Joan's Feed
Apr 12, 2010

NY state sees “deep well” of UBS client tax cases

NEW YORK (Reuters) – New York state could glean considerable sums from UBS clients who have evaded taxes by hiding money in offshore accounts once the federal government starts handing over its data to the states, a New York state tax official said.

“That’s really a deep well and I expect we’ll be digging in that well for some time,” William Comiskey, New York State Tax Department’s Deputy Commissioner for enforcement, told Reuters by telephone on Friday.

Apr 9, 2010

NY governor: Save urgent care at St Vincent’s Hospital

NEW YORK (Reuters) – New York City’s historic St Vincent’s Hospital, which is days away from closing under a crushing burden of debt, would get a second chance as a place to treat walk-in patients needing “urgent care” under Governor David Paterson’s latest proposal.

Two months ago, Paterson offered a temporary loan to the cash-strapped hospital that was founded in 1849 in the West Village to serve the poor.

Mar 26, 2010

NYC recession proves shallower than expected: study

NEW YORK (Reuters) – New York City’s current recession, though “quite severe” for people who lost their jobs, looks surprisingly shallow and brief when compared with previous downturns, a report said on Friday.

One of the main reasons is the financial sector’s swift rebound, which should boost the city’s tax coffers, the report by the Independent Budget Office said.

Mar 18, 2010

Cuomo seeks probe of public retiree payments

NEW YORK (Reuters) – New York authorities, agencies, and local governments that pay public workers some of the highest salaries and benefits in the state must explain how they are calculated, the attorney general said on Thursday in a new bid to root out abuses.

Pension payments to retirees in two funds that are funded by the state’s $129 billion Common Retirement Fund more than doubled to above $7.3 billion in 2009 from $3.5 billion in 1999, Democratic Attorney General Andrew Cuomo said in a statement.

Mar 18, 2010

NY Atty Gen seeks probe of public retiree payments

NEW YORK, March 18 (Reuters) – New York authorities,
agencies, and local governments that pay public workers some of
the highest salaries and benefits in the state must explain how
they are calculated, the attorney general said on Thursday in a
new bid to root out abuses.

Pension payments to retirees in two funds that are funded
by the state’s $129 billion Common Retirement Fund more than
doubled to above $7.3 billion in 2009 from $3.5 billion in
1999, Democratic Attorney General Andrew Cuomo said in a
statement.

Mar 17, 2010

NY governor’s press secretary quits amid ethics probes

NEW YORK, March 17 (Reuters) – The press secretary for New
York Democratic Governor David Paterson resigned on Wednesday
amid state and federal ethics probes of her boss that have
triggered the departures of other top aides.

“Due to the circumstances that have led to my unwitting
involvement in recent news stories, I can no longer do my job
effectively,” Marissa Shorenstein said in a statement announcing her
resignation.

Mar 12, 2010

UPDATE 2: NY AG Cuomo removes himself from governor probe

NEW YORK, March 11 (Reuters) – New York Attorney General
Andrew Cuomo, a likely candidate for governor this year, on
Thursday removed himself from ethics probes of embattled
Governor David Paterson, saying he wanted to avoid “any
possible appearance of political interest or conflict.”

Cuomo named former top state judge, Judith Kaye, to
oversee investigations into whether the Democratic governor
illegally intervened into a domestic abuse case against a top
aide and whether he illegally solicited and accepted free
World Series baseball tickets.

Mar 10, 2010

Ex-NY pension fund investment chief pleads guilty

NEW YORK, March 10 (Reuters) – The former chief investment
officer for New York State’s comptroller on Wednesday pleaded
guilty to helping favored firms gain access to the state’s $129
billion pension fund.

David Loglisci, who had reported directly to onetime
Democratic Comptroller Alan Hevesi, admitted to violating the
state’s Martin Act and will cooperate in the “pay-to-play”
investigation into the New York State Common Retirement Fund.

Mar 10, 2010

NY state debt in red zone, should cut $20 billion: study

NEW YORK (Reuters) – The $120 billion that New York state owes in debt, health and pension benefits for public workers puts it in the danger zone, and getting down to the safety zone requires a $20 billion cut, a study said Tuesday.

By this measure, California has more outstanding long-term obligations — over $159 billion — but can better afford them than New York, according to the analysis by the Citizens Budget Commission.

Mar 5, 2010

NY governor’s support thin amid pressure to resign

NEW YORK, March 4 (Reuters) – Pressure mounted on Thursday
on New York state Governor David Paterson to quit after another
aide resigned in an expanding political scandal — and even his
most ardent backers offered only tepid support.

Paterson’s director of communications quit — the second
high-level aide to step down in a week. Black leaders in
Paterson’s power base of Harlem held an emergency meeting but
stopped short of endorsing that Paterson remain in office.