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WNYC News

Guilty Plea in NYS Pension Probe

Friday, December 04, 2009

An investment manager has pleaded guilty to bribing managers of New York State's pension fund, in order to get its business. Elliott Broidy, chairman of Markstone Capital Partners, made nearly $1 million in gifts to state workers and their families. WNYC's Lisa Chow reports.

REPORTER: New ...

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WNYC News

Hope on the Economic Horizon

Thursday, December 03, 2009

Finally, a bright spot on the economic horizon for New York City. A new report by the Independent Budget Office says the city's fiscal outlook isn't as bad as it appeared last spring, and that the financial sector is making a comeback.

The IBO projects record Wall Street profits ...

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The Takeaway

Jobs Summits in DC, Cincinnati and On-Air

Thursday, December 03, 2009

On the eve of the Bureau of Labor Statistic’s release of employment numbers for November, President Obama will host 130 business leaders at the White House today for a "Jobs Summit." The President's summit will include a meeting of the minds between CEOs of large corporations and small business owners; economists, labor union leaders and non-profit groups. Newt Gingrich, in response to the president's summit, announced yesterday that he will hold his own meeting, deeming it the "Real Jobs Summit." So with all the summits, we at The Takeaway decided to hold our own, including Dan Gross, senior editor at Newsweek; Ken Rogers, executive director of Automation Alley in Troy, Mich. (Rogers will be attending President Obama's summit later today); and Dave Thompson, news director for Prairie Public Radio in North Dakota, where unemployment numbers are at a nationwide low.

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WQXR News

Jobs Summit In Washington Today

Thursday, December 03, 2009

President Obama refocuses on job creation with business and labor leaders at the White House.

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The Brian Lehrer Show

Your Uncommon Economic Resolutions

Thursday, December 03, 2009

Urban planner Amy Schoeman follows up with us about her job hunt since she posted to Your Uncommon Economic Indicators about losing her job in Dubai.

Has the 2009 Recession made you wiser? Tell us your Economic Resolution for 2010!

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WNYC News

Comcast to Buy NBC from General Electric

Thursday, December 03, 2009

Comcast, the country's largest cable operator announced today that it plans to buy a majority stake in NBC Universal. The deal will make Comcast, which is already the nation's biggest cable TV provider, the largest entertainment company in the U.S.

Comcast will pay General Electric, which ...

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WNYC News

MTA Chief Promises No Fare Hikes Until 2011

Thursday, December 03, 2009

The head of the Metropolitan Transportation Authority is vowing to honor the agency's promise of no more fare hikes until 2011, even though New York's legislature approved a deficit reduction plan that took $140 million out of the MTA's budget. MTA chairman Jay Walder says ...

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WNYC News

Columbia Expansion Plans Blocked

Thursday, December 03, 2009

A state appellate court has blocked the State of New York from using eminent domain to seize a 17-acre Harlem site on behalf of Columbia University. The ruling is a major blow to Columbia's plans to build a new $6.3 billion campus extension in West ...

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WNYC News

Venture Capitalist Charged in Pay-to-Play Penion Probe

Thursday, December 03, 2009

A California venture capitalist has pleaded guilty to criminal charges in connection with New York Attorney General Andrew Cuomo's investigation of a pay-to-play scandal at the state's giant public pension fund.

Elliott Broidy, chairman of Markstone Capital Partners entered the plea this morning. He admitted to ...

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WNYC News

Healthcare Escapes Deep Cuts, But Paterson Vows Further Reductions

Thursday, December 03, 2009

While it falls short of what Governor Paterson was looking for, lawmakers did pass legislation that partially closes New York's $3.2 billion deficit.

The bill makes cuts totaling about $2.7 billion. But Governor Paterson says those cuts don't go far enough, and he says he'll have ...

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WNYC News

NY Lawmakers Work Toward a Budget Deal, But Will It Be Enough?

