Joan's Feed
Aug 4, 2010

Cuomo opens probe into healthcare kickbacks

NEW YORK, Aug 4 (Reuters) – New York’s attorney general
said on Wednesday he has opened a probe into possible predatory
lending and kickbacks in the healthcare industry.

Attorney General Andrew Cuomo said he has issued subpoenas
to General Electric Co’s (GE.N: Quote, Profile, Research, Stock Buzz) GE Money finance unit, which
issues the CareCredit healthcare credit card, and to 10
healthcare providers in the state.

Jul 29, 2010

Cuomo can try ex-Hevesi aide on felonies: NY judge

NEW YORK (Reuters) – The central figure in a New York public pension corruption case will be tried on some of the most serious charges brought against him by the attorney general, including felonies, a judge ruled on Thursday.

Henry Morris, the former state comptroller’s top political aide, was charged in March 2009, along with David Loglisci, the pension fund’s ex-top investment officer, who one year later became the sixth person to plead guilty in the scheme.

Jul 28, 2010

New York’s MTA proposes higher fares but no service cuts

NEW YORK (Reuters) – New York’s Metropolitan Transportation Authority detailed plans on Wednesday to close daunting deficits with a combination of higher fares and tolls and cost savings that hinge on winning over union workers.

After slashing service, clerks, cleaners and managers this year, the biggest U.S. mass transit agency now hopes to spare riders from further cuts.

Jul 1, 2010

Some NY hedge fund execs may escape new tax

NEW YORK (Reuters) – Hedge fund executives who commute from Connecticut or New Jersey to offices in New York might escape having to pay income taxes on their investment profits after all, Governor David Paterson said Thursday.

Another way of extracting more money from the ultra-rich — halving the state’s charitable deduction to 25 percent for people whose yearly incomes top $10 million — also might fall by the wayside, the Democratic governor told WOR radio.

Jun 30, 2010

Connecticut starts border war over NY hedge funds

NEW YORK (Reuters) – Connecticut Governor Jodi Rell on Wednesday restarted her state’s on-again, off-again border wars with New York by inviting hedge funds to relocate to escape rising income taxes.

Cash-starved New York is poised to collect an extra $50 million a year by assessing income taxes on hedge fund managers who work in the state but live elsewhere.

Jun 29, 2010

Three groups vie for New York Aqueduct slots contract

NEW YORK, June 29 (Reuters) – New York state’s Lottery
Division on Tuesday said three groups submitted bids for a slot
machine contract at New York City’s Aqueduct Racetrack, a
proposal that has been stalled for around a decade.

The first two bidders are: Genting New York, LLC, and Penn
National (PENN.O: Quote, Profile, Research). The third group is SL Green (SLG.N: Quote, Profile, Research), Hard
Rock (HRCAY.PK: Quote, Profile, Research) International, and Clairvest Group Inc
cvg.to.

Jun 28, 2010

NY state may tax out-of-state hedge fund execs

NEW YORK, June 28 (Reuters) – Recession-hit New York could
raise an extra $50 million a year by collecting income taxes
from people who work for hedge funds in the state but live
elsewhere, according to a legislative plan to raise revenue.

The new plan would tax so-called carried interest.

A spokesman for Democratic Assembly Speaker Sheldon Silver
said by telephone on Monday that it means hedge fund managers
would be treated the same way as other commuters.

Jun 23, 2010

New York pension fund to sue BP for investment losses

NEW YORK, June 23 (Reuters) – New York state’s pension fund
plans to sue BP Plc (BP.L: Quote, Profile, Research) (BP.N: Quote, Profile, Research) to recover losses from the
drop in the company’s stock price following the worst oil spill
in U.S. history, state Comptroller Thomas DiNapoli said on
Wednesday.

New York’s Common Retirement Fund has a long history of
serving as the lead plaintiff in shareholder lawsuits. DiNapoli
said the fund owned more than 19 million shares when the
Deepwater Horizon rig exploded in the Gulf of Mexico in April.

Jun 22, 2010

Judge advances sale of NYC’s Stuyvesant Town

NEW YORK, June 22 (Reuters) – The purchase of Stuyvesant
Town/Peter Cooper Village in New York City by its tenants or
outside investors was advanced by a federal judge’s ruling
giving the green light to a sale.

“It was an important step in the process,” said Dan
Pasquini, a spokesman for City Councilman Daniel Garodnick, on
Tuesday.

Jun 21, 2010

NY state poised to assess nation’s cigarette tax

NEW YORK, June 21 (Reuters) – Cash-hungry New York state on
Monday was poised to enact the highest cigarette tax in the
nation, boosting its levy by $1.60 a pack to $4.35.

Democratic Governor David Paterson’s plan to tax sugary
soda met with fierce opposition and he added 60 cents to the
original cigarette tax he proposed and included it in his
latest weekly emergency spending bill.