Wall Street Deflated NY Taxes

To keep profits high, Wall Street has slashed its biggest expense: jobs, and pay for those who still have jobs

NY's Dying $$$ Goose 
In 2008, Wall Street covered about $4.5 billion of the city’s tax payments — 12 percent of the total. Last year, it was $2.8 billion — 7 percent. 
The state, meanwhile, got $8.7 billion from the securities industry last year, or 14 percent of its tax dollars. That was down from $12 billion — or 20 percent — in 2008. (The state numbers are bigger because Albany relies so heavily on income taxes.)
Losing NY’s golden goose(NYP)

What Will the Mayoral Candidates Do About the Falling Taxes Generated From Wall Street? No Comment?
‘Five years after the beginning of the financial crisis,” Wall Street “remains in transition,” state comptroller Tom DiNapoli reported Tuesday. The industry is “still working through the fallout from the financial crisis.” No kidding.  Wall Street Employment is still down 20,200 jobs since the crash, to 172,000.  Bonuses are falling, too, for the second year in a row — even though last year’s $20 billion was about 43 percent below the pre-crisis payout. But the state and city haven’t cut spending accordingly. The state will spend $59.2 billion from its general fund this year — up 11 percent from $53.3 billion in 2008, when the crisis was setting in. The city has goosed spending 17.4 percent, to $52.7 billion from $44.9 billion in 2008.

 "Better Off Than 4 Years Ago?" In NYS, 47% = NO, 35% = YES.  * More than 10 months after first announcing he would name a panel to tackle the state’s often-criticized tax structure, Cuomo’s office signaled its members will be announced later in October. * DiNapoli Details State Spending(YNN) * Bloomberg warned (not for the first time) that his rich friends will leave NYC if their taxes are raised.* Financial future’s not bright(NYDN)





U.S. Attorney Declares"Espada Era is Over"

U.S. Attorney: Pedro Espada Guilty Plea Yields ‘End of an Era’ [Update]
 U.S. Attorney Declares "Espada Era Is Over"(NY1)
Espada Speaks Softly as He Pleads Guilty to a Single Tax Charge(NYT)

Mr. Espada will face up to 43 years in prison, in addition to “forfeiture, fines, and restitution in excess of $2 million 
Pedro Espada pleads guilty to more corruption charges(ABC) * Disgraced ex-state Sen. Pedro Espada Jr. pleads guily to tax fraud(NYP) * Disgraced ex-pol Pedro Espada and his son to plead guilty(NYDN) * Pedro Espada pleads guilty to tax fraud (Newsweek) * Espada Pleads Guilty to Tax Fraud(WSJ) * Espada to Plead Guilty to Remaining Charges After Being Convicted of Theft(NYT) * Pedro Espada Jr. faces 10 years in prison after pleading guilty today.* Former State Senator Pedro Espada Jr., arriving at Brooklyn Federal Court on October 12th, 2012, where he pleaded guilty to corruption charges. * Former Sen. Pedro Espada Pleads Guilty To Tax Fraud(WCBS)


Former state Sen. Pedro Espada Jr. and son set to cop plea in nonprofit scam(NYP) Disgraced ex-state Sen. Pedro Espada Jr. and his son are scheduled to plead guilty today in Brooklyn federal court after reaching a deal with prosecutors over charges they looted more than $500,000 from the Bronx health-care nonprofit they founded, sources said. * Cuomo Reacts To Espada’s Guilty Plea In The Most Burn-Worthy Way Possible(NYO)

The plea deal would resolve Espada’s and Pedro Gautier Espada’s pending retrial in Brooklyn federal court for which they stand accused of swindling the Soundview Healthcare Network to fund a lavish lifestyle, as well as a Manhattan federal court case in which they are accused of failing to pay taxes on that money. Espada to Plead Guilty to Remaining Charges After Being Convicted of Theft(NYT) * Disgraced ex-pol Pedro Espada and his son to plead guilty (NYDN) * nPedro Espada expected to plea guilty on more corruption(WABC) * Espada, Son Expected To Plead Guilty In Deal With Feds(NY1) * Upper East Side Straphangers Think Trash Can Removal Is Complete Garbage



Feds Push Team Liu Back

U.S. Prosecutors Deny Effort to Make Up Case Against Liu(NYT) The prosecutors rejected a claim by a fund-raiser for John C. Liu, the New York City comptroller, that he had been pressured to implicate Mr. Liu in criminal practices.





