Thursday, January 21, 2010
Bloomberg hearts Arianna?
Probably not, but the mayor does have a good business sense and can recognize a good investment when he sees it.
In his State of the City Address on Wednesday, Mayor Bloomberg announced that New York would seek to deposit $25 million of its municipal tax dollars in neighborhood credit unions. As the Mayor admits, this is a small proportion of the city's resources: New York City isn't about to divest from Wall Street. But a multi-million dollar deposit will be a big deal for the under-capitalized community-serving credit unions that reinvest their funds in New York's neighborhoods. And it's right in line with Move Your Money's focus on shifting resources away from too-big-to-fail banks toward institutions that invest in their communities. If individuals can make an impact by moving their money, how much more can cities do?Putting the money back in the communities it came from is a winner.
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