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News stories tagged with "finance"

The Canton store that was once Ames, then Wise Buys, then Hacketts -- now shuttered.
The Canton store that was once Ames, then Wise Buys, then Hacketts -- now shuttered.

Seaway Valley & Hacketts: a special report

This morning, we have a special report on how two North Country retailers, Hacketts and Wise Buys, came together in a shifting delta of deals and dreams. And debt, because this is a story of a bold idea for a homegrown venture gone sour. Republican Dede Scozzafava's run for Congress helped turned the spotlight on the business dealings of her brother, Tom, and her involvement in them. But the fortunes of Wise Buys and Hacketts had been in the headlines for years. They were joined two years ago in a new company, headed by Tom Scozzafava. Seaway Valley Capital Corporation has now absorbed other local businesses as well, including Sackets Harbor Brewery and Alteri's bakery in Watertown. Dede Scozzafava plays no active role in the company, but she is one of its most valued lenders. The company is now buried under $37 million in debt, double its assets. A look at the company's public filings shows a thicket of complex debt instruments, used to raise capital and pay off other loans. Stockholders have lost millions of dollars. As with all struggling companies, it wasn't supposed to turn out this way. In this special report, David Sommerstein untangles the complicated story of Seaway Valley, Hacketts, and Dede and Tom Scozzafava.  Go to full article
Assemblywoman Dede Scozzafava (R-Gouverneur)
Assemblywoman Dede Scozzafava (R-Gouverneur)

Dede Scozzafava: "I'm proud of my investment"

Seaway Valley Capital Corporation has become a concern in Assemblywoman Dede Scozzafava's campaign for Congress. According to her personal finance disclosure form, Scozzafava has at least $1 million invested in the company. Financial filings show her firm, Seaway Capital Partners, loaned Seaway Valley more than $400,000 last month.

Dede Scozzafava was mayor of her hometown of Gouverneur and has enjoyed broad support while serving in the state Assembly since 1999. Her public stature is often cited by investors as a factor in their decisions to buy stock in her brother's company. And now that their investments are nearly worthless, they want answers. "I can't defend any of that," Scozzafava says, "because I'm not involved in any decision making in the public company." Dede Scozzafava is vice-president and chief operating officer of Seaway Capital Partners, the firm that started Wise Buys in 2003. In 2007, Seaway Capital sold its share in Wise Buys to Seaway Valley in exchange for preferred shares of stock. Scozzafava told David Sommerstein she has always been just a "passive investor" in the new company.  Go to full article
Sen. Hillary Clinton
Sen. Hillary Clinton

Clinton: bailout success depends on leadership

Senator Hillary Clinton voted for the $700 billion bailout last week to keep the nation's financial crisis from spreading because, she said, all elements of the economy, from Wall Street banks to small-town businesses and farms, are interconnected. But whether and how much the bailout helps Americans depends on what happens next to implement the bailout and make sure Main Street as well as Wall Street benefits. Clinton said she'll be introducing legislation modeled on the New Deal Homeowners Loan Corporation to help people refinance their home mortgages. Speaking with All Before Five host Jonathan Brown yesterday afternoon, she started with a long list of what more needs to be done.  Go to full article

Spitzer faces budget mess

Eliot Spitzer will face a number of challenges when he becomes New York's Governor. One of the first is the state budget, which the governor-elect has already said is riddled with problems. Karen DeWitt reports from Albany.  Go to full article
John C. Bogle
John C. Bogle

Adirondack Roundtable: John C. Bogle, The Battle for the Soul of Capitalism

In this year's final Adirondack Roundtable sponsored by the Lake Placid Institute, we hear John C. Bogle, founder and former chief executive of The Vanguard Group, Inc., one of the two largest mutual fund organizations in the world. In his latest book, The Battle for the Soul of Capitalism, he looks at the inequalities and inefficiencies that result from the shift from "owner capitalism," with its emphasis on the production of tangible assets, toward "manager capitalism," where the interests of investment managers collide with the interests of business owners and shareholders. Mr Bogle is introduced by Marilyn Heimerdinger.  Go to full article

Adirondack Roundtable: Financial Columnist Gretchen Morgenson

Pulitzer Prize-winning New York Times financial editor and columnist Gretchen Morgenson talks about the ongoing corporate scandals and the questionable executive, accounting and board behaviors that threaten the integrity of US financial markets. This is the first of a series of Adirondack Roundtable talks sponsored by the Lake Placid Institue that NCPR will record.  Go to full article

Socially Conscious Investing Catching On

The amount of money invested in so-called socially responsible mutual funds continues to grow. But as the Great Lakes Radio Consortium's Bill Poorman reports, they're still a small part of the big picture.  Go to full article

Coalition Proposes Tax Increase to Close State's Budget Gap

Governor Pataki says he won't include any ?job-killing? tax increases in his new budget. 200 human service groups have formed a coalition to argue that the spending cuts that Pataki says he'll propose can also reduce jobs in New York. The new coalition says tax surcharges on New Yorkers who can afford to pay are a better answer. Karen Dewitt reports.  Go to full article

State Senate Leader Warns Budget Problems Could Get Worse

New York's Senate Majority Leader says the combined projected state budget deficit of $12 billion dollars could be even bigger. Karen Dewitt reports.  Go to full article

Pataki Hints at Size of 2003-04 Revenue Shortfall

Governor Pataki is still remaining mum on how he'll deal with the state's budget deficit, estimated to be as high as 10 billion dollars. Karen Dewitt reports.  Go to full article

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