Last week, FW wrote about sinking investment-side bank profits and their implications for New York tax revenues. Today comes another hint of bad news: as the Journal reports today (page B1), luxury retail sales have been falling again, down 3.9 percent.. Read More
In today's New York Times piece on how Con Ed has worked to keep the lights on, Queens Assemblyman Michael N. Gianaris said of the New York City electricity provider that "the company had still not pumped enough money into modernizing its infrastructure." Read More
While many private-sector employees might hope for two weeks notice before being laid off, state workers would get two months notice under a bill passed by the state Senate and on the third reading in the Assembly. (Update below.) Currently, state workers get... Read More
After weeks of tumult and parliamentary maneuvering—including Gov. David Paterson's threat of a government shutdown that would bring "unimaginable chaos" and "anarchy in the streets"—New York finally has a state budget for the fiscal year that began April 1. Read More
As the Wall Street Journal reports in its quarterly review today (subscription required), investment and universal banks' securities underwriting activity over the past three months has fallen to levels not seen since the last few months of 2008. Read More
Did Gov. Paterson skillfully maneuver New York’s Legislature into adopting a tighter and more timely state budget than it was capable of producing on its own? Read More
School superintendents don't get overtime, but that didn't prevent former Niagara Falls School Superintendent Carmen A. Granto Jr. from collecting a pension larger than his salary. He did so by cashing in 45 unused vacation days and 747 unused sick days... Read More
Governor David Paterson and the Democratic leaders of the New York State Legislature have agreed to impose $50 million in new taxes on non-resident partners in New York-based hedge funds. Here's how the provision is described in the memo accompanying... Read More