Public pension funds in New York and across the country are continuing to rely on overly optimistic assumptions about their future investment gains, as detailed in a major New York Times story yesterday. Read More
Month: December 2012
Nicole Gelinas has a must-read op-ed in the New York Post raising questions about Governor Cuomo’s plan to rely on public-private partnerships (PPPs) to finance infrastructure and economic development projects in New York. Read More
State Comptroller Thomas DiNapoli has marked the beginning of Labor Day weekend by announcing the next wave of increases in taxpayer-funded pension costs for local governments throughout the state (except New York City, which has separate systems). Read More
“The first casualty of war is always the truth,” Winston Churchill observed. The same might be said of political battles. Around New York in this campaign season, incumbent state legislators in both parties have been bending facts into pretzels when they discuss their recent records on state taxes, in particular. Read More
A big wheel at Deutsche Bank, chief risk officer and board member Hugo Bänziger, has some portentous thoughts about banking (and therefore, about New York City and State finances) in today’s FT... Read More
Another sign of the permanent structural change in New York’s state and city tax base: today’s warning by Fitch Ratings that the world’s largest banks (including NY-based Goldman and Chase) will need to raise $566 billion to satisfy new capital requirements to protect against capital shocks. Read More
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