Michael Bloomberg’s political interest in the coming presidential campaign has resulted in an unprecedented dilemma if he wins the seat. The president is not allowed to handle business for the interest of internal and international business, an influence criticized on Trump even though he relegated business responsibility to his sons. Being the ninth richest personal, with Bloomberg valued at $60 billion, it would not be easy to get a buyer of the company as he proposes. According to Alpert and Gottfried (2010), Bloomberg’s association with business has been evident since he was mayor of New York and led him to step aside as he declined ethical procedures on divestment. He also proposes to place his wealth in a blind fund and the remaining amount given to Bloomberg Philanthropies, his charity foundation but the Office of Government Ethics hinted on his eligibility for a tax deferral or a government-approved investment before the sale.
Ethical Question: Should Bloomberg sell his company or give to his charity foundation for the interest of international trade, or should he retain it and allow divestment?
Deontological approach. Deontology is based on the following rules and doing their duty based on set guidelines and principles. The “right” here is the best state of affairs in national and international business, guided by duty and free of individual interest. In this scenario, I would recommend that if Michael wants to be president, then he should allow for divestment according to the Office of Government Ethics’ recommendation for the interest of global trade. This way, he won’t be influenced into personal economic interests and subvert statutory rules and regulations which govern the position.
Alpert L. and Gottfried M. (2020). The Wall Street Journal. https://www.wsj.com/articles/michael-bloombergs-global-business-wont-be-easy-to-cast-off-11583154347