Saturday, September 18, 2010

Tusk

Tusk Double Talk
Some Pigs are More Equal Than Others
Reformer with Koch's NY Uprising and a lobbyist with the Aqueduct bid * Tusk casino: Bloomy aide in Aqueduct bid (NYP) * The Times suggests shutting down the NYC OTB for good might be better for everyone * The Lottery Division is re-starting its assessment of the last Aqueduct racino bid after a judge lifted AEC’s TRO * Mayor Bloomberg’s Secret Weapon | The New York Observer

State Budget

Friday, July 16, 2010

Buying Time Budgets To Get Reelected


Buying Time Budgets
To Get Reelected

It is clear that this years budget was pasted together with spit and gum so incumbent pols could run for reelection with a state budget. With three budget modifications last year you would think the media would get the hint that dysfunctional Albany no long passes real budget but spin documents intended to protected incumbents. DiNapoli warns of NY kaboom time$ The latest state budget is about to explode, state Comptroller Thomas DiNapoli warned yesterday in a damning analysis of the $134.4 billion spending plan. Proposals based on "risky" or overly optimistic projections make up more than half -- some $4.8 billion -- of the Legislature's efforts to close an estimated $9.2 billion budget gap this year, leaving the state open to future budget woes.* Jealous of Jersey New York's budget is a fiscal time-bomb, packed with huge risks, hit-or-miss revenue and one-time cash jolts sure to leave Albany dry in '11. * New Yorkers gave the Legislature an “F” for its budget performance this year, a Siena poll found

State Budget

Friday, July 16, 2010

Buying Time Budgets To Get Reelected


Buying Time Budgets
To Get Reelected

It is clear that this years budget was pasted together with spit and gum so incumbent pols could run for reelection with a state budget. With three budget modifications last year you would think the media would get the hint that dysfunctional Albany no long passes real budget but spin documents intended to protected incumbents. DiNapoli warns of NY kaboom time$ The latest state budget is about to explode, state Comptroller Thomas DiNapoli warned yesterday in a damning analysis of the $134.4 billion spending plan. Proposals based on "risky" or overly optimistic projections make up more than half -- some $4.8 billion -- of the Legislature's efforts to close an estimated $9.2 billion budget gap this year, leaving the state open to future budget woes.* Jealous of Jersey New York's budget is a fiscal time-bomb, packed with huge risks, hit-or-miss revenue and one-time cash jolts sure to leave Albany dry in '11. * New Yorkers gave the Legislature an “F” for its budget performance this year, a Siena poll found

Pension

Thursday, September 2, 2010


The Pension Fund Cover-Up: Billions in Government Funds Will Be Need to Keep the Funds Afloat


The Pension Fund Cover-Up
Billions in Government Funds Will Be Need to Keep the Funds Afloat

While the press ignores reports that the pension funds are underfunded and the politically the connected like Hank Morris and Steve Rattner used their illegal connection to Comptroller Hevesi and other pension fund keepers in several other states to dump junk investments full of subprime worthless mortgages into pension funds of New York and other states. Wall Street did not need the Rattner's to invest in AT&T and Apple, they used them to get the pension funds to buy the derivatives cocktails.

Now all involved except the challenger to the appointed state comptroller are trying to cover up the real weakness of the pension funds. The state pension fund is routinely papering over a shortfall that is worth tens of billions of dollars, GOP/Conservative state comptroller candidate Harry Wilson charges.






Pay to Play Pensions
Former Intrepid Museum Chief Agrees To Pay $1 Million In Pay-To-Play Settlement » Six people have entered guilty pleas as a result of Cuomo's probe, including Hevesi's former chief investment officer, David Loglisci. More than a dozen companies have also settled with Cuomo, paying fines and agreeing to adopt a new code of conduct the AG was pushing. . . The investigation focuses on often politically connected people who Cuomo says acted as unlicensed “placement agents” seeking to get the comptroller, as sole trustee of the pension fund, to invest in their companies. (DN) * Hevesi fundraiser agrees to pay $1M in pension probe (NYP)



