This week, Wall Street and Washington, DC, are buzzing about the power of money in politics. No wonder: Michael Bloomberg, the former New York mayor, has thrown his hat into the race for Democratic presidential nominee and plans to use his billionaire largesse to campaign.

Last Friday alone, Bloomberg reportedly spent about $30m on a blitz of television ads. This sparked a wave of furious anti-billionaire complaints from his rivals in the Democratic race (never mind that his TV ads are not very compelling).

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now