Media Protects Silver By Not Investigating HushGate

Critics Press for Ethics Probe to Review Speaker(WSJ) An independent ethics probe into the sexual-harassment allegations against Assemblyman Vito Lopez won't be released until next month, but critics raised concerns about the investigation. * The Senate paid a Manhattan law firm $22,444 earlier this year to investigate allegations of discrimination and harassment made by a female member of Queens Sen. Tony Avella’s district office staff. * Taxpayers on hook in Senate harass probe(NYP)The state Senate shelled out $22,444 this year to probe what turned out to be bogus discrimination and harassment claims against aides to Queens Democrat Tony Avella.



Grimm's Corrupt Money People

Campaign 2012/3

Rabbi Linked to Campaign Inquiry Is Questioned in Israeli Bribe Case(NYT)

 Grimm news (NYP) The federal investigation into the campaign finances of Staten Island Rep. Michael Grimm hit a snag yesterday when an influential rabbi who is a key cooperator in the probe was detained in Israel on unrelated troubles of his own.  Pinto and his wife have been arrested and held by Israeli authorities on charges of money laundering and attempting to bribe a police officer, according to Israeli media reports. Ofer Biton, a key figure in the allegations against Rep. Michael Grimm, may be playing hardball with federal authorities, but the Rabbi wrapped up in the same weird tale, Yoshiyahu Yosef Pinto, has his own trouble now. He’s been placed under house arrest in Israel under allegations of trying to bribe a police officer.* 2013 Race? Mayor Says Don’t Ask About It (NYT) * The Price in Politics for the Post-No-Bills Law(NYT)* Giuliani Not Running for Mayor in 2013: Spokeswoman (WSJ)* Senate Candidate Wendy Long Pushes For Hydrofracking(NY1) * Bronx candidates battle for convicted pol Seabrook's seat(NYDN) * Transit workers back Staten Island's Cusick for re-elec(SI Advance) * No fourth term for Mayor Michael Bloomberg. "I'm not going to be running," he says.(WOR) * Yesterday, Bloomberg threatened not to discuss mayoral candidates' proposals. Today, he talks at length about their income tax proposals. Hm(WOR) * CD6 race gets ugly(Queens Chronicle) * Paul Vallone, related, just registered a committee to run against GOP Councilman Dan Halloran. This was expected for some time. * "Koch and Recchia are wasting their time. Grimm and Romney are going to crush their Democratic opponents in the 11th Congressional District. It won't even be close."—Jenny Ling Po * Pros and Cons to NYC’s Early Voter Registration Deadline(City and State)* Watch Chuck Schumer heap a bunch of praise on "amazing leader" Christine Quinn(Capital) *What Exactly Is Scott Stringer Running For?  * Former Manhattan madam and 2010 gubernatorial candidate Kristin Davis is appearing on a new cable show, “My Life Is a Lifetime Movie.” * Rudy For Mayor, Again? Spokeswoman Denies Report, But Speculation(WCBS) * Staten Island's Savino backed by United Food and Commerical(SI Advance) * 3 Wanted in BK Fast-Food Restaurant Armed Robbery(NBC)


Changing Party to Run for Mayor Crain’s Insider:

Ahead of tonight’s deadline, State Sen. Malcolm Smith, D-Queens, said he won’t change parties. This is the final day for New York candidates to change their registration to run as a member of a new party in 2013. Smith is seeking to run for mayor on the Republican line but said he had never considered becoming a GOP member. Smith said he still might register as an independent to increase his odds of getting Republican backing but will miss the Oct. 12 cutoff. Democrat Tom Allon, the Manhattan Media CEO, declined to comment on whether he would become a Republican by the end of today. * City Hall Horse Race: We Won’t Have Mayor Mike to Kick Around Anymore Edition(NYO)

