuliani, Thompson was elected President of the Board, ousting the incumbent Carol Gresser. As Board of Education President, he worked for a more centralized management of the public school system that eventually led to mayoral control. Thompson also fought for better after-school programs, improved teacher quality, and an expanded arts curriculum.
While serving on the Board of Education, Thompson also supported himself by working as a political consultant, as a director of Keyspan Energy (now National Grid USA) and as a director of a small financial firm run by Michael. W. Geffrard, a former deputy city comptroller. Thompson resigned from the Board of Education in March 2001 to run for the office of Comptroller.
Thompson has worked to diversify the pension portfolio from primarily public equities into private equity, real estate and other asset classes. Since 2003, the funds have grown at a pace of 12.33 percent a year, outperforming its actuarial return assumption of 8 percent. In addition, during Thompson’s tenure, assets managed by minority- and women-owned firms have increased from less than $2 billion to over $6 billion.
Thompson has called on American firms in the pension portfolio – including Halliburton, General Electric and Aon – to document the impact of their businesses on the environment. He has insisted that companies doing business in Northern Ireland embrace the goal of equal opportunity in employment and has supported the effort to prohibit workplace discrimination based on sexual orientation.
Since Thompson took office, these funds have been reinvested back into New York City, leading to the creation and rehabilitation of more than 20,000 units of affordable housing, the development of thousands of square feet of commercial space, and investments related to creating clean and renewable sources of energy.
In 2003, Thompson led the effort that led to the deposit of $200 million in city funds to establish new bank branches in traditionally underserved neighborhoods, enabling more New Yorkers to open checking accounts and apply for business loans and mortgages. Thompson has developed a number of community service and education programs to help New Yorkers deal with the challenges of the economic crisis. These programs include consumer banking days (regular events that take place in every borough and feature workshops addressing savings and credit issues), predatory lending reforms and general investment strategies.
In a recent lengthy analysis of Thompson's use of the Comptroller's power to audit city government, the on-line journal City Limits opined that "Thompson has not been a ferocious antagonist to Mayor Michael Bloomberg. Instead, he has mostly praised the mayor's budgets, smiled on his economic policies and hailed Bloomberg's accomplishments with the city's schools." Nonetheless, City Limits found, the Comptroller's office and the Bloomberg administration have in fact engaged in hundreds of "low-level skirmishes" over the Comptroller's audits of city agencies and programs, but Thompson has not audited the mayor's office and mayoral agencies as often as his predecessor, Alan Hevesi
, did under Mayor Rudolph Giuliani. City Limits concluded that "the jury is still out on what impact Thompson's audits have had on city services —- and whether his record as an auditor will matter in the comptroller's current run for mayor."
, a New York City Council
man from Queens, for the Democratic nomination to run in November 2009 against incumbent mayor Michael Bloomberg
. On September 15, 2009, Thompson overwhelmingly won the Democratic nomination, defeating Avella by 70 points.
On July 9, 2009, Thompson was endorsed by the Working Families Party.
On July 21, 2009, the Comptroller's office released a report suggesting that the Bloomberg administration had falsely inflated graduation rates in city schools. Thompson's report did not demonstrate any conclusive evidence of manipulation, "saying only that a lack of oversight, coupled with intense pressure to push up the graduation rate, created the potential for abuse." Thompson also criticized Bloomberg's managerial style as creating incentives for schools to graduate unqualified students. The New York City Department of Education
released a 38-page rebuttal to Thompson's allegations. In addition on July 21, 2009, Thompson said on NY1
that School's Chancellor Joel Klein
should be fired, referring to his Department of Education as "The Enron of American education. Showing the gains and hiding the losses.". It was reported that on October 29, 2009 the principal of Lehman High School was being investigated for granting students credits inappropriately and graduating students without them having completed the required course work. Thompson reiterated once again that the mayoral control of schools breeds abuse.
On July 28, 2009, Quinnipiac University
released a poll showing that Thompson has cut Bloomberg's lead from June in half, now only trailing Bloomberg by 10 percentage points, 47% to 37%. The poll also found that Thompson made significant gains among black voters: Thompson now leads Bloomberg 56% to 30% (up 25 points from June); Democrats: Thompson now leads Bloomberg 45% to 42% (up 12 points from June); and Independents: Bloomberg leads Thompson 49% to 27% (70% to 14% in June). Subsequent Quinipiac polls, however, have shown Bloomberg's lead increase to as much as 16 percentage points, 56%-36%.
