White House run wouldn't force Bloomberg to sell

By Andy Sullivan

WASHINGTON (Reuters) - New York Mayor Michael Bloomberg could face increased pressure to sell his media company if he runs for president, but he would not be required to do so, legal experts said on Thursday.

No law would require Bloomberg to sell his majority stake in the company that bears his name even if he wins the presidency, but every decision he made in the Oval Office would be scrutinized for the impact it would have on the news and financial information provider, experts said.

"When it comes to a conflict of interest, technically for the president of the United States, that becomes a political issue, not a legal one," said Jan Baran, a campaign finance lawyer.

Bloomberg's decision to quit the Republican Party ignited speculation that he might be planning an independent presidential run in 2008.

Bloomberg, 65, said on Wednesday that he is not a candidate for president and reiterated his plans to serve as mayor through the end of his term in 2009, but left the door open for a possible run.

Political observers say he would face long odds, even if he used his considerable fortune to finance an independent bid. Forbes Magazine estimated his net worth at $5.3 billion in 2006, ranking him 44th on its list of richest Americans.

Bloomberg has governed on economic issues as a fiscal conservative but is more liberal on social issues such as gun control, gay marriage and the environment.

His ownership of the company has not been a major issue during his tenure as mayor but that could change if he mounts a national campaign, Hunter College political science professor Ken Sherrill said.

'SCRUTINY ... MORE INTENSE'

"I think that all candidates for the presidency are subject to a level of scrutiny that is considerably more intense than the scrutiny for people given to people in other offices," Sherrill said.

As a candidate for U.S. office, Bloomberg would have to disclose his assets and income.

Every president since Reagan has placed his assets in a blind trust to minimize conflicts of interest. Administrators of the trust are directed to sell off its assets so the officeholder can govern with no knowledge of how it might affect his net worth.

Bill and Hillary Clinton said last week that they had dissolved their blind trust and converted their assets to cash and U.S. Treasury bonds to minimize conflicts of interest as Hillary runs for the 2008 Democratic nomination.

Bloomberg would face additional restrictions on using his news service to publish personal opinions. He gave up management responsibility for the company during his first run for mayor.

"I don't have any particular concerns with him not putting it in a private trust. Everyone knows what Mr. Bloomberg does for a living," said Paul Ryan, associate legal council at the Campaign Legal Center, an ethics watchdog group based in Washington.