Michael Bloomberg condemns Donald Trump in damning speech: 'I know a con when I see one'

'Truth be told, the richest thing about Donald Trump is his hypocrisy,' says the influential former Mayor of New York

Michael Bloomberg has delivered one of the most withering arguments against electing Donald Trump as president - calling his run for the White House a "con".

Mr Bloomberg, who founded financial analysis company Bloomberg LP and is worth an estimated $47 billion (£35.6bn), provided the perfect foil to Mr Trump's long-standing claim that his success in business matters proves his suitability for the presidency.

The former mayor of New York's words on the third day of the Democratic National Convention - in which he unequivocally stated his support for Hillary Clinton - prompted most cheers when he stated of her rival: "I know a con when I see one."

"Most of us who have created a business know that we're only as good as good as the way our employees, clients and partners view us. Most of us don't pretend that we're smart enough to make every decision by ourselves," he explained.

"And most of us who have our names on the door know we are only as good as our word. But not Donald Trump.

"Through his career, Donald Trump has left behind a well-documented record of bankruptcies and thousands of law suits, and angry stockholders, and contracters who feel cheated and disillusioned customers who feel they've been ripped off."

Mr Bloomberg also attacked Mr Trump's business record, which includes bankruptcy and law suits. Looking out towards the crowd Mr Bloomberg delivered a blow which caused laughter and whoops from the audience.

"Trump says he wants to run the nation like he's running his business? God help us!"

Mr Trump's inability to compromise with political opponents, in the same week he has appeared to encourage Russia to spy on Ms Clinton's emails, was compared by Mr Bloomberg to Ms Clinton's history of working with Republicans to re-build New York following the 9/11 attacks.

And her international experience in political office as a "sane, competent person" was thrown into sharp contrast with Mr Trump's reported political and business dishonesty.

"Trump says he'll punish manufacturers that move to Mexico or china, but the clothes he sells are made overseas in low wage factories," said Mr Bloomberg.

"He says he wants to put Americans back to work. But he games the US visa system so he can hire temporary foreign workers at low wages. He says he wants to deport 11 million undocumented people, but he seems to have no problem in hiring them. What did I miss here?

"Truth be told, the richest thing about Donald Trump is his hypocrisy."

Mr Bloomberg's rousing endorsement of Ms Clinton, whose campaign has been split by a strong challenge from left-winger Bernie Sanders, came after Barack Obama, Michelle Obama, and her husband and former President Bill Clinton rammed home her personal qualities.

Mr Bloomberg, who has voted both Democrat and Republican in the past and now considers himself an independent, said for him neither political party "has a monopoly on good ideas or strong leadership" but that each presidential election was about weighing the attributes of the two candidates.

"I believe we need someone who is a problem solver, not a bomb thrower," he said.

"Someone who can bring Congress together to get big things done. And I know Hillary can do that."