As of October 6, 2009, Mayor Bloomberg's lead over Thompson had shrunk to 8%.
On November 3, 2009, Thompson was defeated in his campaign for mayor, losing by 4.6% to Mayor Bloomberg, who is now serving his third consecutive term as Mayor of New York City.
, Senators Chuck Schumer and Kirsten Gillibrand
, Andrew Cuomo
, Congressmen Anthony Weiner and Charlie Rangel, John Liu
, Bill de Blasio, David Yassky
, Reverend Al Sharpton
, Fernando Ferrer
, Ruben Diaz, Jr., former mayor David Dinkins
, and several others.
District Council 37
, the city's largest union, endorsed Thompson on August 13, 2009, giving Thompson "crucial labor support" according to the New York Times. The union, representing 125,000 workers and 50,000 retirees, endorsed Bloomberg in 2005. Other unions that have endorsed Thompson include the International Brotherhood of Electrical Workers Local Union #3, FDNY-EMS Emergency Medical Technicians, Paramedics and Fire Inspectors Union Local 2507, the FDNY-EMS Officers Union Local 3621, the Retail, Wholesale and Department Store Union (RWDSU, UFCW), Allied International Union, Amalgamated Transit Union Local 1056, Local 891, International Union of Operating Engineers, Civil Service Employees Association Local 1000, Communications Workers of America (CWA) District 1, International Association of Machinists District 15, International Brotherhood of Teamsters, Local 808, Local 94 of the International Union of Operating Engineers, The Associated Musicians of Greater New York, Local 802 AFM, and Transport Workers Union (TWU) Local 100.
New York City Comptroller
The Office of Comptroller of New York City is the chief fiscal officer and chief auditing officer of the city. The comptroller is elected, citywide, to a four-year term and can hold office for three consecutive terms. The current comptroller is Democrat John Liu, formerly a member of the New York...
. Sworn into office on January 1, 2002, he was reelected to serve a second term that began on January 1, 2006. He left office on December 31, 2009, having been succeeded by John Liu
John Liu
John Chun Liu is a New York City elected official, currently serving as New York City Comptroller. Liu previously served on the New York City Council representing District 20...
. Thompson was the nominee of the Democratic
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
and Working Families
Working Families Party
The Working Families Party is a minor political party in the United States founded in New York in 1998. There are "sister" parties to the New York WFP in Connecticut, Massachusetts, South Carolina, Delaware, Pennsylvania, Vermont and Oregon, but there is as yet no national WFP...
parties in the 2009 election
New York City mayoral election, 2009
The 2009 election for Mayor of New York City took place on Tuesday, November 3. The incumbent Mayor, Michael Bloomberg, an independent who left the Republican Party in 2008, won reelection on the Republican and Independence Party/Jobs & Education lines with 50.7% of the vote over the retiring City...
for Mayor of New York.
Personal life
Thompson was born and raised in the Bedford-Stuyvesant neighborhood of BrooklynBrooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
. He is the son of Elaine Thompson, a New York City public-school teacher, and William C. Thompson, Sr., formerly a prominent Brooklyn Democratic Party
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
leader, City Councilman
New York City Council
The New York City Council is the lawmaking body of the City of New York. It has 51 members from 51 council districts throughout the five boroughs. The Council serves as a check against the mayor in a "strong" mayor-council government model. The council monitors performance of city agencies and...
, State Senator and judge on New York Supreme Court, Appellate Division
New York Supreme Court, Appellate Division
The Supreme Court of the State of New York, Appellate Division is the intermediate appellate court in New York State. The Appellate Division is composed of four departments .*The First Department covers the Bronx The Supreme Court of the State of New York, Appellate Division is the intermediate...
. Thompson attended Midwood High School
Midwood High School
Midwood High School, at Brooklyn College, is a public, urban, co-ed high school located on Bedford Avenue in Brooklyn, New York City.Midwood High School was for many years the recipient of multiple accolades because of its competitive educational programs and for the achievements of its students...
, a public school in Brooklyn, and graduated from Tufts University
Tufts University
Tufts University is a private research university located in Medford/Somerville, near Boston, Massachusetts. It is organized into ten schools, including two undergraduate programs and eight graduate divisions, on four campuses in Massachusetts and on the eastern border of France...
in 1974.