The Making of A President 2012

Smirky Biden upstages his boss in debate vs. Paul Ryan(NYP) * Bam team’s bloody failure(NY Ed) * In Biden-Ryan Quarrel, Sharp Contrasts(NYT) * Bipartisan Spin on Medicare Plan(NYT) * Night of Withering Ripostes, Mostly by Biden(NYT) * On Foreign Policy, Little Difference in Substance(NYT) * FiveThirtyEight: In Polls, Biden Gets a Hold * After Fiery Rally, Obama Focuses on Debate Work(NYT) * Romney Sharply Criticizes Obama on Libya(NYT) * Crisp Battle Lines in a Generational Duel(NYT)
* A Debate With Clarity and Fervor(NYT Ed) The vice-presidential candidates engaged on the issues that matter most, a change for voters starved for substance * Understudies Offer a First-Rate Performance(WSJ)* Sharp Jabs Dominate Vice-Presidential Debate(WSJ) * Surge Earns Romney Room on the Right(WSJ) * Noonan: Confusing Strength With Aggression(WSJ) *  Biden Takes off Gloves in Vice Presidential Debate(NYT) * Sarah Palin: Martha Raddatz let Joe Biden run wild:(Politico) * First two debates couldn't be more different (CNN)

Ryan, Biden Trade Sharp Words - Balz & Rucker, Washington Post
Biden Gives Dems the Debate They Wanted - Jonathan Cohn, New Republic
Confusing Strength With Aggression - Peggy Noonan, Wall Street Journal
Joltin' Joe Wins the Bout - Roger Simon, Politico
Rude & Obnoxious Not a Winning Strategy - Fred Barnes, Weekly Standard
American People Will Pay If GOP Wins - Paul Krugman, New York Times
Obama's Big Bird Campaign - Charles Krauthammer, Washington Post
Obama Campaign: We're Winning in the Field - Byron Tau, Politico
Romney Opens Up a Decisive Florida Lead - Adam Smith, Tampa Bay Times

Come On, 4% Growth Is Not That Hard! - Carl Schramm, 4% Growth Project
Panetta Warns of Dire Threat of Cyberattack - Bumiller & Shanker, NYT
Biden Contradicts State Dept on Benghazi - Josh Rogin, Foreign Policy
Biden Wiped the Floor With Ryan - Joan Walsh, Salon
Ghosts of Al Gore Will Haunt Biden - Toby Harnden, Daily Mail
EU Winning Nobel Peace Prize is Beyond Parody - Iain Martin, Telegraph
Legends of the Fall: The Myths of Politics - Lou Cannon, RealClearPolitics
The Dividends of Romney's Debate Victory - Karl Rove, Wall Street Journal
Election '12: RCP Average: Romney +0.7 | Race 4 Years Ago, 8 Years Ago
The Bully vs. the Wonk - Wall Street Journal
A Debate With Clarity and Fervor - New York Times
Good TV, But a Dull Debate - Washington Post
Obama Admin's Bloody Failure in Benghazi - New York Post
Biden touts tough Iran sanctions as GOP challenger Ryan questions credibility on issue (Wash Post) @Morning_Joe Take on where Libya goes next as a campaign issue -- and why. * Jon Stewart Slams GOP Candidates: ‘How Do These F**king Crazy People Make It To The National Stage?’

 Sayeth the New York Times on last night’s showdown between VP Joe Biden and Rep. Paul Ryan: “It was the debate that President Obama and Mitt Romney did not have a week ago.” * Despite his aggressive performance, which stood in sharp contrast to Obama’s, Biden is being taken to task by some media outlets for smirking too much.