Monday, May 10, 2010


NY's Tax Payers Already Paying for Money Manager Pension Scandal

PM Edition Brown to Step Aside in Bid to Keep Labour in Power * NYC voters may have chance to change city charter *Divide in the Charter Commission? (Gotham Gazette) * Amending Extenders, Is It Legal? * Bloomberg's The Undisclosed Location Remains…Undisclosed * Where Was the Mayor? On the Phone (NYT) * State Budget 40 Days Late And $9B Short (Henry Stern, NY Civic) * City Selects 50 Senior Centers to Close (NYT)
* Senate Passes Furlough Extender, 32-29 * NY Legislature votes to furlough state workers (NYP)

NY's Tax Payers Already Paying for Money Manager Pension Scandal

Today's NYP is the only papers that writes about the $600 million the city is stashing away to pay for rising pension fund costs. Yet the Post did not mention the ongoing money manager pension fund scandal, which most likely is responsible for the rising pension fund cost to the city. In California it has become clear that the political connected money managers has cost the tax payers of that state billions. California public pension funds may face $500 billion shortfall‎.

We also know that Goldman and other banks put together bad mortgages, bet against them and sold them to pension funds. There is clearly a cover-up of the real reasons the city is not forced to kick in billions at a time teachers and fire houses are being cut. The cover-up even extends to this years state comptroller race. The media is not asking the state controller candidates about the causes of the rising pension costs to the tax payers.

City stashes $600M as pension boom looms Bloomberg has already allocated $7.4 billion to fund the city's five pension systems next year, up a worrisome 13 percent from the $6.6 billion being spent this year. When Bloomberg took office in 2002, taxpayers contributed just $1.3 billion toward the pensions of city workers. Although city taxpayers have to pick up the bill, it's the state Legislature that dictates the level of pension benefits.

This is what True News has published about the money manager pension fund scandal so far: Breaking News New York's Pay to Play Pension Scandal


Related Scandal
Freddie Mac (FRE) Requests $10.6B in Additional Bailout Funds * NY Adds $500M To Fannie Mae Mortgages Emii.com

This is what True News has published about the Fannie Mae scandal at Stuy Town
Wall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town




True News Had It First
The Wolf at Thompson's Door

Saturday's Post
Former director under Thompson, Josh Wolf-Powers, secured $70 million in investments for his private equity company Blue Wolf Capital after he left the Comptroller's Office. Wolf-Powers did not use a placement agent.nSunday's Post Rips Off True News Entire ExclusiveBILL, AIDES ARE PEN$ION PALSEX-THOMPSON BIGS' FIRMS NAB FUND DEALS

Exclusive: Only in True News
The Wolf at Thompson's Door

“Wolf-Powers told Mr. Rattner that he could not think of any investment firm that had persuaded the city’s pension fund to invest without using a placement agent.”

"Wolf-Powers knew so much about how the City invests its pension money with private firms, because Wolf-Powers and his close associates reinvented the New York City Employees Retirement System (NYCERS) when they were working under Thompson."

"The same year that Wolf-Powers turned Rattner onto Morris, Wolf-Powers left his key position with the City Comptroller to co-found the company Blue Wolf Capital Management with another top Thompson aide, Adam Blumenthal, who served as First Deputy Comptroller and Chief Financial Officer from 2002-2005. "

"Mr. Wolf-Powers oversaw the process by which the New York City Retirement Systems invested in private equity, economically targeted investments and other securities for which there is not a public market. During his tenure, the New York City Retirement Systems more than doubled their allocation to the private equity asset class, and their commitments to private equity funds, committing over $2 billion to nineteen private equity funds.”

“On July 9, 2007, six days after the ban was passed, [Thompson] accepted a $4,950 donation from the investment firm Blue Wolf Capital Management L.L.C. and a $4,050 contribution from its co-founder and managing partner, Adam Blumenthal.”