Thompson has gone through two divorces and is currently married to Elsie McCabe Thompson, President of the Museum for African Art
Museum for African Art
The Museum for African Art is located in the neighborhood of Long Island City in the borough of Queens in New York City, United States. Founded in 1984, the museum is "dedicated to increasing public understanding and appreciation of African art and culture." The Museum is also well known for its...
, whom he married in September 2008. A lifelong Brooklyn resident, Thompson moved to Harlem
Harlem
Harlem is a neighborhood in the New York City borough of Manhattan, which since the 1920s has been a major African-American residential, cultural and business center. Originally a Dutch village, formally organized in 1658, it is named after the city of Haarlem in the Netherlands...
in September 2008 following his most recent marriage. In April 2010, Mr. Thompson joined the prestigious Investment Banking firm of Siebert Brandford Shank, a lead underwriter of municipal bonds.
Political career
Upon his graduation from Tufts in 1974 until 1982, Thompson served as special assistant and chief of staff to former Brooklyn Democratic Rep. Fred RichmondFred Richmond
Frederick William Richmond is a former Democratic member of the United States House of Representatives from New York.-Biography:...
, who pleaded guilty to income tax evasion, marijuana possession and making an illegal payment to a government employee and who resigned his seat pursuant to a plea agreement in 1982. Later, Thompson became the youngest Brooklyn Deputy Borough President
Borough president
Borough President is an elective office in each of the five boroughs of New York City.-Reasons for establishment:...
. As Deputy to Borough President Howard Golden
Howard Golden
Howard Golden was the long-time Democratic borough president of Brooklyn serving from 1977 to December 31, 2001. Prior to becoming Brooklyn Borough President, Golden served as City Councilman for the Borough Park section of Brooklyn...
, Thompson was Golden's designee to the New York City Board of Estimate
New York City Board of Estimate
The New York City Board of Estimate was a governmental body in New York City, responsible for budget and land-use decisions. Under the charter of the newly amalgamated City of Greater New York the Board of Estimate and Apportionment was composed of eight ex officio members: the Mayor of New York...
. Following the Crown Heights riots, Thompson worked to fix the racial divide that had paralyzed Brooklyn. In 1993, Thompson moved to the private sector for one year, taking a position as senior vice president of the investment firm George K. Baum & Co.
In 1994, Borough President Golden appointed Thompson to be Brooklyn’s representative to the New York City Board of Education
New York City Board of Education
The New York City Board of Education is the governing body of the New York City Department of Education. The members of the board are appointed by the mayor and by the five borough presidents.-Rise, fall and return of Mayoral Control:...
. Two years later, with the backing of Mayor Rudolph Giuliani, Thompson was elected President of the Board, ousting the incumbent Carol Gresser. As Board of Education President, he worked for a more centralized management of the public school system that eventually led to mayoral control. Thompson also fought for better after-school programs, improved teacher quality, and an expanded arts curriculum.
While serving on the Board of Education, Thompson also supported himself by working as a political consultant, as a director of Keyspan Energy (now National Grid USA) and as a director of a small financial firm run by Michael. W. Geffrard, a former deputy city comptroller. Thompson resigned from the Board of Education in March 2001 to run for the office of Comptroller.
New York City Comptroller: 2002–2010
As the city’s chief financial officer, he managed a staff of more than 700 professionals with a budget of $68 million.Thompson has worked to diversify the pension portfolio from primarily public equities into private equity, real estate and other asset classes. Since 2003, the funds have grown at a pace of 12.33 percent a year, outperforming its actuarial return assumption of 8 percent. In addition, during Thompson’s tenure, assets managed by minority- and women-owned firms have increased from less than $2 billion to over $6 billion.
Thompson has called on American firms in the pension portfolio – including Halliburton, General Electric and Aon – to document the impact of their businesses on the environment. He has insisted that companies doing business in Northern Ireland embrace the goal of equal opportunity in employment and has supported the effort to prohibit workplace discrimination based on sexual orientation.
Since Thompson took office, these funds have been reinvested back into New York City, leading to the creation and rehabilitation of more than 20,000 units of affordable housing, the development of thousands of square feet of commercial space, and investments related to creating clean and renewable sources of energy.
In 2003, Thompson led the effort that led to the deposit of $200 million in city funds to establish new bank branches in traditionally underserved neighborhoods, enabling more New Yorkers to open checking accounts and apply for business loans and mortgages. Thompson has developed a number of community service and education programs to help New Yorkers deal with the challenges of the economic crisis. These programs include consumer banking days (regular events that take place in every borough and feature workshops addressing savings and credit issues), predatory lending reforms and general investment strategies.
