Having served as a potent force in New York City’s economic affairs for sixteen years, Harrison J. Goldin was renowned for his tenacity during the tumultuous era that marked the city’s financial crisis. He shared a notably contentious relationship with Mayor Koch, and at one point even challenged him for the mayoral seat, albeit unsuccessfully. Goldin, who sought re-election for his second term as the city’s comptroller in 1977, was instrumental in steering New York City away from the brink of bankruptcy.
On a solemn Monday in Manhattan, Harrison J. Goldin passed away, leaving a legacy that spanned nearly two decades of financial stewardship in one of the world’s leading cities. At the age of 88, his demise was proclaimed by his son Daniel, although the cause of his passing was not specified. Jay Goldin, as he was often referred to, was a vigorous figure who thrived in the gritty world of economic management and was first elected comptroller in 1973.
His ascension to the position that same year coincided with a notable shift in city affairs. That was when Abraham D. Beame, the former comptroller, took office as mayor. As the financial crisis loomed over the city, Goldin was a steady presence at the helm of fiscal affairs. His competence was demonstrated when he was re-elected thrice – in 1977, 1981, and 1985.
Nevertheless, the measures employed by Mr. Beame to rectify the situation proved inadequate, as the city approached a financial abyss and the bond market was apprehensive about extending further loans via bond purchases. Consequently, Gov. Hugh L. Carey, liaising with the State Legislature, prominent bankers, and union leaders, intervened, founding the Municipal Assistance Corporation to assist the city’s borrowing and the Emergency Financial Control Board to oversee the city’s budgets and big-ticket labor contracts.
The city found its way out of economic turmoil, but the repercussions were felt by both Mr. Beame and Mr. Goldin. In 1977, a couple of weeks prior to the Democratic primary elections where they hoped to secure nominations for their next term, they were accused of intentionally misleading investors concerning the city’s predicament by the federal Securities and Exchange Commission. This accusation, alleged to have been carried out over five months while the city traded its securities valued in billions, compounded the crisis.
Both Beame and Goldin fervently disputed these assertions. Goldin, in his defense, stated that he had repeatedly cautioned the public on more than 50 separate instances about the city’s precarious fiscal stance and the worsening economic conditions. This report was a severe setback for Beame, who largely attributed his primary loss to Koch to its findings. Goldin, however, weathered this storm, as he was already running uncontested in the primary when the report surfaced. Riding on the reputation that Democratic nominees usually sweep general elections, he was elected to his second term without much resistance.
Notably, Goldin held his office as the city comptroller for two additional terms. Although it was not rare for mayors and comptrollers to have disagreements, Koch and Goldin’s interactions were frequently surly and personal. In 1988, City Council President Andrew J. Stein observed that the squabbles between the two were so bitter that it was hard to discern the rationale behind them.
Goldin, trying to go beyond his stereotypical image of a numbers guy, promised to tackle rampant crime and drug problems, particularly the crack cocaine outbreak. He proposed solutions such as establishing mandatory work camps for drug users. However, with Koch fighting to remain a city institution, and David Dinkins making strides as a potential first Black mayor, Goldin’s proposals received lukewarm reactions from the voters.
In the resultant election, Dinkins took 51 percent of the votes, followed by Koch with 42 percent, and Richard Ravitch and Goldin, despite their efforts, ended merely as also-rans with 4 and 3 percent votes respectively. Despite mixed reviews about his tenure, Goldin’s contributions in revitalizing the city’s borrowing power post the fiscal crisis were widely appreciated.
Goldin was also subjected to a couple of criminal inquiries, but was cleared of any misconduct in both instances. Born on February 23, 1936, in the Bronx to Harry and Anna Goldin, Harrison Jacob Goldin was raised in a family with strong and successful roots, with a physician for a father. He proudly held a trilogy of degrees from renowned institutions such as Bronx High School of Science, Princeton University, and Yale Law School.
Following his graduation from Yale Law School in 1961, Goldin married Diana Stern in 1966. Their family grew with the birth of three sons, Daniel, Matthew, and Jonathan. His family, which also included a sister, Jessica Stern, and seven grandchildren, resides in Manhattan.
Before stepping into the world of politics, Goldin served as a civil rights lawyer with the Justice Department in Mississippi from 1961 to 1963. He then transitioned to private practicing in New York while also becoming more involved in Bronx’s Democratic politics. His political career progressed when he ran for city comptroller in 1969, promoting himself as ‘the young dynamo.’ Although he was unsuccessful that year, losing to Beame, Goldin achieved victory four years later, paving his way to the city’s chief financial office.
Following his failed attempt at mayoral office in 1989, Goldin resigned from his political life. But he was quick to bounce back the next year, establishing Goldin Associates, a financial advisory firm catering to distressed companies. The global consulting firm Teneo took over the company in 2020 marking the end of an era shaped by Goldin’s influential hand in rebuilding and reshaping New York City’s financial landscape.