Sideways: Bloomberg’s billion-dollar US election bet

Wall Street leaders alarmed by the prospect of a populist anti-finance president such as Elizabeth Warren or Bernie Sanders were given some hope when Michael Bloomberg declared his candidacy for the Democratic nomination.

Michael Bloomberg is a dream candidate for executives who would like an alternative to Donald Trump without disruption to business as usual for corporate America.

Bloomberg started on Wall Street at Salomon Brothers, built his own data and media empire and was an efficient technocratic mayor of New York before a return to his eponymous firm that was widely assumed to be a temporary stop while he decided what to do next. 

Bloomberg launched his campaign with a barrage of TV ads, while his personal fortune of close to $60 billion will allow him to comfortably outspend any of his rivals if the candidacy develops momentum.

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