Pay to Play: PensionUncovering Multi State NetworkCUOMO-PROBE TARGET AN 'ADVISER' ON COP $$ Aldus Equity Partners *** N.M. Investment Adviser Caught Up in N.Y. Scandal: Case focuses on ... *** New Mexico Suspends [Mexico City's Bill Richardson's] Broker as Kickback Probe Widens (Updated) *** Pension Fund Scandal Expands: Rattner's Ties To Bill Richardson *** Times Piece On Rattner Scandal Makes No Mention Of Ties To Richardson *** Embattled Obama exec Rattner gave $20K to Richardson campaigns ... *** Records link city pension middlemen to pay-to-play probe of $122 billion state pension fund A host of politically connected firms acted as middlemen for many financial companies that won city pension fund business in recent years, city records show *** Ex-Assemblyman says his piece in pension scandal *** Disclosure Issue Emerges for Quadrangle *** 'KICKBACK' FIRM $CORED BIG NYC PENSION BIZ *** QUAD-BUNGLE FUND STATE, CITY PENSIONS AX INVESTMENT FIRM *** Wetherly Capital Group tangled in probe of pension fund kickback ... Wetherly has represented clients at two Los Angeles pension funds. A Los Angeles investment firm run by a well-known Southern California political operative Dan Weinstein, longtime Democratic fundraiser . . . $313,750 payment it made to a firm run by a New York political advisor who was arrested last month on charges of running a kickback scheme involving New York state's pension fund, Henry Morris *** SEC Queries Los Angeles Fire, Police Pension Fund on Conflicts of ... *** Silobreaker: SEC Pension Probe Extended to L.A. Fund *** Subject: Pension Fund Kickbacks Used To Fund Richardson's 'Latino U.S. Voter Registrations' *** Pay to Play? Firm Receives Government Contract After Donating to Bill Richardson *** Indicted NY Consultant Earned Fees From LA Police and Fire Pension Plan *** SEC Letters Outline “Informal Inquiry” into California Pension Deals *** Indicted political consultant Hank Morris reportedly made a placement fee on an $85 million deal between Quadrangle and the city's pension fund, but Comptroller Bill Thompson says he has no record of it *** Pension Fund Probe Now With Former Senator, Israeli Company

Bums


New York Still Loves Their Bums

As the national movement of incumbents congressman losing elections picks up steam with the victory of Christine O'Donnell in Delaware every incumbent except Padro Espada was reelected in New York City, despite the newspapers pushing to "Throw the Bums Out," the push by Koch and other groups to change Albany.

Primaries Weren't a 'Throw the Bums Out' Moment Paladino was one of the only outsiders to win in Tuesday's primaries. In other races, it appears that time spent to Albany wasn't enough to get most incumbents ejected from their seats. (WSJ) * Incumbents and party favorites did well on primary night in Queens.




True News Wags the Dog

75% according to the latest poll of New Yorkers want to throw out the bums but can't Poll

Today's NY Post
NY pols feel safe from national unseat heat With few exceptions, New York incumbents in Tuesday's primary elections can expect to be spared the anti-incumbent anger sweeping the nation. Arcane election laws, high campaign costs and the state's history of re-electing incumbents 95 percent of the time keep challenges down, experts say.

Koch Failed to "Throw the Bums Out" but spins in the NYT we accomplished our goal Lawyer Tries to Discredit Informer in Synagogue Bomb-Plot Case (NYT)

More spin by the NYT which drop the massage to defeat incumbents in it final editorial the day before the elections, now calls the defeat of Espada Primary Day 2010: A Little Less Sleaze (NYT)

More spin by the Daily News that Albany will change it ways. Why? They all got reelected and fool the voters once again. If anything they will be more bold at what they have been doing. Are the papers trying to Cover their Ass at the failure of their "Throw Out the Bums" campaign.
"One head rolled. So many more were deserving. But all is not lost. Many of the bums swear they've changed their stripes."Bummed out: Albany hacks must deliver on pledges of major reforms (DN Ed)

Charter School Forces Fail at the Polls

Incumbents Survive Wrath of Education Groups (WSJ) Even Education Reformer DC Mayor Dumped Fenty's Loss in D.C.: A Blow to Education Reform?

Incumbents Reelected Public Ignored Newspaper and Koch Pleas to "Throw Out the Bums"


Albany's Permanent Government
Incumbents Reelected


Public Ignored Newspaper and Koch's Pleas to "Throw Out the Bums"

Like the old Brooklyn Dodgers, New York love its elected bums. Everyone incumbent was reelected expect Espada who was turn on by almost every insider in the city. It took the unions, WFP operatives, elected officials and a ton of money to beat Pedro. Despite Albany's disfunctionalism and corruption the New York City Voter when given the opportunity to choose votes for the incumbent.

