Harrison J. Goldin, an unforgettable figure in the financial history of New York City, held the significant position of the city’s comptroller for almost two decades. Regarded as a fierce financial expert, Goldin was an integral part of the city’s encounter with bankruptcy during the 1970s. However, his public disagreements with Mayor Edward I. Koch were as famous as his tenure. Yet, his ambition to replace Koch remained unfulfilled. Goldin passed away in Manhattan on Monday, with his son Daniel confirming the news without mentioning the cause of death. Goldin was 88.
Goldin’s service to the city started back in 1973 when he first became the comptroller—a remarkable year when the previous comptroller, Abraham D. Beame, ascended to the position of mayor. As a testament to his financial prowess, Goldin managed to keep his place as the city’s primary financial officer throughout the fiscal crisis. He was repeatedly elected three times in subsequent years: 1977, 1981 and 1985.
Despite Mr. Beame’s dedicated efforts, the city’s financial condition worsened, putting it on an imminent path towards a financial catastrophe. To prevent the city from collapsing under the increasing financial strain, Gov. Hugh L. Carey, collaborated with the State Legislature, leading bankers, and municipal-union leaders. Their joint efforts resulted in the formation of the Municipal Assistance Corporation tasked with securing loans for the city and the Emergency Financial Control Board, which was given the power to veto the city’s most expensive labor contracts and its budgets.
Despite surviving the financial crisis, both Mr. Beame and Goldin couldn’t escape its aftermath completely. A report issued by the federal Securities and Exchange Commission’s staff two weeks before the Democratic primary, which both men were contesting for a second term, made grave allegations against them. According to the report, both men had intentionally deceived investors about the severity of the city’s financial trouble while the city publicized its securities worth billions of dollars.
Faced with such grave charges, Mr. Beame and Goldin chose to dispute the allegations. Goldin strongly contested the findings by asserting that he issued public warnings about the city’s budget practices and progressively worsening financial position. The report immensely harmed Mr. Beame’s political reputation, which he believed led to his defeat against Mr. Koch in the 1977 Democratic primary. Curiously, Goldin’s position as city comptroller was unaffected as he was already running unopposed in the primary when the report was published.
Goldin not only enjoyed a second term victory at the comptroller’s position thanks to his no-contest primary but also pulled off victories in the third and fourth elections. Given the political nature of their positions, it’s not surprising that mayors and comptrollers often find themselves in conflict. However, the contentious relationship between the exceptionally feisty Koch and Goldin often devolved into personal and unpleasant encounters.
Those who observed these fiery confrontations between Goldin and Koch often found it challenging to distinguish between professional criticisms and personal enmity. Goldin sought to broaden his image beyond that of a fastidious accountant, underlining his commitment to address prominent social issues of his time, such as crime and the crack cocaine crisis. He proposed innovative solutions like establishing compulsory work camps for drug users.
Despite his compelling vision and innovative ideas, Goldin failed to compete against the strong rivals. In the charged contest featuring Koch, fighting fiercely to preserve his legacy, and Mr. Dinkins, aiming to become the city’s first African American mayor, Goldin and Mr. Ravitch could not make a significant impact.
The election eventually led to a victory for Dinkins, who won 51 percent of the votes, while Koch secured 42 percent. Goldin and Ravitch could only manage to obtain 3 and 4 percent of the votes respectively. Despite his political failures, Goldin’s tenure as the city’s comptroller was praised for his instrumental role in rejuvenating the city’s ability to borrow in the wake of the financial crisis.
Goldin, hailing from Bronx, was born to Harry Goldin and Anna (Eskolsky) Goldin on February 23, 1936. His father was a doctor by profession. Goldin, also known as Jay, completed his education from the Bronx High School of Science and Princeton University, and in 1961, he earned his degree from Yale Law School. He married Diana Stern in 1966, and the couple had three sons: Daniel, Matthew, and Jonathan.
Following his law degree, Goldin went on to work as a civil rights lawyer for the Justice Department in Mississippi from 1961 to 1963. Afterwards, he engaged in private practice in New York City before actively throwing himself into the whirlpool of Democratic politics operating in the Bronx.
Proclaiming himself as ‘the young dynamo,’ Goldin vied for the position of city comptroller in 1969, at the age of 33, as a state senator. Beame emerged victorious in the general elections following the Democratic primary, where Goldin, among others, faced defeat. However, four years later, Goldin managed to turn the tide in his favor by emerging successful in the decisive party primary where he defeated three rival candidates.
Goldin’s last attempt at the mayoral position in 1989 was not successful. Upon his departure from the political arena, he founded Goldin Associates in 1990 – A financial consultation firm that aimed to assist struggling businesses. The global consulting firm Teneo saw the potential of Goldin Associates and acquired it in 2020.
Harrison J. Goldin, Financial Stalwart of New York, Dies at 88 appeared first on Real News Now.
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