NY leans on a volatile Wall Street by E.J. McMahon | NY Torch

The stock market turmoil of the last week is a reminder of why it's risky, verging on foolhardy, for New York's state government to depend as heavily as it does on high-income households and Wall Street investors.

In the current fiscal year, taxes paid by the highest-earning 1 percent of New York taxpayers—including commuters to jobs in the state—are expected to generate 43 percent of personal income tax receipts, which in turn translates into 27 percent of total state taxes.

Profits down but bonuses up on Wall Street by E.J. McMahon | | NY Torch

Is Wall Street roaring back — as a revenue-generating force for New York’s insatiable state and city governments, that is? You might get that impression from glancing at today’s press release from state Comptroller Thomas DiNapoli, which headlines the finding that the average bonus for securities industry employees in New York “grew by 15 percent to $164,530 in 2013, which is the largest average bonus since the 2008 financial crisis, and the third highest on record.”

Profits down but bonuses up on Wall Street by E.J. McMahon | | NY Torch

Is Wall Street roaring back — as a revenue-generating force for New York’s insatiable state and city governments, that is? You might get that impression from glancing at today’s press release from state Comptroller Thomas DiNapoli...

Counting the goose’s golden eggs by E.J. McMahon | | NY Torch

The Wall Street bonus pool for 2012 expanded by 8 percent, but remains well below the peak levels of a few years ago, according to a release today by state Comptroller Thomas DiNapoli.

Dow down = state revenues up? by E.J. McMahon | | NY Torch

The prices of some previously high-flying stocks such as Apple recently have been plummeting, and the stock market has just suffered “its worst week of declines in five months,” the Wall Street Journal reports. This is not good news for savers and investors — but it may be causing sighs of relief in some corners of the state Capitol.

Our goose is cooked by E.J. McMahon | | NY Torch

Wall Street, the goose that laid golden eggs for New York’s public sector for more than 25 years before the Great Recession, is “still working through the fallout from the financial crisis,” as Comptroller Thomas DiNapoli reported earlier this week...

No Wall Street bailout (of New York) this year by Nicole Gelinas | | NY Torch

The latest mergers & acquisitions figures are out, and they're not pretty.

According to mergermarket, an M&A data watcher, the year's global slowdown is not only continuing but accelerating. New York can hang on to a thread of good news only in that its rate of decline is not accelerating.
1 2 11