Both the woods on the NYP and Daily News pretended the papers campaign to "Throw the Bums Out" was a success. Not a word was mentioned about Koch or his group New York Uprising Espada the bum trounced (NYP) * In Bronx, Political Newcomer Brings Down Espada Gustavo Rivera (WSJ)

Newspapers Tell Us: Throw the Bums Out, But Who Will Do It? (Stern, NY Civic)

The Daily News Endorsments

"Today is the day when New Yorkers can start to force major change on Albany at the ballot box. Let's take the opportunity and run with it whole hog. Voters in 30 New York City legislative districts will have a say in contested Democratic primaries, whose winners are all but guaranteed to prevail in November. This is the time to hold accountable the no-account slugs who made Albany a laughingstock, in the process running New York into the ground." Make our day: Cast your vote to start throwing the bums out and cleaning up Albany Leading edge reformers who the Daily News mentioned in yesterday editorial and lost include: Basil Smikle, Wellington Sharpe, Mark Levine and Lynn Nunes


New York Post Endorsements
"Angry voters, now's your chance! Frrom Pedro Espada to Charlie Rangel, scandal-scarred incumbents are on the ballot in primary elections today, along with those who put special interests ahead of kids. "It's like a political crime wave has rolled through the Capitol," said Blair Horner, of the New York Public Interest Group. "We're hoping there's a tipping point for the voters." Vote today to boot The NYP lost big with Basil Smikle

The NYT Endorsement Scorecard

2 of the 3 incumbent who the NYT wanted out won. The NYT endorced losers Joyce Johnson against Rangel and Lynn Nunes agaisnt Huntley. The NYT also lost with Rick Lazio. The NYT endorsment winners Carolyn Maloney, Eric Schneiderman, Gustavo Rivera and Adriano Espaillat. New York Primary Election Choices

While Democrats Reelect Ever Incumbent

GOP Voters Bring the Tea Party Anger Comes to New York
“New Yorkers are fed up. Tonight the ruling class knows. They have seen it now. There is a people’s revolution. The people have had enough.” Paladino lances Lazio to jolt state GOP (NYP) * Paladino Stuns N.Y. G.O.P. With Victory (NYT) * Tea Party Candidates Win in Delaware, N.Y. (WSJ) * Paladino Sends Lazio to Sidelines (WSJ) * Lazio Event Becomes Pity Party as Tea Partier Paladino Claims Victory (WSJ) * Carl Paladino's ill-informed Tea Party rage will spell doom for GOP's credibility in NY (DN) * The anti-mosque campaign didn’t work so well for Rick Lazio

Incumbents Reelected Public Ignored Newspaper and Koch Pleas to "Throw Out the Bums"


Albany's Permanent Government
Incumbents Reelected


Public Ignored Newspaper and Koch's Pleas to "Throw Out the Bums"

Like the old Brooklyn Dodgers, New York love its elected bums. Everyone incumbent was reelected expect Espada who was turn on by almost every insider in the city. It took the unions, WFP operatives, elected officials and a ton of money to beat Pedro. Despite Albany's disfunctionalism and corruption the New York City Voter when given the opportunity to choose votes for the incumbent.

Both the woods on the NYP and Daily News pretended the papers campaign to "Throw the Bums Out" was a success. Not a word was mentioned about Koch or his group New York Uprising Espada the bum trounced (NYP) * In Bronx, Political Newcomer Brings Down Espada Gustavo Rivera (WSJ)

Newspapers Tell Us: Throw the Bums Out, But Who Will Do It? (Stern, NY Civic)

The Daily News Endorsments

"Today is the day when New Yorkers can start to force major change on Albany at the ballot box. Let's take the opportunity and run with it whole hog. Voters in 30 New York City legislative districts will have a say in contested Democratic primaries, whose winners are all but guaranteed to prevail in November. This is the time to hold accountable the no-account slugs who made Albany a laughingstock, in the process running New York into the ground." Make our day: Cast your vote to start throwing the bums out and cleaning up Albany Leading edge reformers who the Daily News mentioned in yesterday editorial and lost include: Basil Smikle, Wellington Sharpe, Mark Levine and Lynn Nunes


New York Post Endorsements
"Angry voters, now's your chance! Frrom Pedro Espada to Charlie Rangel, scandal-scarred incumbents are on the ballot in primary elections today, along with those who put special interests ahead of kids. "It's like a political crime wave has rolled through the Capitol," said Blair Horner, of the New York Public Interest Group. "We're hoping there's a tipping point for the voters." Vote today to boot The NYP lost big with Basil Smikle

