Bloomberg Calls Trump 'Walking Financial Conflict Of Interest', Will Sell Company If Elected

One promise Donald Trump has kept since his inauguration as president on Jan. 20, 2017 is his pledge not to totally divest himself of ownership in the Trump Organization, or in the hundreds of business firms he either controls or invests in.

Former New York mayor Mike Bloomberg vows not to "do a Trump" and promises to sell Bloomberg L.P., the financial, software, data, and media company he co-founded along with three other persons in 1981, if elected president in November. Bloomberg is the CEO of Bloomberg L.P.

Bloomberg will place Bloomberg L.P. into a blind trust. He will later have the trustee sell the company. Proceeds from the sale will go to Bloomberg Philanthropies, said campaign adviser Tim O’Brien.

Based in New York City, Bloomberg Philanthropies, is the 12th largest foundation in the United States. It focuses its resources on five areas: the environment, public health, the arts, government innovation and education.

O’Brien said the only restriction Bloomberg will place on the sale of Bloomberg L.P. is it not be sold to a foreign buyer or a private equity company.

"There will be no confusion about any of his financial holdings blurring the line between public service and personal profiteering," said O'Brien to CNN. "We will be 180 degrees away from where Donald Trump is on these issues because Donald Trump is a walking financial conflict of interest," he pointed out.

“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.”

Bloomberg is coming under more scrutiny because of his wealth ($62 billion, making the sixth richest person in America) and his massive business holdings from his eight rivals for the Democratic presidential nomination. An especially fierce critic of Bloomberg is Vermont independent senator Bernie Sanders, who keeps railing at Bloomberg for using his wealth to buy the presidency. Bloomberg has spent more than $400 million of his own money since declaring his candidacy on Nov. 24, 2019. Much of that money has gone to his quest to win Super Tuesday on March 3 when 14 states will hold their own primaries.

On January 17, Trump told the world he's maintaining ownership of his global business empire but will hand day-to-day control of these firms to his two oldest sons, Donald Jr. and Eric. Government ethics watchdogs blasted Trump's decision as a blatant conflict of interest, with some even calling it illegal.

Walter Shaub, director of the U.S. Office of Government Ethics, said at the time his office recommended Trump “divest his conflicting assets” to avoid conflicts. He urged Trump to completely divest or set up a blind trust for his assets. Trump has refused and has continued to make money from his properties to this day.

“President-elect Trump should not be expected to destroy the company he built,” said Trump tax lawyer Sheri Dillon in defending Trump's decision not to completely divest.