by Danny Lucia
July 14, 2010
IN THE past year, the mayor of New York City has become $2 billion richer while his city has grown $1 billion poorer.
When this type of thing happens in a country in Africa or Central Asia, we call it a “failed state.” Their failure, apparently, is a lack of subtlety. Looting your country’s grain reserves to build the world’s largest tetherball arena makes you a kleptocratic dictator. But if you get stinking rich selling information technology to the banks that have looted your treasury through bailouts, well, you’re just Mayor Mike.