Martha Raddatz took a markedly different approach to moderating than Jim Lehrer.* Pedro Espada’s former Senate colleagues weren’t sorry to hear about his impending guilty plea. “I am not going to spend the next year answering ‘what do you think of every potential candidate’s ideas’” Bloomberg said. “…And if that’s not acceptable to any members of the press, I would suggest you just don’t bother to come to the press conferences, because I’m not going to call on you.”* A Sentimental and Glorious Brooklyn Homecoming for Streisand (NYT) * Benghazi caught on tape; drone also shot video... * Why Joe Biden’s Laugh is the Most Devastating Political Weapon of the 2012 Election(Vanity Fair) * Ryan To Biden: U.S. Ambassador In Paris Has Guard, Why Not Benghazi?  * "This debate was the final surrender of our politics and debates to the MSNBC cross-talking talk shows" - Dick Morris.  * Lupica: Joe Biden comes out swinging vs. Paul Ryan, turning VP debate into bar fight(NYDN) * White House: Obama and Biden were never aware of requests for more Benghazi security(Foreign Policy) * Giuliani Blames Libya Attack ‘Cover-Up’ on Obama’s ‘Fantasy World’(NYO) * Libya Attack Gains Steam as Issue in Race for President(NYT) * Show of Teeth Spurs a Debate Over Biden(NYT) * Tom Brokaw Pans Biden Debate Demeanor: Shouldn’t Be ‘Laughing’ During Discussion Of Iran * NBC’s David Gregory: White House Is ‘Sowing More Confusion’ On Benghazi Attack * Five Thirty Eight’s Nate Silver says President Obama’s swing state firewall has a “brittle foundation” following Romney’s surge in the polls.* In first public remarks since the debate, @PaulRyanVP, w/ Mitt Romney in Lancaster, Ohio, ledes w/ criticism of Benghazi.

The Joke's on Joe Biden - Michael Medved, The Daily Beast
Biden Re-Energizes Dispirited Dems - Jared Bernstein, Huffington Post
New Florida Poll Bad Omen for Obama - Alana Goodman, Commentary
Biden May Have Stopped the Bleeding - Steve Kornacki, Salon
Dodd-Frank's Big Kiss to Too Big to Fail Wall Street - Mona Charen, NRO
America's Biggest Banks Are Making a Killing - Alex Klein, The Daily Beast
White House Defends Biden on Libya - David Jackson, USA Today
Corker: Obama Had to Know, 'Panicked' on Libya - Jenn Rubin, Wash Post
Romney-Ryan Plan to Obliterate Medicaid - Kevin Drum, Mother Jones
Biden Right to Laugh at Sniveling Little Ryan - Matt Taibbi, Rolling Stone
What About the Last 4 Years Is Funny? - Charles Hurt, Washington Times
State Polls: Virginia | New Hampshire | Colorado | Florida | Michigan

Why Wasn’t Libya Hearing on Page A1 of The Times? (NYT)
Nielsen says 51.4 million watch VP debate(Fox 5)

Martha Raddatz and the faux objectivity of journalists(Guardian) Establishment journalists are creatures of a highly ideological world and often cause ideology to masquerade as neutral fact
51.4 Million People Were Blinded by Joe Biden’s Teeth Last Night(NY Mag)
Focus Was on Tripoli in Requests for Security in Libya(NYT)

 

The News slams the United Federation of Teachers for its “lack of leadership” managing a union-run charter school in Brooklyn that is struggling and says students deserve an apology

The UFT proves a point(NYP Ed) File this under “TP” for Totally Predictable: A charter school run by the United Federation of Teachers isn’t cutting it — and may soon be shut down. The charter saw a mere eight of its 82 eighth-graders pass the state reading test this year, one of the worst rates of any city charter. Just 28 percent passed math. Last week, the city Department of Education gave the school an “F” in “progress” and a “D” in “performance.”  * What the UFT owes New York's kids (NYDN Ed) A lack of leadership doomed the union's charter school

City and State Loser of the Week

Michael Mulgrew – Union opponents couldn’t have scripted it better: a charter school started in 2005 by the United Federation of Teachers was intended to show that unions weren’t the problem withNew York City’s schools, though it has just earned a “D” grade for performance and an “F” for progress, putting it at risk of being shut down. Mulgrew and school officials defended their charter school, but its potential closure would be a big PR win for critics of the city’s teachers union. Other Winner and Loses * School Grades Are In(WNYC)

Convening an Algonquin Table at Koch’s Place(NYT)

For about the 2,300th Saturday, former mayor Edward I. Koch hosted friends at his apartment, and the conversation included matters both weighty and less so.  At a recent gathering, the talk turned to lunch and regulars, from left, Tom Baer, George Arzt, John LoCicero, former Mayor Edward I. Koch and Henry J. Stern, moved their conversation to a restaurant.

