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Albany Takes a Tough but Expected Hit from Wall Street

Wednesday, January 28, 2009

State comptroller Thomas DiNapoli says Wall Street bonuses slid by a record amount last year.

DINAPOLI: We estimate the bonus pool contracted by 44% this year, falling to $18.4 billion from about $33 billion in 2007.

REPORTER: He says the steep decline in bonuses was due to record losses in the securities industry. Brokerages lost $35 billion in 2008, more than triple the record set one year earlier.

DiNapoli says the declines could mean one billion dollars in lost tax revenue for the state. The city, he says, could see losses of $275 million.

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