NYC Mayor Michael Bloomberg has no interest in vilifying wealthy financial types.
He’s opposed executive pay caps, told investors to buy shares of GE and even vouched for ex-Lehman CEO Dick Fuld. The Times reports today that Wall Street guys find Bloomberg’s rare support to be “refreshing.”
Then again, Mayor Bloomberg might have a better idea than most as to just how dependent New York City is on the tax revenues collected from the mega wealthy and their lifestyle. A hard executive pay cap would crush the shrinking tax base at the worse time.
Oh, and when he’s not mayor he’s got this huge financial-information business you may have heard of that bears his last name. It’s pretty much dependent on maintaining the status quo.
Of course, Bloomberg’s aides argue that any suggestion of a conflict of interest is “laughable.” And we’re not actually suggesting that Bloomberg would make a political decision based on what’s best for Bloomberg L.P. But, the bottom line is that in the business and political sphere, the Mayor benefitted tremendously in the pre-Lehman world, so it makes sense that in his mind, that’s a world worth preserving.