Mayor Bloomberg Wary of Bonus Caps

Mayor Michael Bloomberg, a billionaire who got his start on Wall Street, sounds like he doesn't agree with President Obama's pay cap for top executives from companies that want bailouts.

Asked Thursday about the cap, Bloomberg would not directly answer. But he said he doesn't think the government should get involved in telling businesses how they should be run.

Bloomberg said he understands there are strings attached when companies accept government money. But he says the city relies on its tax base of wealthy workers and profitable companies.

Bloomberg says those bonuses may seem like a lot of money, but they trickle down into the economy and help everyone.

Copyright AP - Associated Press
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