Joan's Feed
Oct 5, 2010

NY personal income falls for 1st time in 70 years

NEW YORK (Reuters) – The recession put a 3.1 percent dent in the personal incomes of New York state residents, who endured their first full-year decline in more than 70 years, according to a report released on Tuesday.

Paychecks or net earnings tumbled 5.4 percent, while dividends, interest and rent slid 8.4 percent, to a grand total of nearly $908 billion, the state comptroller’s report said.

Oct 5, 2010

Paladino to shut government if budget spurned

NEW YORK (Reuters) – The New York GOP candidate for governor on Tuesday said he will shut down the government if “incompetent” lawmakers spurn his budget.

Buffalo real estate developer Carl Paladino accused his rival of taking a bribe, and called the Assembly Speaker a “criminal” during a Crain’s Business Breakfast.

Oct 5, 2010

NY GOP gov hopeful to shut gov’t if budget spurned

NEW YORK, Oct 5 (Reuters) – The New York GOP candidate for
governor on Tuesday said he will shut down the government if
“incompetent” lawmakers spurn his budget.

Buffalo real estate developer Carl Paladino accused his
rival of taking a bribe, and called the Assembly Speaker a
“criminal” during a Crain’s Business Breakfast.

Sep 29, 2010

New Pennsylvania Gov may inherit $5 billion budget gap

NEW YORK (Reuters) – Pennsylvania’s next governor could inherit a budget gap of as much as $5 billion as federal stimulus ends and pension costs rise, the state auditor general said on Wednesday.

Another problem is the $3 billion Pennsylvania is expected to owe the federal government for unemployment payments, according to a statement by Auditor General Jack Wagner.

Sep 23, 2010

NJ rating outlook negative as Moody’s cites pension woes

NEW YORK (Reuters) – The outlook for New Jersey’s debt rating has turned negative, Moody’s Investors Service said, citing the state’s “long history” of failing to put enough money into its state pension fund.

A rating agency’s decision to lower an outlook to negative is significant because it implies that the debt rating of a public entity, whether it’s a city or a state, or a company may be downgraded. All issuers of debt — from states to corporations — prize high credit ratings because they help them sell debt at lower interest rates.

Sep 10, 2010

Candidate sees munis focus of new Wall St sheriff

NEW YORK, Sept 10 (Reuters) – New York state attorney
general Democratic candidate Richard Brodsky predicted on
Friday that probes of municipal finance will be “the next great
frontier” for whoever wins the office in November.

“The next great frontier for the attorney general is going
to be municipal finance,” Brodsky told Reuters in an interview
ahead of Tuesday’s primary election against four Democratic
rivals.

Sep 9, 2010

Factbox: Rebuilding at New York’s “Ground Zero”

By Joan Gralla

(Reuters) – A new complex to replace the World Trade Center destroyed on September 11, 2001, is taking shape nine years after the attacks, when hijacked planes struck the Center’s Twin Towers that dominated the Lower Manhattan skyline.

The 16-acre (6.5 hectare) site is owned by the Port Authority of New York and New Jersey, which is investing $11 billion in the project that is also being built by developer Larry Silverstein.

Sep 9, 2010

Rebuilding at New York’s “Ground Zero”

Sept 9 (Reuters) – A new complex to replace the World Trade
Center destroyed on Sept. 11, 2001, is taking shape nine years
after the attacks, when hijacked planes struck the Center’s
Twin Towers that dominated the Lower Manhattan skyline.

The 16-acre (6.5 hectare) site is owned by the Port
Authority of New York and New Jersey, which is investing $11
billion in the project that is also being built by developer
Larry Silverstein.

Aug 26, 2010

World Trade Center deal may hasten rebuilding

NEW YORK (Reuters) – The land owner and developer building the long-delayed new World Trade Center sealed a deal on Thursday to speed construction just over a year shy of the 10th anniversary of the September 11, 2001 attacks.

The accord announced on Thursday by the Port Authority of New York and New Jersey and developer Larry Silverstein confirms a financing framework for the project at the Ground Zero site in downtown Manhattan.

Aug 19, 2010

Analysis: New Jersey case puts U.S. muni issuers on alert

WASHINGTON/NEW YORK (Reuters) – Municipal bond issuers are on high alert after the Securities and Exchange Commission charged the state of New Jersey with fraud for failing to disclose to bond buyers it had underfunded the state’s pensions.

The SEC move on Wednesday was groundbreaking for several reasons. It was the first time the SEC charged a state for violating federal securities laws. New Jersey agreed to settle the case.