M.T.A. Weighs Who Will Pay When It Raises Transit Fares(NYT)

Another Fare Increase?(NYT Ed) The M.T.A.’s proposal to increase fares and tolls must be calibrated with great care or it will land hardest on working people at a very bad time.

Flights Won't Change, but Bus to La Guardia Will Get Easier(NYT) The M.T.A. and the city announced plans to improve public transportation to the airport starting next year.

NY1 Exclusive: Students Went To School In Building With Structural Problems For More Than A Year

First Look at $27M Plan to Bring Outdoor 'Living Rooms' to Hudson Square (DNAInfo) The plan would bring additional seating, trees and park space to the area.

Soft drink makers and servers sue to block city's size ban(NYP) * Lawsuit filed to block Bloomberg soda ban(NYDN) * Soda Industry Sues to Stop Bloomberg’s Sales Limits(NYT) * Lawsuit Filed Against City's Soda Ban(NY1)

 
Hell’s Kitchen HS teacher booted after investigators uncover nearly 3,000 text exchanges with teen girl(NYP)

'Meet Miss Subways' Ads Decorated New York City Transit System For Decades (PHOTOS)

 

Doubts Raised to Counterintuitive Approach to Subway Trash(NYT) A council woman's constituents noted their disbelief in a pilot program in which trash bins have been removed from subway stations so riders will take their garbage with them. * Hey, put back subway trash cans: E. Siders(NYDN)

 

Suit Is Filed Over Move to Regulate Circumcision(NYT) Arguing that the regulation violated religious freedoms, several Jewish groups sought to prevent New York City from enforcing a health rule regarding the procedure. * Rabbis Sue Over City's Circumcision Regulations (WSJ) * City sued over bris regs(NYDN) * Jewish groups sue city over blood-sucking during circumcision. (NY Mag)

Curbing Cyclist Abuses(WSJ) *City Council Legislation Cracks Down On Commercial Bicycles(NY1) Councilman Peter Vallone Jr. proposed a bill to allow motorcyclists to park for free across the city since it is hard to affix a muni meter receipt to a motorcycle, the Daily News writes* City Council Passes New Rules Aimed At Errant Delivery Bike(WCBS)

Brooklyn bicyclist fined $1,555 on single ride(NYDN)

U.S. Panel to Hear Opponents of Indian Point Nuclear Plant(NYT) The federal Nuclear Regulatory Commission will begin a hearing on Monday to determine whether to renew a 20-year operating license extension to the Indian Point nuclear plant * On Monday, the Nuclear Regulatory Commission will open a hearing to determine whether opponents – including the governor – have valid arguments against a 20-year extension of operating licenses for the Westchester County site’s reactors.


Feds quietly letting Con Ed increase your monthly bill by $9(NYP)

Deal Sinks for Seaport Museum Ship(WSJ)

Mayor Bloomberg attends Streisand concert instead of Yankees playoff game(NYP)

Barbra Streisand Returns To Brooklyn, Asks ‘Who Said You(WCBS) * 50 years after leaving Brooklyn to chase fame, Barbra Streisand returns home to play first show in borough of her birth at Barclays Center(NYDN) * Streisand Delivers an Ode to Brooklyn(NYT)

New Parks Chief Is a Voice for Expansion(NYT) Veronica M. White, the new commissioner of the Department of Parks and Recreation, has set out to solidify the capital projects and initiatives undertaken in the past decade.

  

Cuomo Tries to Save the Maid of the Mist

Gov. Andrew Cuomo has been working to save Buffalo’s Maid of the Mist tourism company in order to keep its tour boats running on the waters around Niagara Falls, the Buffalo News learns:

With No Animal Shelter Nearby, Bronx Rescuers Are Left to Their Own Devices(NYT)




City approves 7-acre Lower East Side redevelopment (Crain's)

Loss of Supermarket Jars Windsor Terrace(WSJ)

Sign of Change on a Block Skipped, Until Now, by Harlem’s Rebirth(NYT)

Rezoning Bid Starts Rolling in Bushwick(WSJ) Bushwick community leaders want it to become New York City's next big rezoning project to ensure it doesn't become the Williamsburg of the 21st century, filled with luxury developments.