In a recent lengthy analysis of Thompson's use of the Comptroller's power to audit city government, the on-line journal City Limits opined that "Thompson has not been a ferocious antagonist to Mayor Michael Bloomberg. Instead, he has mostly praised the mayor's budgets, smiled on his economic policies and hailed Bloomberg's accomplishments with the city's schools." Nonetheless, City Limits found, the Comptroller's office and the Bloomberg administration have in fact engaged in hundreds of "low-level skirmishes" over the Comptroller's audits of city agencies and programs, but Thompson has not audited the mayor's office and mayoral agencies as often as his predecessor, Alan Hevesi
Alan Hevesi
Alan G. Hevesi is a Democratic politician whoserved as a New York State Assemblyman from 1971 to 1993, as Comptroller of the City of New York from 1994 to 2001, and as State Comptroller for the State of New York from 2003 to 2006...
, did under Mayor Rudolph Giuliani. City Limits concluded that "the jury is still out on what impact Thompson's audits have had on city services —- and whether his record as an auditor will matter in the comptroller's current run for mayor."
2009 Mayoral Campaign
Thompson was opposed by Tony AvellaTony Avella
Tony Avella is an American politician and Democratic State Senator from the 11th New York Senate district. Avella was a member of the New York City Council from the borough of Queens from 2002 to 2009...
, a New York City Council
New York City Council
The New York City Council is the lawmaking body of the City of New York. It has 51 members from 51 council districts throughout the five boroughs. The Council serves as a check against the mayor in a "strong" mayor-council government model. The council monitors performance of city agencies and...
man from Queens, for the Democratic nomination to run in November 2009 against incumbent mayor Michael Bloomberg
Michael Bloomberg
Michael Rubens Bloomberg is the current Mayor of New York City. With a net worth of $19.5 billion in 2011, he is also the 12th-richest person in the United States...
. On September 15, 2009, Thompson overwhelmingly won the Democratic nomination, defeating Avella by 70 points.
On July 9, 2009, Thompson was endorsed by the Working Families Party.
On July 21, 2009, the Comptroller's office released a report suggesting that the Bloomberg administration had falsely inflated graduation rates in city schools. Thompson's report did not demonstrate any conclusive evidence of manipulation, "saying only that a lack of oversight, coupled with intense pressure to push up the graduation rate, created the potential for abuse." Thompson also criticized Bloomberg's managerial style as creating incentives for schools to graduate unqualified students. The New York City Department of Education
New York City Department of Education
The New York City Department of Education is the branch of municipal government in New York City that manages the city's public school system. It is the largest school system in the United States, with over 1.1 million students taught in more than 1,700 separate schools...
released a 38-page rebuttal to Thompson's allegations. In addition on July 21, 2009, Thompson said on NY1
NY1
NY1, New York One, is a 24-hour cable-news television channel focusing on the five boroughs of New York City. In addition to news and weather forecasts, the channel also features human-interest segments such as the "New Yorker of the Week" and the "Scholar Athlete of the Week", and specialty...
that School's Chancellor Joel Klein
Joel Klein
Joel Irwin Klein was Chancellor of the New York City Department of Education, the largest public school system in the United States, serving more than 1.1 million students in more than 1,600 schools...
should be fired, referring to his Department of Education as "The Enron of American education. Showing the gains and hiding the losses.". It was reported that on October 29, 2009 the principal of Lehman High School was being investigated for granting students credits inappropriately and graduating students without them having completed the required course work. Thompson reiterated once again that the mayoral control of schools breeds abuse.
On July 28, 2009, Quinnipiac University
Quinnipiac University
Quinnipiac University is a private, nonsectarian, coeducational university located in Hamden, Connecticut, United States at the foot of Sleeping Giant State Park...
released a poll showing that Thompson has cut Bloomberg's lead from June in half, now only trailing Bloomberg by 10 percentage points, 47% to 37%. The poll also found that Thompson made significant gains among black voters: Thompson now leads Bloomberg 56% to 30% (up 25 points from June); Democrats: Thompson now leads Bloomberg 45% to 42% (up 12 points from June); and Independents: Bloomberg leads Thompson 49% to 27% (70% to 14% in June). Subsequent Quinipiac polls, however, have shown Bloomberg's lead increase to as much as 16 percentage points, 56%-36%.
