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).

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