Bloomberg warns of 'populist' financial reform

New York City Mayor Michael Bloomberg warned lawmakers today to not let "populist reaction" unduly influence financial reform.

Bloomberg took issue with a handful of provisions in the current financial reform legislation and suggested that anger about the financial crisis might lead Congress to overreact. 

"The real danger here is that we write a bill based on populist reaction--'I'm gonna get the SOBs'--because of a financial crisis which incidentally they...had something to do with but were not the only ones respomsiblse for," Bloomberg said on MSNBC's Morning Joe.

The New York mayor also pushed back against claims that the financial services industry has gotten special treatment from Congress.

"We have a policy in Washington of everybody is too big to fail. You find me one industry that Washington hasn't rushed to Congress to try to bail out," he said. "This is ridiculous. There is no such thing as too big to fail."

Watch the interview below.

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