Michael Bloomberg denounces demagoguery in presidential race

New York

MICHAEL Bloomberg, the former mayor of New York, denounced what he called the "demagoguery" in the Republican and Democratic Parties in a commencement speech delivered on Saturday at the University of Michigan.

"In this year's presidential election, we've seen more demagoguery from both parties than I can remember in my lifetime," he said, according to a transcript of his remarks posted online.