That Michael Bloomberg still needs to be vetted by the bureaucratic geeks at the Conflicts of Interest Board – after nearly six full years as mayor of New York City – is absurd on its face.
When Bloomberg became mayor, the COIB ordered him to keep most of his personal fortune in mutual funds.
The COIB this week ruled that it was OK for Bloomberg to expand his portfolio – particularly the holdings of his charitable foundation – provided he hire outsiders to manage the investments.
Under the new ruling, the mayor’s money can be parked in a variety of other assets, including real estate, hedge funds, commodities and stocks.
However, he must remain ignorant of the names of the money managers and exactly where they invest his cash.
In placing these restrictions upon the mayor, the COIB insinuates that were he to know where his money is being invested, he could – do what?
Somehow profit unduly from his mayoralty – and become even richer than he already is?
We’re not without our differences with Mayor Mike, but the notion that he might abuse his office for personal monetary gain insults both Bloomberg and the intelligence of thoughtful New Yorkers.
If the COIB scrutiny is the law, then the law is indeed a ass.