Results tagged “finance”

Bernard Madoff, who says his investment business was actually a Ponzi scheme estimated at $50 billion, is scheduled to appear in court today for a bail hearing. Bloomberg News reports, "The government may ask that Madoff’s bail conditions be modified, including that bail be withdrawn and the former executive imprisoned." Madoff is currently on $10 million bond and is under house arrest at his East 64th Street penthouse apartment.

AIG, the insurance company that was saved by an $85 billion federal bailout, will cooperate with Attorney General Andrew Cuomo's review of its finances. Additionally, the company will not make a $10 million severance payment to its outgoing CFO and it is canceling future junkets and perks, like its "Best Operator" conference in Las Vegas (cost: $750,000) and a Risk Management Conference at a Ritz Carlton (cost $500,000).

Barack Obama and his erstwhile Democratic opponent Hillary Clinton will be in New York City this week to host three fundraisers, with the joint purposes of getting Obama elected President and paying off Clinton's campaign debts. Get out those checkbooks because both will be pricey endeavors.

Sure, the 2008 election is exciting, but hundreds of candidates are expected to run for city office next year.

A lawsuit filed Monday against the City Campaign Finance Board seeks to overturn a recently enacted funding law that opponents assert will just make the City Council richer - and whiter. The recently-enacted campaign finance restrictions reduces the contributions from companies who do business with the city by a whopping 92%. Translation: In a mayoral race, the individual limit on giving is now $400, versus $4,950; in City Council races, it's $250, down from $2,950.

Andrea Schwartz, the Brazilian ex-pat who settled in Manhattan and became a madam with powerful clients, is back in the news. And she's as saucy as ever, this time denying that she's a lesbian. Tell us more!

New York City's Department of Finance is projecting that real estate values in the city will remain nearly flat this fiscal (ending September) year. More precisely, it expects only a 1.4% increase in property values, versus an 18% climb this past year.

Last week we learned that all New York taxis will soon be held to higher fuel efficiency standards; starting next October new cabs must get at least 25 miles per gallon. But the cab changes don’t stop there – in addition to upcoming GPS and touch-screen video technology, the Taxi and Limousine Commission is considering selling an unlimited card for cab riders, which may feature “fare integration” with buses and subways. Over half the city’s 13,000+ cabs are equipped with credit card readers; the TLC expects all of them to take your plastic by spring ’08 – and Metrocards are being proposed as a next step.

the possibility of another large surplus next year without a fare hike. Despite projections that put the agency in the black, it says they face a deficit in 2009.

For many 1010WINS listeners, some sad news: Financial analyst Larry Wachtel who would gave financial advice on 1010WINS for 33 years died on Sunday. He died suddenly of a heart ailment on Sunday. Wachtel grew up in Brooklyn, attended Long Island University and had worked in the finance industry, retiring from Wachovia Securities in 2005. He also retired from daily commentary on 1010WINS in 2005, but remained a guest commentator. The Journal News notes how...

MUSIC: If you aren't at your local hometown bar this Thanksgiving-eve, drinking with old high school buddies -- we suggest a sonic alternative. Tonight The Hold Steady and Art Brut do their best at making Terminal 5 feel a little bit cozier this holiday season. Buy tickets here. 7:30pm // Terminal 5 [610 W 56th St] // $30 MUSIC MOVIES: If you're sick and tired of the bands playing around town, go check out two...

Elizabeth Currid's new book, The Warhol Economy: How Fashion, Art, and Music Drive New York City, posits that the city's culture is the key our fiscal well-being. With insights culled from many of New York's leading players in the worlds of art, fashion and music, she draws a detailed blueprint of how these creative processes become big-money industries. Currid's thesis is that the conditions that have made New York one of the cultural capitals of...

Derek Jeter isn't alone when it comes to accusations of dodging taxes. The New York Post features a rundown of other famous New Yorkers who are on the hook for taxes owed. Near the top of the list is rap mogul Damon Dash, who allegedly owes the state $2 million.Dash, 36, is one of almost 225,000 city debtors who together have shortchanged the city and state more than $1 billion in income taxes, penalties and...

The Staten Island homeless man who repeatedly attempted to lay claim to the SoHo Grand Hotel has pleaded guilty and faces a year in prison. Kouadio Kouassi is an immigrant from the Ivory Coast and has been jailed since last December. He repeatedly filed claims with the city's Dept. of Finance in an attempt to assume legal ownership of the $76 million boutique hotel. Upon sentencing, Kouassi will like be quickly released and then deported...

Derek Jeter's mom is claiming that her son wouldn't cheat on his taxes, days after the NY State Dept. of Taxation and Finance claimed that the Yankees captain owed the state hundreds of thousands, if not millions, of dollars in back taxes. Jeter says that his primary residence is in Florida, which doesn't have a state income tax. He does, however, live in the Trump World Plaza building on 1st Ave., across from the United...

The NY State Department of Taxation and Finance is pretty sneaky. After years of observing the Yankee captain's comments, lawyers are saying that DJ owes hundreds of thousands in back taxes. Though Jeter's Yankees salary is partially taxed by NY State, he has claimed that his primary residence is in Florida, which has no state tax. The argument from tax officials is that Jeter has made statements "professing his love for New York" and that...

