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News stories tagged with "wall-street"

Sen. Charles Schumer watches as Alcoa CEO Klaus Kleinfeld addresses his employees in Massena in 2011.
Sen. Charles Schumer watches as Alcoa CEO Klaus Kleinfeld addresses his employees in Massena in 2011.

Should we care about Alcoa's Dow Jones demotion?

This week the Dow Jones industrial average announced it will drop Alcoa and two other companies from its roster, replacing them with Nike, Visa, and Goldman Sachs. It's the biggest change to the 30-firm roster in nine years.

The New York Times called Alcoa's exclusion "a symbolic comedown." And it sure seems like it - clunky old aluminum out, Michael Jordan and "the swoosh" in.

One North Country financial planner told us it was "a sad day for the North Country". Alcoa practically built Massena, and remains northern New York's largest private sector employer. About 1000 people work there now.

But does the slight from the vaunted Dow Jones really matter?  Go to full article
The new report finds New York's income disparity is caused in part by Wall Street's high salaries. Photo: <a href="">Manu_H</a>, CC <a href="">some rights reserved</a><br />
The new report finds New York's income disparity is caused in part by Wall Street's high salaries. Photo: Manu_H, CC some rights reserved

Report finds growing income disparity in NY state

A new report from a union-funded think tank finds that New York has the greatest income disparity in the nation. The Fiscal Policy Institute says that trend is continuing, with the top one percent gaining more financial resources, while the middle class falls behind and the numbers of poor increase.  Go to full article

As local goverments struggle, NY State finances show signs of good health

Local governments in New York continue to flounder, but there are signs that the state's finances are improving as Governor Cuomo and his budget director Robert Megna announced last week that the state finally got an upgrade in an assessment from a major rating agency.

Standard & Poor's changed the state's outlook from "stable" to "positive". Megna says he hopes that lays the groundwork for an improvement in the state's credit rating, which has been ranked as weak for decades: "This outlook revision is professional evidence from an outside observer that New York is once again on the right track."  Go to full article
There's a confidence deficit. There's a trust deficit.

Cuomo: New York will move forward despite Supercommittee failure

The congressional supercommittee announced Monday that they'd failed to make a plan for reducing the federal deficit. This means that automatic cuts to a whole range of programs will go into effect starting in 2013.

National lawmakers may reach agreements that avoid some of those cuts ...but the supercommittee's failure could make a huge difference for states. New York's budget division estimates losses of $5 billion in federal funding over the next decade. That's on top of the impact on Wall Street, which provides about 20% of state revenues.

The state is already running a $3.25 billion deficit for next year's budget. Governor Cuomo is working with his Council of Economic and Fiscal advisors, 19 executives, politicians and labor leaders Cuomo put together as part of his transition team last year, to come up with a plan for how the state will handle the additional losses.

Cuomo spoke yesterday on the WCNY's Capitol Pressroom host Susan Arbetter. She asked him how the supercommittee's failure will affect individual New Yorkers:  Go to full article
Cash revenues have been falling short of expectations ...And economic activity has been very volatile.

New York's budget gap even bigger than expected

Governor Cuomo's budget office released some bad news yesterday. The state's budget gap is even bigger than expected, with a $350 million dollar shortfall for the current year and a $3.5 billion dollar gap next year.  Go to full article

DiNapoli: Wall Street woes could affect whole state

State Comptroller Thomas DiNapoli says Wall Street is having another bad year--and he's saying that could have a negative impact on New York State's budget. In Albany, Karen DeWitt has the details.  Go to full article
New York City's "Occupy Wall Street" protests
New York City's "Occupy Wall Street" protests

Cuomo on Occupy Wall Street protestors: Mixed emotions

Talking to reporters Thursday, Governor Andrew Cuomo expressed admiration and concern about the "occupy wall street" protests. He said he understands the "frustration" of the demonstrators--but admits the state depends on revenues from the financial industry to balance its budget. In Albany, Karen DeWitt has more:  Go to full article
We didnít rejoice at the slight increase. We're not going to cry at a slight downturn.

Governor "optimistic" about Wall Street's future

Governor Cuomo says he's staying optimistic about Wall Street and the financial sector's future right now. Karen DeWitt reports the governor's saying he hopes the downturn will be just a "blip" on the screen.  Go to full article
NYS Comptroller Thomas DiNapoli.
NYS Comptroller Thomas DiNapoli.

Comptroller DiNapoli confident about state pension fund after Wall Street plunge

State comptroller Tom DiNapoli says even after the big drop on Wall Street yesterday, he believes the state's massive pension fund can withstand market swings. Karen DeWitt has more from Albany.  Go to full article
John Bogle
John Bogle

A Fresh Start for Wall Street: "Wall Street owes Main Street an apology"

We've been hearing a lot about President-elect Barack Obama's economic team. They face some huge hurdles this winter, as they work to steady America's wobbly economy. As part of our series, A Fresh Start, we checked in with John Bogle, who spends much of each year in Lake Placid. In the 1970s, Bogle launched the Vanguard Group of investment funds. In recent years, he's emerged as one of the country's leading investment ethicists, authoring books that include The Battle for the Soul of Capitalism. Bogle told Brian Mann that Obama's first challenge will be speaking honestly with the American people and restoring consumer confidence.  Go to full article

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