Bloomberg won’t disclose finances until after Iowa caucuses

Billionaire former New York mayor Michael Bloomberg won’t have to file a mandatory financial disclosure until after Iowa’s first-in-the-nation presidential contest, under an extension granted by the Federal Election Commission this week.

Presidential candidates are required to reveal their investments, businesses and streams of income. Only Bloomberg, fellow billionaire Tom Steyer and former Massachusetts Gov. Deval Patrick have yet to do so. Each of those candidates were late entering the Democratic presidential primary.

Bloomberg, who has long eyed a White House bid, sits atop a sprawling business empire and is worth more than $50 billion, easily making him the wealthiest candidate in the contest.

He has been laying the groundwork for a campaign for months and has flooded primary states with over $100 million worth of radio and TV advertising after entering the race last month. But his attorneys say he is not yet prepared to disclose his investments and income.

“Mr. Bloomberg requires additional time to collect information regarding complex holdings and prepare and file his report,” attorney Lawrence H. Norton wrote in a letter to the Federal Election Commission on Friday.

The FEC on Monday granted his request, giving him until Feb. 4 to file — one day after the Iowa caucuses.

— AP