Crains New York - July 15, 2013 - (Page 18)

Weiner and Spitzer Continued from Page 1 egos and reputations as political wrecking balls running the city is perhaps an even greater concern. “This is very serious business,” one business leader said last week. “The mayor is a very serious thing. Comptroller is very serious. And they have a big impact on the economy and quality of life.So the question is, do either of these guys deserve to do that, or would they be good at it?” Mr. Spitzer may be the more nerve-racking of the two to some, given his crusades against the financial industry as state attorney general and his comments as a new candidate last week. When asked on CNBC by guest host and former Citigroup and Time Warner Chairman Dick Parsons what attracted him to the comptroller’s job, Mr. Spitzer answered: “It’s an exciting position. I want to do to that office what I think people will say I did with the attorney general’s office.” As comptroller, Mr. Spitzer would oversee the city’s $140 billion in pension funds, audit city agencies, approve contracts, administer prevailing-wage rates, vote on the mayor’s subsidy deals for businesses and even wield subpoena power. “More than a few business leaders are concerned about whether the next comptroller is focused on at- tacking the exploding pension and retiree health costs that threaten the long-term stability of the city’s finances, or whether he has a greater interest in being activist-investor in chief,” said political consultant Stu Loeser, a former press secretary for Mayor Michael Bloomberg. If Mr. Spitzer gets on the ballot, his Wall Street enemies, such as Home Depot founder Kenneth Langone and ex-stock exchange Chairman Richard Grasso, will likely fund attack ads on TV. A year ago, Mr. Langone told Bloomberg Businessweek that he could never forgive Mr. Spitzer for his headlinegrabbing lawsuit against the New York Stock Exchange, saying he saw the “evil of personal ambition blinding to his responsibilities.” Guarded reactions But that might not be enough to stop the self-funded Mr. Spitzer from besting Manhattan Borough President Scott Stringer, who has solid political and institutional support in his Democratic Party primary run for the comptroller’s office but is unknown to roughly half of New Yorkers outside Manhattan. Initial reactions from Wall Street have been guarded. In an earnings call with investors Friday morning, JPMorgan Chase Chairman and CEO Jamie Dimon said in response to a question about Mr. Spitzer as an activist comptroller: “The American people have a right to vote for who they want. We have good governance. I’d be happy to talk with him about it.” Mr. Spitzer has said he favors separating the jobs of chairman and CEO at JPMorgan Chase and other public companies. Mr.Weiner doesn’t have the same kind of powerful detractors, as he focused his congressional career on constituent services, building a YouTube following and preparing for a mayoral bid rather than passing legislation in Congress. But in more than a dozen conversations with executives in real estate, finance and telecommunications, Crain’s found reactions ranging from despair to amusement to resignation that the 2013 election has been hijacked by flamethrowing ex-politicians who had trouble keeping their pants on. One former government official who is now in business said: “I think most folks look on the situation with disgust, but they are practical—they are looking at the polls. So if these guys continue to be viable electorally, no one is going to write them off.” One top executive in the technology industry said of Mr. Spitzer, “I think he’ll approach the job differently [than did previous comptrollers] … as he did the [attorney general] job.He’ll make a lot of enemies, which will be interesting, considering it may or may not be a stepping- stone to be the mayor.” A real estate insider noted that Mr. Spitzer has more enemies on Wall Street than he does in real estate, the industry in which his father, Bernard, made his fortune; Mr. Spitzer has helped run the family business since leaving politics.“He’s one of our kin,” said the source.“I don’t think you find the same antagonism.” Punch lines The day after the release of the poll showing him ahead in the comptroller’s race, Mr. Spitzer sought to assure the public that New York could get past the punch lines. “We’re a city that appreciates humor,” he said in a radio interview with Geraldo Rivera. “A few more jokes about the nature of our politics certainly aren’t going to put a dent in this amazing place.” A spokeswoman for Mr. Spitzer told Crain’s,“Eliot will make his case to the voters, including those in the business community,based on the issues, his experience and his record.” A spokeswoman for Mr. Weiner did not return a request for comment. New York would not be the first to elect unorthodox candidates. Californians elected Arnold Schwarzenegger governor, while Minnesotans put former wrestler Jesse Ventura in charge of their state and sent comedian Al Franken to the U.S. Senate. “I mean,Mark Sanford just got reelected,” said the tech executive, re- ferring to the former South Carolina governor who resigned amid a sex scandal, then won a seat in Congress two years later.“I don’t think it makes politics any more or less scandalous, especially considering all of the corruption that goes on—which is way worse in many ways.” Both Messrs. Weiner and Spitzer are hyping their credentials as independent from special interests—a strategy that worked for Mr. Bloomberg, albeit under vastly different circumstances, but that might be a liability if either is elected this fall.Their notoriety could overshadow their ability to recruit both private- and public-sector talent to city agencies and the mayor’s office, in Mr. Weiner’s case, or asset managers and pension experts, in Mr. Spitzer’s. Their relationships with Washington and Albany, respectively, are strained, to put it mildly, and Mr. Weiner’s constraints in securing federal and state funding could prove even tougher than the many roadblocks encountered by Mr. Bloomberg. “Neither one of these guys has any friends in the business they were in,” said one business leader. “That’s part of the reason they fell so hard, and it tells you something about how effective they would be as executives. They’re great solo operators; they’d be lousy executives.” Ⅲ LISTEN to a discussion at CrainsNewYork.com/podcasts TO PLACE A CLASSIFIED AD, CALL 1-800-444-6007 OR VISIT CRAINSNEWYORK.COM PUBLIC & LEGAL NOTICES Notice of Qualification of Valutrust Solutions, LLC. Authority filed with NY Dept. of State on 6/24/13. Office location: NY County. LLC formed in KS on 8/19/10. NY Sec. of State designated agent of LLC upon whom process against it may be served and shall mail process to: c/o CT Corporation System, 111 8th Ave., NY, NY 10011, regd. agent upon whom process may be served. KS and principal business addr.: 7500 College Blvd., Ste. 600, Overland Park, KS 66210. Cert. of Org. filed with KS Sec. of State, 120 SW 10th Ave., Topeka, KS 66612. Purpose: all lawful purposes. Notice of Formation of Tigris, LLC. Articles of Organization filed with New York Secretary of State on June 7, 2013. Principal Office Location: New York County. 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Table of Contents for the Digital Edition of Crains New York - July 15, 2013

Crains New York - July 15, 2013
IN THE BOROUGHS
IN THE MARKETS
SMALL BUSINESS
THE INSIDER
BUSINESS PEOPLE
OPINION
STEVE HINDY
GREG DAVID
REAL ESTATE DEALS
REPORT: HEALTH CARE
CLASSIFIEDS
FOR THE RECORD
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS

Crains New York - July 15, 2013