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Bloomberg Defending Poor Banks from Obama
By
Ben Yakas
Published Jan 22, 2010
Modified Jan 22, 2010
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By
Ben Yakas
Published Jan 22, 2010
Modified Jan 22, 2010
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Mayor Bloomberg reacted harshly to President Obama's bank plan plea yesterday, and countered with a plan of his own. On Thursday, Obama proposed legislation that would place curbs on the growth of the market share of liabilities at the biggest firms, and prohibit bank holding companies from owning, investing in or sponsoring hedge fund or private equity funds or engaging in proprietary trading
Today, the Mayor shot back, calling the banks and Wall Street the cornerstones of the city's economy, and asking fellow NY delegates to defend the financial service industry, as WCBS puts it, "much like senators from Texas protect the oil industry." He even invoked the 'L word:' "If that's the case then we'll have to lay off people because it will really hurt our industry," Bloomberg said. He then suggested his own plan, that "we should hold back [members of Congress's] salaries for a decade or so and see whether the laws they pass work out."
Last week, Bloomberg similarly shuddered with cold chills at Obama's initial proposal for a new tax on the nation’s largest financial institutions, implying that it would turn NYC into Detroit. We're betting he busts out a Mad Max quote in his next press conference.
Tagged
bank plan
banks
mayor bloomberg
president obama
Ben Yakas
Ben Yakas is a former Gothamist reporter.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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