President Donald Trump's greed has resulted in multiple questions as whether he is acting in the best interests of America or in his own personal financial interests. But things could get worse if billionaire Michael Bloomberg is elected president in 2020, The Washington Post warned in a blockbuster expose published on New Year's Day.
The expose focused on Bloomberg's business interests in China. Bloomberg has defended Chinese President Xi Jinping “is not a dictator" and praised Vice President Wang Qishan.
"If President Trump’s unprecedented decision to retain ownership of his global real estate business has tested the limits of America’s ethics laws and traditions, sparking lawsuits and allegations of influence by foreign interests, a Bloomberg presidency could present a whole new level of overseas entanglements — with China as a prime example," The Post reported.
"Tensions have grown between Washington and Beijing in recent years amid trade disputes, clashes over democracy and human rights, and disagreements over China’s efforts to expand its influence around the world. Yet Bloomberg, who is spending tens of millions of dollars of his own money to compete for the Democratic presidential nomination, has deepened his entanglements with that key U.S. adversary — forging close financial ties there while showering praise on the Communist Party leaders whose goodwill is required to play a role in that fast-growing market," the newspaper explained.
"Trump’s ownership of hotels, including one near the White House, has been challenged as a violation of a constitutional provision that forbids a president from taking payments from foreign governments. Bloomberg’s business is far broader, interwoven into the financial fabric throughout the world," The Post noted. "While Bloomberg has stepped aside from running his privately held company as he runs for president, he has maintained his 88 percent ownership stake. If elected, a spokesman said, Bloomberg would either put the company in a blind trust or sell it. It is not clear whether putting his business in a blind trust would negate questions about a conflict of interest because Bloomberg would know the main asset of the trust is his company."
"Now that Bloomberg is a candidate, his decades of work in China and relationship with the Chinese leadership are drawing unprecedented scrutiny at a time of continuing tensions between the countries with the world’s two largest economies," the newspaper reported. "Among those awaiting an explanation for his statement that Xi is not a dictator are advocates for Uighurs, Kazakhs and other ethnic minorities who have been forced into internment camps and other facilities in the Xinjiang region."
That scrutiny is resulting in criticism.
Hedge fund manager Kyle Bass said the Chinese government, “has enormous financial leverage over anyone who does business with them, and so when Mike Bloomberg does interviews and says Xi is not a dictator, I believe Mike Bloomberg is blinded by his wallet.”
The "not a dictator" line could haunt Bloomberg.
Louisa Greve, the director of global advocacy for the Uyghur Human Rights Project, also blasted Bloomberg's defense of Xi.
"Mr. Bloomberg is completely wrong in saying that Mr. Xi is not a dictator and completely wrong in saying he is responsive,” Greve said.
Read the full expose.
