Is This the Sign We've Been Looking For?

Michael Bloomberg's decision to install his right hand man Dan Doctoroff as the new president of Bloomberg L.P. suggests that the mayor is laying the groundwork for an exit strategy—both for himself, and for his company.

Doctoroff, a former investment banker, had been the Deputy Mayor for Economic Development, at a salary of $1 per year. Presumably, he will be making somewhat more at the mayor's giant financial data company.

Doctoroff is leaving City Hall with several signature projects incomplete, the including Hudson River Yards development, the congestion-pricing plan, and the makeover of Willets Point in Queens, the New York Post notes. Doctoroff's failure to bring the 2012 Olympics to New York was a bitter blow.

Nevertheless, Mayor Mike is so enamored of Doctoroff that he suggested that Doctoroff would have a greater impact on New York than the relentless city-builder Robert Moses.

A bit of hyperbolic flattery for a close and trusted aide, to be sure, but no matter. As one of the most popular and powerful men around, Bloomberg can say pretty much whatever he wants.

There are a number of ways to interpret the installation of Doctoroff as president of Bloomberg L.P. One possibility is that the mayor is ensuring that Bloomberg L.P. will be run by a loyal lieutenant, should the mayor find himself suddenly traveling all around the country shaking hands and kissing babies.

Bloomberg and Kevin Sheekey—the man whispering "Run, Mayor Mike, Run" in his ear—have been playing a cat and mouse game with the news media regarding Bloomberg's presidential ambitions. As a result, it's hard to take his repeated denials all too seriously.

If Bloomberg does run, he can do so confident that one of his "top guys" is running the company that bears his name—and is responsible for his fortune.

Another possibility is that Bloomberg wants to make sure his company running at optimum performance in preparation for the sale of the firm. He owns 68 percent of the financial-information company, a stake worth something north of $10 billion. He may feel that Doctoroff is the man he wants to keep the firm ready for inspection, should he choose to sell it.

by Sam Gustin