Billionaire Bloomberg plans to seek third mayoral term

Oct 1, 2008, 16:10 GMT

New York - New York Mayor Michael Bloomberg, a successful politician after a life as a financier, plans to seek a reversal a local law limiting mayors to two terms of four years each so he can run again, news reports said Wednesday.

Bloomberg, who founded the financial data services bearing his name before entering politics, planned to announce his candidacy for a third term on Thursday and to propose a revision of the 15-year-old term limits law.

His second term as mayor will expire on December 31, 2009. He spent reportedly close to 100 million dollars when he ran the first time and 70 million dollars to get elected for the second term.

The New York Times said Bloomberg has the intention to introduce a new legislation to the City Council expanding the law, The Times said.

Both The Times and the New York Daily News reported Bloomberg's intention to remain at the helm of New York City, which is going through a financial crisis threatening to dethrone Wall Street and the city as the world's top financial city. Bloomberg is seen as the best person to save the city, as a politician and financier.

Bloomberg, a registered independent, had ambitions also to run for he White House. But he never received a nationwide echo.