NY MTA

[Fyah]

Re: NY MTA

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Jaded</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">yes i agree their auditors need to be fired, cause it seems like the last increase in fares went directly to executive compensation and not for upgrading the entire MTA.

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all those MTA execs need to be fired..talk about mismanagement..me rah

and why are MTA employees allowed to ride free..even after they're retired????

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Those DAMN UNIONS... Remind me of those car guys.

[jah_yout]

Re: NY MTA

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">mi notice nuhbaddy nah comment pan patterson withholding funds from the school a guess that is ok ?? </div></div>

none of it is o.k;

it starts with the feds...the thing that is glaring to me is that they bailed out the banks &amp; they are now paying billions in bonuses...
that's why all this talk of cutting the children is amazing;
the budget is what it is...
i think nyc should secede from albany anyway

[rudemonk]

Re: NY MTA

<span style="font-weight: bold">Wall Street on Track for Record in Profits</span>
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By ZACHERY KOUWE
Published: November 17, 2009
Ten months ago, President Obama said a time would come for Wall Street to make profits and pay bonuses, but “now’s not that time.” But it appears that was exactly when Wall Street began to return to profitability.


<span style="font-weight: bold">In a report released Tuesday by Thomas P. DiNapoli, the comptroller of New York State, Wall Street profits in 2009 are on track to exceed the record set three years ago, at the height of the credit bubble.</span> The report noted that the four largest investment firms in Manhattan — Goldman Sachs, Merrill Lynch, Morgan Stanley and the investment banking arm of JPMorgan Chase — earned $22.5 billion in the first nine months, in contrast to losses of more than $40.3 billion in 2008, primarily at Merrill.

“The national economy is slowly improving, but Wall Street has recovered much faster than anyone had envisioned,” Mr. DiNapoli said in a statement.

Net revenue at the four firms, which excludes interest expenses, reached a high of $57.7 billion in the second quarter, Mr. DiNapoli said. Though total revenue has been higher in previous quarters, the banks benefited from a sharp decline in interest payments, $5 billion in the second quarter from a high of $76.3 billion in the last quarter of 2007.

Fueling the gains were extraordinary profits from the firms’ own securities trading accounts as they borrowed at near-zero interest rates and put the money to work in the securities markets. Member firms on the New York Stock Exchange earned a record $35.7 billion for their broker-dealer operations in the first six months, $8.9 billion more that the previous high in 2000, the state comptroller said.

In turn, the profits are contributing to a resurgence of bonuses on Wall Street. Six of the top American bank holding companies set aside $112 billion for salaries and bonuses, including deferred payments, in the first nine months, Mr. DiNapoli reported. The six banks are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo.

If the profits continue, bonuses at the six banks could exceed the $162 billion paid 2007 — the year before the financial crisis hit stock markets. Though compensation has rebounded at the four largest banks, Merrill Lynch, now part of Bank of America, and Morgan Stanley reported a decline in overall compensation.

Employment in the securities industry in New York City fell by 28,300 jobs since its peak in November 2007, the comptroller said. The report predicts, however, that job losses in the sector are unlikely to exceed 35,000 by the end of the year, a much smaller number than previously forecast.

The gains in compensation will not necessarily be reflected in New York’s tax collections because the compensation overhaul could cause firms to sharply restrict cash bonuses.

The amount of business tax credits accumulated by Wall Street firms from last year’s record losses could also restrain tax receipts, Mr. DiNapoli said.

He estimated the decline in tax collections from Wall Street-related activities next year could be 5 to 20 percent.

“Wall Street remains the engine that drives New York’s economy,” Mr. DiNapoli said in a statement. “It’s encouraging that the industry is recovering faster than forecast.”

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And here I feel it would be remiss to point out that, oh, for say, an estimate of a measly annual spend of approx 3 billion dollars, the World Food Programme could end world hunger as we know it.