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Former New York City Mayor Michael Bloomberg, left, accepts the honorary Doctor of Law degree from University of Michigan President Mark Schlissel, before giving the commencement address, at the University of Michigan's Class of 2016 graduation inside Michigan Stadium on Saturday, April 30, 2016. (Tanya Moutzalias /The Ann Arbor News - MLive.com Detroit via AP)

Former New York City Mayor Michael Bloomberg, left, accepts the honorary Doctor of Law degree from University of Michigan President Mark Schlissel, before giving the commencement address, at the University of Michigan's Class of 2016 graduation inside Michigan Stadium on Saturday, April 30, 2016. (Tanya Moutzalias /The Ann Arbor News - MLive.com Detroit via AP)

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