Wall Street Showdown: Bloomberg v. Spitzer?
November 2nd, 2006

New York is in danger of no longer being the financial capital of the world, Mayor Michael Bloomberg and Senator Charles Schumer write in yesterday’s Wall Street Journal (subscription required).

Bloomberg and Schumer argue that globalization, overregulation, frivolous lawsuits, and incompatible accounting standards are making New York less competitive vis a vis London and Hong Kong. The city will publish a report this month outlining a plan of action, they say.

The New York Sun interprets the article as a tacit attack on gubernatorial candidate Eliot Spitzer. As attorney general, Spitzer has made a name for himself policing Wall Street or, in the Sun’s words, “trying to kill New York’s golden goose” — exactly the kind of counterproductive “compet[ition] to be the toughest cop on the street” that Bloomberg and Schumer are criticizing.

There’s more than just the future of New York’s financial industry at stake, though. Bloomberg’s attack, the Sun continues, is a political one. After all, this is “a Republican mayor who is crafting a platform on which to make a run for the presidency that may yet pit him against none other than a new an exceptionally ambitious governor.”

By on November 2, 2006, 7:51 am
In category: Gotham City,Public Finance | 1 Comment »

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One Response to “Wall Street Showdown: Bloomberg v. Spitzer?”

  1. Blogs » Blog Archive » GearDiary.com unboxes HP’s rx5915 Travel Companion  Says:
    November 2nd, 2006 at 9:04 am

    […] THIS SITE Spot a published piece that would fit this blog? Let us know about it, at [email protected] New York is in danger of no longer being the financial capital of the world, Mayor Michael Bloomberg and Senator Charles Schumer write in yesterdays Wall Street Journal (subscription required). […]

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