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Why Bloomberg's endorsement of Hillary Clinton may backfire

Breakingviews
Rob Cox
Former Mayor of New York City, Michael Bloomberg
Mustafa Yalcin | Anadolu Agency | Getty Images

Nobody fights for Wall Street's interests like Mike Bloomberg. And why shouldn't he? For 12 years he governed as mayor of the city of New York, whose economic fortunes are inextricably tied to the financial industry's success. In his private capacity, the financial-data firm bearing his name is one of the main purveyors of picks and shovels to the global banking complex.

So when the former Democrat-turned-Republican-turned-independent was toying with a run as a third-party candidate for the U.S. presidency earlier this year, Bloomberg fast became the pick of plutocrats. "Today America is burning," Bill Ackman, the billionaire hedge-fund manager wrote in the Financial Times. "Yet there is hope. The key is finding the right leader. And that leader is Mr. Bloomberg."