Results tagged “thomasdinapoli”

State Comptroller Thomas DiNapoli announced today that the NY State pension fund fell 26.3%, with its value now $109.9 billion. The global economic crisis contributed to the decline, and Crain's New York reports, "It isn’t clear what percentage of the decline is due to souring private equity investments, but the fund had about $11 billion worth of such investments and $4.5 billion of “absolute return” investments—also known as hedge funds—according to the previous fiscal year’s annual report. That’s about double the amount held in 2005." However, DiNapoli also said the pension fund is "built to survive even the most challenging investing environments. For example, the Fund saw the value of its assets decline by about $30 billion in the markets that followed the dot-com bust and the Sept. 11, 2001 terrorist attacks, only to see steady recovery in the subsequent years." However, in order to meet future retirement obligations, employers and taxpayers will give greater contributions.

While many think Wall Street executives don't deserve bonuses, given the mess the economy's in, State Comptroller Thomas DiNapoli says it's actually not great that Wall Street bonuses fell 44% last year. Why? Because that means to the state—and $275 million less to NYC. According to the AP, "Mr. DiNapoli estimates in a report released Wednesday that the securities industry paid its New York City employees roughly $18 billion in bonuses for 2008, compared with nearly $33 billion in 2007." Wall Street bonuses, before the fallout of last fall, "accounted for up to 20% of state tax revenues and 12% of city tax revenues." Another thing that'll hit the city: Tax incentives to financial firms headquarters in NYC added up to "a tax credit of $31.3 billion for 2008, which will reduce the firms’ future tax payments for years to come."

More depressing news: State Comptroller Thomas DiNapoli released a report saying 225,000 jobs in New York State could be lost over the next two years due to Wall Street's downturn. (Crain's New York reports, "New York City Comptroller William Thompson has predicted the city will lose 165,000 jobs, so the latest forecast by Mr. DiNapoli is the bleakest offered so far.") DiNapoli, whose reports also suggests $6.5 billion in city and state tax revenue could be lost from Wall Street, echoed Governor Paterson's request for federal help and added, "Top Wall Street executives ought to forgo bonuses during this difficult time; it's inappropriate to reward poor performance. But the public must keep in mind that bonuses paid to lower level employees are often used to purchase goods and services in other industries, which benefits the overall economy. New York will feel a lot pain from a shrunken bonus pool."

After an audit of funds meant for childcare programs for low-income parents, State Comptroller Thomas DiNapoli referred multiple daycare centers to district attorney offices in Queens, Brooklyn, Manhattan, and the Bronx for possible prosecution. The audit determined that between 1999 and 2007, more state money was spent fraudulently than legally by recipients.

Congratulations, State Attorney General Andrew Cuomo: You seem to be the "wealthiest statewide elected official," according to the NY Times and your tax returns. While Cuomo makes $151,000 as AG, his total reported income was $545,000, thanks to investments.