As Albany over finding a new revenue source for the state-run Metropolitan Transportation Authority, the MTA released some numbers this morning showing that its budget situation is getting worse by the minute. Read More
Month: July 2009
Attorney General Andrew Cuomo handed down an indictment yesterday against former political consultant Hank Morris and former pension-fund chief investment officer David Loglisci. Both men, Cuomo alleges, were involved in a Hevesi-era state pension fu Read More
California, with no budget and with its cold, hard cash quickly leaving the building, could soon resort to drafting taxpayers as less-than-volunteer lenders to the state, or worse. Read More
In recent months, states and cities have lobbied for their piece of the bailout pie. Among other requests, they've asked the federal government to support municipal bond markets by directly buying municipal bonds through the new programs that the Tr Read More
An in today's New York Daily News shows that what used to be considered a morally heartless and politically unworkable idea -- cutting public-sector salaries and benefits to a manageable level -- is now becoming mainstream thinking. Read More
The chairman of India-based outsourcing giant Satyam, which has done work for a third of Fortune 500 companies, has confessed to a massive accounting fraud. He wrote that he had overreported profits and underreported liabilities until the fraud Read More
The city of Detroit lost its investment-grade credit rating from S&P Tuesday night, slipping to BB after just barely hanging on to a halfway decent rating for the past two decades. New York is not Detroit. But since one of Detroit's major problem Read More
Governor Paterson is reportedly close to striking a deal with state employee labor unions under which the governor will drop his plan to layoff off over 7,000 state workers in exchange for the unions' acquiescence to (a) Read More