Personal Finanace

Bloomberg Gets Second Extension on Personal Financial Disclosure

(Bloomberg) — Michael Bloomberg requested and received a second extension for filing a personal financial disclosure report, meaning the public likely won’t see details about his assets until after the March 3 primaries that are the focus of his Democratic presidential campaign strategy.

In requesting the delay from the Federal Election Commission, Bloomberg campaign attorney Lawrence Norton wrote that the former New York mayor had “made diligent efforts to prepare his report” but needed more time because his holdings were so complex and he relies on third parties to provide information. The disclosure was originally due on Dec. 21, but he’d also gotten an earlier extension until Feb. 4. He now has until March 20.

The extension means Bloomberg won’t have to provide the details about his assets and income until after Super Tuesday on March 3, when voters in 14 U.S. states, Democrats abroad and voters in American Samoa cast ballots, a day when 34% of pledged delegates needed for the nomination will be awarded. Bloomberg is staking his campaign on Super Tuesday after skipping the contests in February.

Bloomberg campaigned Friday in California, the biggest delegate prize on Super Tuesday, awarding 10% of the needed pledged delegates.

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In Monterey, California, Bloomberg talked about the importance of the primary, saying, “Our campaign is going all in in California. As California goes, so goes the Democratic Party.”

He said that if he’s not the party’s nominee, he will vote for whoever wins. But he criticized his rivals for using California as a fundraising engine – a longtime concern among state leaders that prompted them to move up the primary election from June to March.

“You don’t see a lot of Democratic candidates here now, unless they’re here raising money,” Bloomberg said. “There are only 45 days before the California primary, and we have to make every day count.”

The other candidates have campaigned in California — Joe Biden received the endorsement of Los Angeles Mayor Eric Garcetti recently — as well as attended fund-raisers in Silicon Valley, Hollywood and other state money centers.

Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.

Bloomberg is entirely self-financing his campaign. That’s drawn criticism from Elizabeth Warren, Bernie Sanders and other rivals that he’s trying to “buy” the nomination.

Under federal election laws, candidates have to file personal financial disclosures with the FEC within 30 days of formally launching their campaigns. They can request two 45-day extensions if they can show they are unable to complete their disclosures within the allotted time. Several candidates requested extensions in 2019, including Biden, billionaire Tom Steyer and Deval Patrick, a former Bain Capital LP managing director as well as a former governor Massachusetts.

Financial disclosures provide details about presidential candidates’ assets, sources of income, debt, positions held and other information. Candidates have to list the names of all equities, partnerships and other investment vehicles in which they hold stakes. Assets and income are valued within wide ranges, with the top value $50 million or more, so they cannot be used to determine an individual’s wealth.

Bloomberg’s campaign has said he would be releasing his tax returns but hasn’t indicated when or how many years of records would be made public. President Donald Trump has refused to disclose his tax returns, drawing criticism from the Democratic contenders.

–With assistance from Jeffrey Taylor.

To contact the reporters on this story: Bill Allison in Washington DC at ballison14@bloomberg.net;Mark Niquette in Columbus at mniquette@bloomberg.net

To contact the editors responsible for this story: Wendy Benjaminson at wbenjaminson@bloomberg.net, John Harney

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

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neallesh@yahoo.co.uk

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