Upwardly Mobile Mayor

This week, Forbes magazine released its widely-followed list of the wealthiest Americans, the "Forbes 400."

Not surprisingly, the collective wealth of the Forbes 400 declined over the past year, for only the fifth time since 1982.

A highlight: Mike Bloomberg, FBB's favorite mayor, has cracked the top 10, landing at the #8 spot, with an estimated net worth of approximately $17.5 billion.

Bloomberg's net worth was boosted by a recent transaction which valued Bloomberg L.P., the media and financial data firm he founded, at more than $20 billion. Mr. Bloomberg now owns about 85% of that firm, after buying out Merrill Lynch's 20% stake.

Much to FBB's chagrin, I'm actually something of a fan of Mayor Bloomberg, and it goes beyong the fact that we are both alums of Johns Hopkins.

Bloomberg is a classic example of someone who has "done well while doing good." He has donated more than half a billion dollars to charity over the past five years, an estimated $235 million in 2008 alone, according to Forbes.

So, whether or not you agree with his policies, or his end-run around New York City's term-limits laws, one thing about him is indisputable: He is one of the great philanthropists of our times.

Maybe he could donate $7 billion to New York City, to cover the anticipated tax revenue shortfall in 2010.

Something tells me that within a couple of years, Bloomberg will be begging for retroactive term limits.