The NYT Endorsement Scorecard

2 of the 3 incumbent who the NYT wanted out won. The NYT endorced losers Joyce Johnson against Rangel and Lynn Nunes agaisnt Huntley. The NYT also lost with Rick Lazio. The NYT endorsment winners Carolyn Maloney, Eric Schneiderman, Gustavo Rivera and Adriano Espaillat. New York Primary Election Choices

While Democrats Reelect Ever Incumbent

GOP Voters Bring the Tea Party Anger Comes to New York
“New Yorkers are fed up. Tonight the ruling class knows. They have seen it now. There is a people’s revolution. The people have had enough.” Paladino lances Lazio to jolt state GOP (NYP) * Paladino Stuns N.Y. G.O.P. With Victory (NYT) * Tea Party Candidates Win in Delaware, N.Y. (WSJ) * Paladino Sends Lazio to Sidelines (WSJ) * Lazio Event Becomes Pity Party as Tea Partier Paladino Claims Victory (WSJ) * Carl Paladino's ill-informed Tea Party rage will spell doom for GOP's credibility in NY (DN) * The anti-mosque campaign didn’t work so well for Rick Lazio


Monday, July 26, 2010

Daily News and the Rest of the Media Just Does Not Get It


If You Have No Opposition, The Public Cannot Throw the Bums Out

The writers of the Daily News should read the NYP and come to a better understanding of the New York election law. Yesterday the NYP reported that Speak Silver used the fixed election law to remove even token opposition Ballot bully Silver kicks GOP underdog (NYP). So today's editorial by the News to Throw the bums out: Here’s the list of legislators to vote against this fall is impossible because most of the people on their list which comes from the legislatures who did not sign on to Koch's redistricting reforms have no or only token opposition.

Opposition Parties Keeps the Bum In

As True News has reported most of the opposition party leaders are into pay to play deal. They are puppets of Albany offering the public false hope of election change.Indy 'pay-to-play' GOPers backed after hiring chief's pal.True News says all parties are Pay to Play NY Political Parties for Sale: Ballot Corruption (True News) * Just like comptroller candidate Harry Wilson this year, 2006 DA hopeful Jeanine Pirro hired the Roosevelt Group, a consulting firm with ties to state Independence Party Chairman Frank MacKay, prior to landing the party’s endorsement. * The Post thinks Cuomo may come to regret accepting the Indy Party line. * DiNapoli Gets NARAL, Declines to Comment on Indy Party

Friday, September 17, 2010

New York Still Loves Their Bums


New York Still Loves Their Bums

As the national movement of incumbents congressman losing elections picks up steam with the victory of Christine O'Donnell in Delaware every incumbent except Padro Espada was reelected in New York City, despite the newspapers pushing to "Throw the Bums Out," the push by Koch and other groups to change Albany.

Primaries Weren't a 'Throw the Bums Out' Moment Paladino was one of the only outsiders to win in Tuesday's primaries. In other races, it appears that time spent to Albany wasn't enough to get most incumbents ejected from their seats. (WSJ) * Incumbents and party favorites did well on primary night in Queens.

Koch Failed to "Throw the Bums Out" but spins in the NYT we accomplished our goal Lawyer Tries to Discredit Informer in Synagogue Bomb-Plot Case (NYT)

More spin by the NYT which drop the massage to defeat incumbents in it final editorial the day before the elections, now calls the defeat of Espada Primary Day 2010: A Little Less Sleaze (NYT)

More spin by the Daily News that Albany will change it ways. Why? They all got reelected and fool the voters once again. If anything they will be more bold at what they have been doing. Are the papers trying to Cover their Ass at the failure of their "Throw Out the Bums" campaign.
"One head rolled. So many more were deserving. But all is not lost. Many of the bums swear they've changed their stripes."Bummed out: Albany hacks must deliver on pledges of major reforms (DN Ed)

Charter School Forces Fail at the Polls

Incumbents Survive Wrath of Education Groups (WSJ) Even Education Reformer DC Mayor Dumped Fenty's Loss in D.C.: A Blow to Education Reform?