Why Bloomberg now?

Being from NY,I have to ask why Michael Bloomberg (Giuliani's successor) is now considering a run at the Presidency? This kills me. There are enough candidates to choose from already. Almost too many IMO. Anyway, why does he think he can now just enter the race and even have a chance? Is he going to ride Giuliani's coat tails and maybe hope for a VP spot if Rudy gets the nod from the elephants? I just do not see what he can bring to the table. And, I think he will be wasting a lot of money that he gathers from his supporters.