New York City Mayor Michael Bloomberg is prepared to spend one billion dollars of his own money for a 2008 White House bid, the Washington Times reports, citing his friends and "close associates" .  
However, Mayor Bloomberg yesterday made light of Senator Chuck Hagel's suggestion that Bloomberg could run as an independent with Hagel as running mate. Bloomberg has so far denied that he is running but has not ruled out the possibility either. 
Media reports speculate that Bloomberg is considering a run if the Democratic and Republican nominees cater more to the parties' bases, leaving room for an independent candidate who can attract moderate voters for both camps.
TIME magazine reports that Bloomberg was at first ready to consider spending US$500 million for a presidential run. 
Michael Bloomberg could have more money than either party candidates, former FEC chairman  Michael E. Toner told the Times.  Those funds would come in handy to mobilize the thousands of petitions needed to qualify for a run in some states. 
The Washington Times also has reports of a Bloomberg adviser saying some people involved with John McCain's Presidential Campaign are prepared to leave and join Bloomberg's campaign if he does indeed run. 
Bloomberg's advisers have also said that they have been studying and learning from Ross Perot's Presidential campaign in 1992.  They have called and talked with Perot's former advisers and campaign workers to learn from their mistakes and experience. 
Bloomberg made his fortune with his company Bloomberg L.P., a financial news and data company. Forbes magazine ranked him 44th on a list of wealthiest Americans and 142nd on a list of billionaires  worldwide. His net worth is estimated at US$5.5 billion.
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Media speculate over possible presidential bid by Michael Bloomberg