Bloomberg would sell business interests if elected president.
Bloomberg would put Bloomberg LP into a blind trust, and the trustee would then sell the company, adviser Tim O'Brien said. Proceeds from the sale would go to Bloomberg Philanthropies, the charitable giving arm that funds causes from climate change to public health and grants for American cities.
The only restriction Bloomberg would put on the sale is that it not be sold to a foreign buyer or a private equity company, O'Brien said. Bloomberg, a Democrat, is currently chief executive of the company. "We want to be 180 degrees apart from Donald Trump around financial conflicts of interest," O'Brien told The Associated Press. "We think it's one of the biggest stains on the presidency, and Trump's record is his refusal to disengage himself in his own financial interests. And we want to be very transparent and clean and clear with voters about where Mike is on these things.
Indeed, as one of the world's wealthiest people, Bloomberg would have an extraordinarily complicated financial picture to untangle if he wins the presidency. His commitment to selling the company stands in stark contrast to the Republican Trump, who refused to fully divest from his business, instead putting his assets in a trust controlled by his two adult sons and a senior company executive. He has continued to make money from his properties.
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