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Financial 411: Weekly Business Roundup

Friday, May 20, 2011

The fight to legalize gay marriage in New York heated up this week.

According to a new Sienna college poll, New Yorkers want the legislature to focus first on passing a property tax cap. Next, they want an ethics reform bill. Then, voters want lawmakers to address rent control laws, followed by legalizing gay marriage.

In real estate headlines, Conde Nast is set to move to the World Trade Center, and hopes to become a magnet for other businesses. It's being hailed as a major development for Lower Manhattan, one that will bring scores of other media companies downtown. Conde Nast helped turn around Times Square when it moved there. Can the lightening strike twice?

On the topic of media, it's upfront week in New York. That's when the broadcast and cable networks show off their upcoming seasons to advertisers and media buyers, and hope to sell lots of expensive ad space. It's estimated that the four networks could take a lot more money this year than last. But is TV still king?

This week also brought more news on the Mets and Bernie Madoff. Irving Picard, the court-appointed trustee who's trying to get money for those people hurt by Madoff's scheme, is leveling new accusations at the Wilpons, the owners of the team. Picard said they tried to shop for "fraud insurance" for their investments with Madoff.

Greg David, the director of the Business & Economics Reporting Program at the CUNY Graduate School of Journalism, reviews this week's business and economic news.

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