Mayor Bloomberg Is Still A Fan Of Rich Wall Street Guys!

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.

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