Bloomberg's transaction tax sets stage for clash with Wall Street clients

Presidential candidate Michael Bloomberg's decision to back a tax on trades marks a blow for Wall Street lobbyists which had seen the moderate Democrat as a potential ally, said analysts and lobbyists.On Tuesday, the former New York mayor and Wall Street investment banker, who made his $60 billion fortune in finance, proposed imposing a 0.1% tax on trading stocks, bonds and derivatives as part of a broader financial services agenda.Bloomberg's decision to back the tax is likely to bring him into