Addressing the possibility of mid-year cuts in school aid, which Senate leaders are pledging to avoid, Governor Paterson is quoted in today's Newsday as saying: "Seventy-one percent of the resources we spend on education are administrative. We can make a lot of cuts ... without touching the classroom or affecting teachers." Read More
Swiss bank UBS has attracted $1.5 billion to its new global infrastructure fund. "John Fraser, chairman and chief executive office of the UBS AG's funds arm, said ... he was encouraged by the demand from long-term institutional investors, including p Read More
Hardly anyone seems to believe that recent events in the global economy and financial markets will lead to long-term price stability.* So assuming a recession is upon us, what’s next: or ? S Read More
Technology giant Sun Microsystems reported yesterday that its tech sales to the northeastern United States' financial industry were down 20 percent last quarter compared to the same period a year earlier, the Journal reports. The financial Read More
The some expenditure details of , northern California, pop. 117,000. Vallejo declared bankruptcy earlier this year after having unsustainably ramped up public spending in response to unsustainable tax revenues stemming from unsustainable property- Read More
Wall Street has been shaken to its foundations, state and city revenues are plummeting, the long term fiscal outlook grows grimmer every week -- and Mayor Bloomberg today announced with a municipal labor union. The 8,300 members of the Correction Read More
Forecasters at the Centre for Economics and Business Research in London think that securities-industry bonuses there will plummet 60 percent this winter. London bankers reaped the equivalent of $17 billion in bonuses in 2006, the peak year; in New Read More
In a press conference Q&A today, Mayor Bloomberg said of state spending that cuts to Medicaid and education are "politically very difficult." Read More
In the of his congressional testimony yesterday, Governor David Paterson made this pointed reference to what the late Sen. Daniel Patrick Moynihan used to call the "balance of payments deficit" between New York State and the federal government: Read More
New York AG Andrew Cuomo has written a to nine financial institutions inquiring whether those institutions' receipt of emergency federal money has changed those firms' expected bonus payouts for "top management" for the winter of 2008-2009. Cuomo' Read More
Nearly 8,000 full-time equivalent (FTE) employees—including more than 4,800 in the past year—have been added to New York’s state government payroll since the fall of 2006, according to data from the state comptroller’s office. Read More
Governor Paterson went before a congressional committee today to a federal stimulus package to aid financially troubled states--including this pitch for added funding for infrastructure repair: We in New York have many programs involving Read More