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Corporate Welfare Questions

Thursday, February 12, 2009

A new report issued by Good Jobs New York says New York City has granted at least $2 billion over the past 20 years to many of the same corporations that are now receiving federal bailout money. The city grants were in exchange for job creation at those companies. But City Councilman Eric Gioia says there was a lack of accountability.

GIOIA: All too often big companies come to New York City, they say "We need a lot of money to create jobs otherwise we're going to leave." They get billions of dollars, and we don't know if they've created the jobs and we don't know if they would've left.

Gioia wants data on all the city's active subsidy projects posted on the web.

The city's Economic Development president Seth Pinsky says the city's committed to ensuring taxpayers get a positive return on those investments.

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