City Council Approves Mixed Use Plan For Seward Park(NY1) The City Council Thursday approved a new mixed use plan for Manhattan's Seward Park, the largest undeveloped lot below 96th Street.

Law and Order
An Inspector General for the Police(NYT Ed) Broader policies in New York City, like those involving stop-and-frisk tactics, need more rigorous oversight. * The News commends police for showing “amazing, even heroic restraint” during confrontations with suspects, based on a study showing that cops rarely fired their guns last year * COMPSTAT critic Eli Silverman sees efforts to curb stop and Frisk(NYDN) * Weapons charges dropped against Harlem activist(Fox 5) * NYPD: Teen Attacks Another Teen With Homemade Jalapeno Pepper (WCBS) * He should've paid for a cab! Cops nab serial bank-rob suspect(NYP) * Gun and drug conspiracy kingpin Ivan Chavez gets 20 years(NYP) * Police hunt dressed up bank robber(NYP) * Major g(Fox 5) * Staten Island teen busted for allegedly carrying loaded(SI advance) * Police Say They Busted Two Major East Harlem Gun Trafficking (NY1) * NYPD: Armed Car Thief Shot By Brooklyn Officers In Purs(NBC) * Crime Scene: Charles Fernandez Was Casualty of a Turf War on the Lower East Side (NYT) * Girl Attacked With Homemade Pepper Spray Near School(NBC)
This “Charlie Rangel edition” of a Mississippi assault rifle seems moderately terrible. Quote the ad, “Like Rangel, this little Suchka AK rifle loves the green and hides well in spinach.” 

Alleged soccer coach killer ‘apologizes’ - but for what?(NYP) * Suspect in Soccer Coach’s Killing Left Apology, Police Say(NYT) * Suspect's Brother Aids Investigation(WSJ)
* International manhunt continues for suspect in Union Sq. (NYDN) * NYPD: Union Square Fatal Stabbing Suspect Left ‘Sorry’ Note (WCBS) * Funeral to be held today for unarmed national guardsman shot dead by police on Queens highway(NBC)



Cops shoot armed car thief in Brooklyn: sources(NYP) * Police shoot armed suspect in Brooklyn(WSJ) * Police shoot armed suspect in Brooklyn.

NYPD killing of Noel Polanco could head to grand jury(NYDN) * NY1 Exclusive: ESU Police Attempted To Save Queens Man Shot By Their Fellow Officer(NY1)   

Family and Comrades Gather for Funeral of Unarmed Man Killed by Police(NYT) * Unarmed Man Killed by Police in Queens Receives a Soldier’s Funeral(NYT) * Funeral For Man Killed During Queens Traffic Stop(NY1)
* GCP Shooting Victim Noel Polanco Posthumously Promoted At (WCBS)



'Jewish Indiana Jones' who peddled fake Holocaust torahs gets four-plus years in jail(NYP) * Torah Fraud Earns Rabbi Prison Term(NYT) * Robbing rabbi off to prison(NYDN)

   Jail for Church Thief (WSJ)A 67-year-old clerk who stole more than a million dollars from the Archdiocese of New York was sentenced to prison Thursday by a Manhattan judge who called her crimes "outrageous." * Clerk Sentenced in Theft of $1 Million from Archdiocese(WSJ)



He should've paid for a cab! Cops nab serial bank-rob suspect as he waits for train(NYP)


Charges dropped against banker accused of stabbing cabby: lawyer(NYP)


'Castrate-slay' hotel room in all its gory(NYP)

Honoring fallen Finest(NYP) Thirteen of those honored died of illnesses stemming from their rescue and recovery work at Ground Zero. * Fallen Police Officers Are Remembered(NYT)

13 suspects arrested for running massive weapons-trafficking networks in Harlem(NYP) * 16 Are Charged in East Harlem Gun Trafficking(NYT)

Weapons Charges Reduced for a Monitor of the Police(NYT) * Staten Island woman bites cop's face(NYDN) * Actress busted in aide bop(NYP)