Because Mike Bloomberg believes in a little something called loyalty.
Mayor Michael Bloomberg would keep his Steven Rattner as a personal financial adviser, in spite of a deal that the Wall Street financier has been negotiating with the Securities and Exchange Commission that could ban him from the securities industry for as many as two years. Speaking at news conference Thursday morning, Mr. Bloomberg said: "Steve Rattner's my friend. Of course, I'd keep him on. Why would you not? If he can do anything to help, I value his advice and he's a close friend of mine. And you stick by your friends."
NYC's Bloomberg Would Keep Rattner As Personal Financial Adviser [WSJ, not online yet]