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Bill de Blasio Takes Controversial Stance in Defense of Wall Street

By DNAinfo Staff on May 11, 2010 1:40pm  | Updated on May 11, 2010 5:02pm

Bill de Blasio defended Wall Street on Tuesday, saying additional taxes on the financial industry will not be helpful.
Bill de Blasio defended Wall Street on Tuesday, saying additional taxes on the financial industry will not be helpful.
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Getty Images/Jemal Countess

By Jennifer Glickel

DNAinfo Reporter/Producer

MANHATTAN — Public Advocate Bill de Blasio defended Wall Street on Tuesday morning, saying that it is the city’s backbone and that he strongly opposes raising taxes on the financial industry, according to the New York Post.

Speaking at an Association for a Better New York breakfast, de Blasio told attendees, “punishing Wall Street, taxing Wall Street into oblivion couldn't be worse for New York City and I oppose that."

"As a New Yorker I do not want to see Wall Street punished, but I do want to see Wall Street reformed which is why I support core elements of the Presidents financial reform plan, such as the 'Volcker Rule'," he added.

Taking this stance puts de Blasio in opposition with the recently formed progressive caucus of the City Council, Comptroller John Liu who has said additional Wall Street taxes are a possible way to help balance the city’s budget, and the Working Families Party of which de Blasio is a prominent member.

De Blasio took the firm stance that new taxes will not do any good, the paper said.

"I've gotten to the point where I'm not sure any new revenue we can propose would be productive," he said.