Leader who does not like “Mayor 1 percent” label joins Wall Street investment firm

Former Chicago Mayor Rahm Emanuel does not like one of the names applied to him during his mayoral tenure:

Dellimore also pressed Emanuel on the “Mayor 1 percent” tag that has dogged him for years, a nickname critics use to tie him to wealthy supporters and downtown development they say he favors at the expense of struggling outlying neighborhoods.

Emanuel first responded by taking a swipe at wealthy Blackhawks and United Center owner Rocky Wirtz, who has publicly ripped Emanuel for raising entertainment taxes at big venues such as the United Center: “Go ask Rocky Wirtz what he thinks about being part of the 1 percent.”

When Dellimore said the criticism comes from poor and working-class neighborhoods that feel like they’ve been left behind while the Loop and adjoining neighborhoods have boomed under Emanuel, the mayor changed tacks. He defended investments downtown.

“You name me one world-class city in the world with a decaying central business district,” Emanuel said. “Name one. They don’t exist. I’m proud that we have a thriving, successful central business district that gives us the revenue to also fund from 14 to 33,000 kids in summer jobs.”

Few local governments would argue that downtown development is a bad thing. After all, growth is good and stagnation or decline is terrible.

Yet, if a leader wanted to counter an image of working for the wealthy or the better-off neighborhoods in a city, would joining a Wall Street investment firm be a good next move?

Former Chicago Mayor Rahm Emanuel is joining the Wall Street investment firm Centerview Partners LLC, whose leaders include long-time friends and campaign donors…

“Rahm’s leadership and vast experience providing strategic advice, coupled with a track record of successful planning and execution, will bring tremendous value to our firm and our clients,” Effron said. “Establishing a presence in Chicago is a logical next step for Centerview as we continue to grow, and it positions us to better serve existing and new clients throughout the Midwest.”…

Emanuel on Wednesday rejected any notion that his work as mayor affected the hiring…

Emanuel previously spent more than two years as a Chicago investment banker at Wasserstein Perella & Co., from 1999 to 2002, a job he took after serving as a top aide to President Bill Clinton.

So perhaps this is little surprise given Emanuel’s track record as mayor and roles prior to becoming mayor. Or, maybe he thinks providing commentary for The Atlantic and ABC News will help balance out or help people forget about the Wall Street work.

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