Bloomberg Defends Goldman Sachs After Scathing Editorial

Greg Smith pens "Why I am Leaving Goldman Sachs" for New York Times.

Friday, Mar 16, 2012  |  Updated 9:41 AM EDT
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Mayor Michael Bloomberg is defending Goldman Sachs, calling the attention given to a former employee's scathing editorial about the company is "ridiculous."

On his weekly appearance on WOR Radio Friday, Bloomberg said he had visited the Wall Street giant to express his support after an employee wrote in a New York Times Op-Ed that executives there referred to clients as "muppets" and put profits ahead of customers' interests.

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

Bloomberg says it's his job to support companies that provide a tax base for the city and employ its residents. He got his start on Wall Street.

London banker Greg Smith launched his dramatic public resignation Wednesday. The article has been widely circulated online.

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