Billionaire Bill Ackman wrote an op-ed in support of Bloomberg for president because 'America is burning'

Bill ackmanBrendan McDermidBill Ackman.

Billionaire activist investor Bill Ackman, the CEO of $13 billion Pershing Square Capital, has just published an op-ed in the Financial Times throwing his support behind former New York City Mayor Michael Bloomberg for president.

Back in October, Ackman said at an investment conference at Bloomberg’s New York headquarters that he would do “anything in [his] power” to get Bloomberg elected.

Now he’s taking an activist approach. Ackman writes that a “proxy contest is looming” in the US and that our country is in need of a “turnaround.”

To him, Bloomberg is the right guy for the job.

Here’s Ackman:

Today America is burning. Our government is wasteful and dysfunctional. Our national debt exceeds our gross domestic product. Our bridges, roads, airports and tunnels are crumbling. Our school system fails to educate our children. Our middle class is shrinking. Our tax code drives our most profitable businesses to relocate to foreign jurisdictions. Our immigration laws force talented young scientists and entrepreneurs to competitor nations. Our incomprehensible regulations fail to protect us from fraud, crime, pollution and abuse of power, while stunting growth and impairing our global competitiveness. Our international standing has deteriorated. Our enemies no longer take our pronouncements seriously and our military supremacy is threatened. The American dream is fading.

Yet there is hope. The key is finding the right leader. And that leader is Mr Bloomberg, who told the Financial Times this week that he is considering joining the race for the White House. His character is unimpeachable and he is an extraordinary entrepreneur and philanthropist. He has great judgment and is beholden to no one. He has a proven business record, having created $40bn of value building one of the most successful media and information technology companies in the world.

“My view is that Michael Bloomberg is going to run for president and Michael Bloomberg is going to win,” Ackman predicted at the October conference.

Ackman has said that he’s not supporting any other candidates because he thinks Bloomberg will ultimately run.

Bloomberg, 73, told the Financial Times this week that he’s “looking at all options.”

Read Ackman’s full op-ed at the FT»

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