Always looking out for the best interest of investment bankers—and the city of New York—Mayor Michael Bloomberg yesterday announced a new program that would spend $45 million in federal and city money to seed new businesses—created by laid-off bankers and traders—and even provide office space for them, according to the New York Times.

The problem, of course, is that the Wall Street mess is weakening the New York City economy and so the mayor wants to stem the tide by turning the city into a mecca for entrepreneurs and foreign financial firms.

“When it does, cities around the world will compete to capture the jobs it brings,” he said. “In New York City, we’re not waiting for that day to come. Instead, we are taking aggressive steps to put the city in the best position to capture growth, and we’re doing it by promoting one thing more than any other: innovation.”