Judges recuse themselves all the time. They recognize that conflicts of interest make it impossible to do an impartial job or even give the appearance of doing an impartial job. If one-percenter Michael Bloomberg were to bow out now, he'd be hailed as a great statesman, the Mayor who brought New York together after the tragedy of September 11th. But if he hangs on, making speeches praising the banks and directing the police to provoke a riot, he'll get blamed for the civil unrest that will almost certainly follow.
Bloomberg's never been politically strong, but he's never had to be. He's never encountered a difficult political problem, and he's entirely wrong for the job today. People are out in the streets demanding leadership and they're not going to get it from a part time mayor with major conflicts of interest. If he quits now, he'll be able to enjoy the money he earned honestly, and be assured of an esteemed place in history.
One additional benefit of Bloomberg's resignation is that it will give the new Mayor an easy way to get rid of the incompetent Raymond Kelly. At this point the City would almost be better off welcoming back the disgraced Bernard Kerik, still serving his sentence in federal prison. At least Kerik would be focused on his job, not wrapped up in foreign intrigue and side projects like helicopters that can shoot down airplanes.
Impossible Conflict of Interest