As of October 6, 2009, Mayor Bloomberg's lead over Thompson had shrunk to 8%.
On November 3, 2009, Thompson was defeated in his campaign for mayor, losing by 4.6% to Mayor Bloomberg, who is now serving his third consecutive term as Mayor of New York City.
Endorsements
Thompson's mayoral candidacy has been endorsed by President Barack ObamaBarack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
, Senators Chuck Schumer and Kirsten Gillibrand
Kirsten Gillibrand
Kirsten Elizabeth Rutnik Gillibrand is an attorney and the junior United States Senator from the state of New York and a member of the Democratic Party...
, Andrew Cuomo
Andrew Cuomo
Andrew Mark Cuomo is the 56th and current Governor of New York, having assumed office on January 1, 2011. A member of the Democratic Party, he was the 64th New York State Attorney General, and was the 11th United States Secretary of Housing and Urban Development...
, Congressmen Anthony Weiner and Charlie Rangel, John Liu
John Liu
John Chun Liu is a New York City elected official, currently serving as New York City Comptroller. Liu previously served on the New York City Council representing District 20...
, Bill de Blasio, David Yassky
David Yassky
David S. Yassky is a former member of the New York City Council. First elected in 2001, he represented the 33rd Council District, which includes parts of downtown Brooklyn, including Brooklyn Heights, Greenpoint, Williamsburg, DUMBO, Boerum Hill and Park Slope.Yassky is a graduate of Princeton...
, Reverend Al Sharpton
Al Sharpton
Alfred Charles "Al" Sharpton, Jr. is an American Baptist minister, civil rights activist, and television/radio talk show host. In 2004, he was a candidate for the Democratic nomination for the U.S. presidential election...
, Fernando Ferrer
Fernando Ferrer
Fernando James "Freddy" Ferrer was the Borough President of The Bronx from 1987 to 2001, and was a candidate for Mayor of New York in 2001 and the Democratic Party nominee for Mayor in 2005.- Background :...
, Ruben Diaz, Jr., former mayor David Dinkins
David Dinkins
David Norman Dinkins is a former politician from New York City. He was the Mayor of New York City from 1990 through 1993; he was the first and is, to date, the only African American to hold that office.-Early life:...
, and several others.
District Council 37
District Council 37
District Council 37 was chartered in 1944 by AFSCME to represent public employees in New York City. It was small and relatively unsuccessful under its first president, Henry Feinstein...
, the city's largest union, endorsed Thompson on August 13, 2009, giving Thompson "crucial labor support" according to the New York Times. The union, representing 125,000 workers and 50,000 retirees, endorsed Bloomberg in 2005. Other unions that have endorsed Thompson include the International Brotherhood of Electrical Workers Local Union #3, FDNY-EMS Emergency Medical Technicians, Paramedics and Fire Inspectors Union Local 2507, the FDNY-EMS Officers Union Local 3621, the Retail, Wholesale and Department Store Union (RWDSU, UFCW), Allied International Union, Amalgamated Transit Union Local 1056, Local 891, International Union of Operating Engineers, Civil Service Employees Association Local 1000, Communications Workers of America (CWA) District 1, International Association of Machinists District 15, International Brotherhood of Teamsters, Local 808, Local 94 of the International Union of Operating Engineers, The Associated Musicians of Greater New York, Local 802 AFM, and Transport Workers Union (TWU) Local 100.
2013 Mayoral Campaign
Thompson has announced his intention to run again for mayor as a Democrat in 2013, when the seat will next be up for election. Unlike his 2009 campaign, there will be no incumbent in the race in 2013, as New York's term-limits law prohibits Mayor Bloomberg from running for a fourth term, although similar circumstances did not prevent Bloomberg from running in 2009.See also
- New York City ComptrollerNew York City ComptrollerThe Office of Comptroller of New York City is the chief fiscal officer and chief auditing officer of the city. The comptroller is elected, citywide, to a four-year term and can hold office for three consecutive terms. The current comptroller is Democrat John Liu, formerly a member of the New York...
- New York City mayoral election, 2009New York City mayoral election, 2009The 2009 election for Mayor of New York City took place on Tuesday, November 3. The incumbent Mayor, Michael Bloomberg, an independent who left the Republican Party in 2008, won reelection on the Republican and Independence Party/Jobs & Education lines with 50.7% of the vote over the retiring City...