• Today on the Gothamist Newsmap: a stabbing on Monument Walk in Brooklyn, a stabbing on West 31st St. in Brooklyn, and a stabbing on Hughes Ave. in Brooklyn.
• Cops are looking into the death of a man who was found unconscious in the bathroom of the Knitting Factory. They're deeming the incident suspicious.
• A Columbia University hunger striker was carried off a couch after passing out from hunger. Meanwhile, a group of drunken students handed out fliers articulating (presumably in lieu of verbally) why they thought eating was a good thing.
• New York poker players are feeling nervous after last week's late-night holdup that left one player dead.
• News crews with cameras are the wrong people to get into hysterical parking rage incidents with.
• Former Congressman John Sweeney was pulled over on the NY State Thruway after he was observed driving erratically. State Troopers had no comment on the identity of the 23-year-old woman who was accompanying Sweeney when he was pulled over and later registered a BAC of .18.
• Federal regulators feel their toes are being stepped on by NY State Attorney General Andrew Cuomo, who has initiated an investigation into federally guaranteed mortgage finance companies Freddie Mac, and Fannie Mae.
• On the 11th hour of the 11th day of the 11th month of the year, armed forces veterans marched up Manhattan's 5th Ave. to commemorate those who have served.

Mr. Brownstone is reuniting this weekend with a show at Bowery Ballroom. The Guns n' Roses cover band is led by Clap Your Hands Say Yeah drummer Sean Greenhalgh (who makes for a pretty good Axl!) and touts themselves as the World's Drunkest Tribute to G n' R. We asked them to give us their Top 5 all-time best reunions list to commemorate the event. THE FIVE GREATEST REUNIONS by Mr. Brownstone, the World's Drunkest...

Last night, Stephen Colbert had a reading for his book I Am America (And So Can You) that was full of fans of truthiness and enemies of bears. The Washington Square News reported that the erstwhile maybe-presidential candidate said, "It's time to impregnate this country with my mind."

The St. John's student who was found carrying a .50 caliber rifle in a black plastic bag on the school's Queens campus and caused the campus to be locked down yesterday afternoon was charged with criminal possession of a weapon. Omeash Hiraman, a 22-year-old finance student, had been wearing a Fred Flintstone mask and was stopped by campus security. A guard and another St. John's student who happens to be a police cadet restrained Hiraman.

Rudy Giuliani replaced his lead fundraiser. Anne Dunsmore joined the Giuliani campaign in May, and her credentials as the California finance director during President Bush's 2000 and 2004 elections prompted Giuliani to create a special position for her - deputy campaign manager for finance. Dunsmore was leading the drive to raise more than $100 million; she told the Washington Post's The Fix last May, "When you have $100 million situation hitting or missing by 10 percent is giant...it's a couple of states." Her replacement is another former Bush fundraiser, James H. Lee.

Presidential hopefuls can scurry around the country, choking down rubber chicken dinners and hustling for campaign cash, but Mayor Bloomberg knows that it's best to just sit back and let one's money work for you. He's certainly busy working for his $1-a-year salary, and even pays for his own travel when on jaunts to places like London where he's addressing another world capital. Still, our Mayor managed to more than double his wealth from last year. Forbes magazine says that Bloomberg's net worth rose from $5.5 billion to $11.5 billion, launching him from the seedy straits of single-digit billionaires into the elevated realm of the country's top-25 richest Americans.

If The New York Times needs a rationale for allegedly discounting the ad rate it offered the advocacy group MoveOn for its ad alleging that General Petraeus was betraying his country my misrepresenting the true state of Iraq, we suggest characterizing it as a loss leader, because a lot of ink is being spilled and paid for in response to it.

In an announcement that surely pleases voters, State Controller Thomas DiNapoli released a report saying the MTA should think again before raising its fares and tolls. DiNapoli said that the MTA hasn't made enough internal budget cuts yet to warrant an increase in fares and tolls. The proposed increases in fares and tolls is 6.5% in 2008 and another 5% in 2010. With the MTA set to vote on the fare increase in December, DiNapoli's report says the vote is premature because it comes before Governor Spitzer's 2008-09 budget and before the findings of a commission on congestion pricing. The budget and congestion pricing both affect MTA's funding.

Will Manhattan's clubs be moving to the 10013? With the group that opened Cain on 27th Street having opened Gold Bar at 389 Broome Street in February; and uber-promoter Danny A having opened the VIP-only Upstairs on Spring Street and Broadway, The Observer is reporting on a move of "clubland" to Chinatown.

Queens Councilman Dennis Gallagher was arraigned yesterday on charges that he raped a 52-year-old woman in his district office. Gallagher maintains that the sex he had with the woman after a night of heavy drinking was consensual. The councilman faces ten criminal counts, including rape, assault, and sex charges, and could face up to 25 years in prison if found guilty. He was released after his arraignment on bail of $200,000. Gallagher's office was raided by police in July searching for DNA evidence of a sexual assault. He provided a DNA sample shortly thereafter to police.

Ladies, it's time to throw your hat in the air a la Mary Tyler Moore: It turns out that young women are earning more than young men in cities like New York, Chicago, Boston, Dallas and Los Angeles.

When Omar Freilla founded Green Worker Cooperatives, an incubator for eco-friendly worker coops, he set the initial goal of $700,000. “We weren’t even sure how we were going to raise that much,” he said in a recent telephone call. Almost four years later, the organization has raised well beyond their initial goal, thanks to RSF Social Finance and numerous local churches.

Senate Majority Joseph Bruno's and Governor Eliot Spitzer's epic Choppergate fight grows each and every day. Yesterday, Bruno demanded that investigations be opened to focus on Spitzer's administration and whether Spitzer staffers were engaged in trying to sabotage him. Bruno said, "A lot of people in authority think there was criminality in the executive branch... I want to know how much the governor knew ... This is not going to go away, not going to get swept under a rug."