I know a con when I see one: Michael Bloomberg

In what’s being called a coup for the Democrats, self-made billionaire, philanthropist and former New York mayor Michael Bloomberg told divided Americans Wednesday it was time to unite behind Hillary Clinton in order to defeat “demagogue” Donald Trump in November’s presidential election.

In a speech that was a resounding endorsement of Ms Clinton and a public thumping of fellow billionaire Mr Trump, Mr Bloomberg, after pointing out Mr Trump’s bankruptcies and tendency to file lawsuits, told the Democratic National Convention in Philadelphia, “Trump says he wants to run the nation like he’s running his business God help us.”

Issuing stinging rebukes, describing Mr Trump as singularly unfit for the presidency and calling his business plan “a disaster in the making,” he said, “I’m a New Yorker, and I know a con when I see one.”

Mr Bloomberg, who has been a Republican, Democrat and Independent, called for electing Ms Clinton “not for party loyalty but for love of country.”

“There are times when I disagree with Hillary,” he admitted, adding, “But whatever our disagreements may be, I’ve come here to say: We must put them aside for the good of our country, and we must unite around the candidate who can defeat a dangerous demagogue.”

Americans “need a President who is a problem-solver, not a bomb-thrower,” he added.

But Mr Bloomberg saved his best line for the end of speech (and he reportedly went off his prepared remarks to deliver it): “Together, let’s elect a sane, competent person”.

Mr Bloomberg’s $41.7 billion fortune makes him the eighth richest person in the world according to Forbes, which calculated Mr Trump’s net worth at $4.5 billion, putting him at 324th place in the list of world’s billionaires.