Wednesday, December 02, 2009

Is there a deal, or no deal? That's the question in Albany, where Governor Paterson has been grappling with lawmakers to close the state's more than $3-billion budget gap.

The legislature returns to chambers later this morning and could vote on at least part of the ...

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WNYC News

Brooklyn Principal Wonders What She'll Cut Next

Wednesday, December 02, 2009

City principals are gearing up for another round of budget cuts. The Education Department is preparing a 1.5 percent reduction to help the city close its mid-year deficit. That might not sound like a lot. But it follows a previous round of cuts that principals ...

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WNYC News

Bloomberg: Fire Department Cuts Won't Hurt Security

Wednesday, December 02, 2009

Starting today the city's Fire Department will be cutting staff size at about a quarter of its engine companies. The cuts are due to a higher medical absentee rate, which has cost the city increased overtime. Mayor Bloomberg defends the cuts.

BLOOMBERG: The fire department believes ...

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WNYC News

NYS Budget Deficit Expected to Skyrocket When Temporary Relief Expires in Two Years

Tuesday, December 01, 2009

Governor Paterson and legislative leaders are expected to resume negotiations today on how best to close this year's more than three billion dollar budget gap. But as WNYC's Bob Hennelly reports, that's minimal compared to future deficits.

REPORTER: Next year the New York State budget gap ...

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WNYC News

NYS May Give More Aid to Atlantic Yards Project

Tuesday, December 01, 2009

New York State's economic development agency says it recently considered giving Brooklyn's controversial Atlantic Yards project more financial help than previously announced. WNYC's Matthew Schuerman reports.

REPORTER: In 2006, the state officials voted to give $100 million to developer Forest City Ratner for infrastructure costs and ...

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WQXR News

Treasury Pushes for More Mortgage Relief

Monday, November 30, 2009

The Obama administration wants mortgage companies to increase loan modifications as part of its plan to prevent foreclosures.

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The Takeaway

Philadelphia Mayor Michael Nutter on US Cities in Trouble

Monday, November 30, 2009

As economists declare the country to be officially heading out of recession, many are looking around them and still seeing severe economic troubles. Philadelphia Mayor Michael Nutter joins us; he says American cities are in serious trouble, can expect little help from cash-strapped state governments, and need direct action from Washington. (click through for a full interview transcript)

 

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The Takeaway

Mortgage Relief Program Helps Few

Monday, November 30, 2009

The Obama administration will go on the offensive this week, pressuring banks to help more U.S. homeowners bring down their mortgage payments. The Home Affordable Modification Program (HAMP) is intended to help homeowners cut the amount of interest they are paying on their mortgages. But consumers face two big hurdles. First, many homeowners are having difficulty gaining access to the HAMP program. One such homeowner is Takeaway listener Julie Gonzales, who joins us from Royal Oak, Mich. She applied for HAMP and was turned down. Second, those who are able to enter the trial modification program are finding it difficult to make their modifications permanent. Louise Story, finance reporter for our partner The New York Times, says that while the Obama administration says banks aren't doing a good enough job helping homeowners, the banks are fighting back. They say the government's plan is flawed, and that most consumers need a lot more then just reduced interest payments.

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WNYC News

Retailers Eye Recession, and Weather

Monday, November 30, 2009

As we head into the biggest retail month of the year, getting people out to the stores is one concern among store owners. Another concern is the weather. WNYC's Lisa Chow reports.

REPORTER: Maybe you've sensed that this month has been relatively warm, but Lexy Funk ...

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WNYC News

Paterson Takes Action: $1.6 Billion in Emergency Cuts

Monday, November 30, 2009

Arguing that time is running out, Governor Paterson says he's unilaterally going forward with $1.6 billion in budget cuts, including a $500-million reduction in across-the-board spending by state agencies. WNYC's Arun Venugopal has more.

REPORTER: The governor says the emergency cuts - addressing about half of ...

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