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Bloomberg Calls Attacks On Goldman Sachs ‘Ridiculous’

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Mayor Michael Bloomberg

Mayor Michael Bloomberg (credit: Slaven Vlasic/Getty Images)

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NEW YORK (CBSNewYork/AP) – Mayor Michael Bloomberg says the attention given to a Goldman Sachs’ employee’s scathing editorial about the company is “ridiculous.”

On his weekly appearance on WOR Radio Friday, Bloomberg said that he had visited the company Thursday to express his support for the Wall Street giant, a day after parting executive Greg Smith quit via an Op-Ed piece in The New York Times.

1010 WINS’ Glenn Schuck reports

“I’ve never worked at Goldman but there’s an awful lot of people there that work very hard, they pay taxes, they live in this city,” Bloomberg said.

Bloomberg says people should keep in mind that most of the company’s clients are sophisticated corporations and financial institutions.

The mayor, who got his start on Wall Street, says Goldman is “a company that’s here to make money. That’s what they do.”

He says it’s his job to support companies that provide a tax base for the city and employ its residents.

In the editorial piece, titled “Why I Am Leaving Goldman Sachs,” Smith, 33, questioned the makeup of the investment bank, accusing the company of losing its “moral fiber,” putting profits ahead of customers’ interests and dismissing customers as “muppets.”

In a statement, Goldman Sachs said it disagreed with Smith’s assessment.

“In our view, we will only be successful if our clients are successful,” the statement said. “This fundamental truth lies at the heart of how we conduct ourselves.”

The essay was published Wednesday and spoofs, including “Why I am Leaving the Empire,” by “Star Wars” villain Darth Vader, quickly made their way onto the Internet. Smith also became a trending topic on Twitter.

(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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