Joan's Feed
Jun 21, 2010

US East Coast states want BP to pay for oil spill loss

NEW YORK, June 21 (Reuters) – Eleven East Coast U.S. states
have told BP (BP.L: Quote, Profile, Research) they will hold it responsible for any
losses caused by its still-growing oil spill in the Gulf,
Connecticut’s attorney general said on Monday.

“Even without oil actually reaching the Connecticut
shoreline, this massive oil spill could still impose damage and
destruction to the entire Atlantic coastline,” Connecticut
Attorney General Richard Blumenthal said in a statement.

Jun 14, 2010

Ex-Hevesi aide led $35 mln fraud scheme-Cuomo

NEW YORK, June 14 (Reuters) – New York Attorney General
Andrew Cuomo accused an indicted top aide to former state
comptroller Alan Hevesi of running a $35 million fraud over the
placement of billions of dollars of investments by the state’s
biggest pension fund.

The filing in the New York State Supreme Court in Manhattan
was in response to a bid by the onetime political aide Henry
“Hank” Morris to dismiss the March 2009 indictment over alleged
corruption at the $129.4 billion New York State Common
Retirement Fund, the nation’s third largest public pension
fund.

Jun 10, 2010

Cash-poor NY state may issue IOUs like California

NEW YORK, June 10 (Reuters) – Cash-poor New York state might
have to pay its bills with IOUs next week to avoid the “anarchy in
the streets” that could result from a government shutdown, Governor
David Paterson said on Thursday.

It’s a political variation of “Hotel California,” a game the
Democratic governor doesn’t particularly want to play.

Jun 4, 2010

Judge blocks NY’s MTA from laying off subway clerks

NEW YORK, June 4 (Reuters) – New York’s Metropolitan
Transportation Authority must hold public hearings before it
can lay off 212 clerks in subway station booths, a state judge
ruled on Friday.

The cash-strapped MTA, which carries around 8.4 million
people a day on New York City’s subways, buses and commuter
railroads, had first voted to eliminate clerks in the subway
stations in December 2008. Electronic tickets can be bought at
all subway stations at vending machines.

Jun 3, 2010

NYC exiting recession faster than expected -report

NEW YORK, June 3 (Reuters) – New York City is putting the
recession in the rear view mirror faster and stronger than
expected, but its finances still face substantial risks,
including the possible loss of state and federal funds,
according to a report released on Thursday.

For example, the city might have to issue more short-term
debt than planned if the recession-stricken state, which is
dealing with its own cash crunch, delays paying billions of
dollars of school aid, State Comptroller Thomas DiNapoli’s
report said.

May 25, 2010

NY income tax hike may hurt NJ tax collections

NEW YORK (Reuters) – New York state’s income tax hike on wealthy taxpayers may have caused a surprising drop in neighboring New Jersey’s tax collections, a New Jersey budget expert said on Tuesday.

New Jersey residents who work in New York get credits on tax bills for the income tax payments they owe New York.

May 24, 2010

States face hurdles in cutting worker benefits

NEW YORK/SAN FRANCISCO (Reuters) – State governors working to close yawning deficits are again eyeing a tempting target — the billions of dollars in benefits and wage hikes that public workers won in boom times.

So far, they have achieved only limited success due to ironclad union contracts, federal and state constitutional protections and lawsuits filed by public workers and others.

May 18, 2010

NY Aqueduct slot vendor must pay state $300 million

NEW YORK (Reuters) – The slot machine supplier that will be chosen to expand gambling at Aqueduct Racetrack must give New York state $300 million — the same amount that the previous bidder agreed to pay in exchange for winning the contract, Governor David Paterson said on Tuesday.

The Democratic governor, who led a webcast budget meeting with legislative leaders, also said he believed a new supplier of video lottery terminals could be chosen by August 1.

May 11, 2010

NY reopens bidding for Aqueduct Racetrack slots

NEW YORK, May 11 (Reuters) – The New York Lottery said on
Tuesday it restarted its search for a video lottery terminal
vendor for Aqueduct Racetrack after the previous choice was
rejected amid state and federal probes.

Previously, the governor and top legislators were involved
in choosing a slot-machine vendor.

May 11, 2010

NYC recession may linger for average New Yorker

NEW YORK (Reuters) – New York City’s recession likely will linger for the average resident, though technical indicators suggest both the nation and the city have turned the corner, the Fiscal Policy Institute reported on Tuesday.

The city’s recovery might be rocky and long, according to the think tank’s report, due to the high number of job-seekers, the concentration of job losses among middle- and low-income people, soaring bankruptcy rates at small and medium businesses, and the risk the city will slash public workers to close a budget gap.