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County Testimony: Economic Crisis and State Budget Deficit Fuels Perfect Storm Brewing in New York State

Article from: Targeted News Service Article date: November 14, 2008

The New York State Association of Counties issued the following testimony:

The New York State Association of Counties (NYSAC) today testified about the impact the economic crisis and the budget reductions have on counties across the State. The testimony, presented to the State Assembly's Ways and Means Committee, highlighted how increasing demand for services and decreasing revenues are part of a perfect storm gathering in New York State.

"The financial crisis impacting Wall Street and the banking industry nationwide is shrinking tax revenues at the state level and calling into question state ...

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Disgraced Lehman CEO Fired

Posted Nov 6, 08 3:13 AM CST in Crime & Courts,  Business 

Disgraced Lehman CEO Fired
Source: AP Photo/Susan Walsh

(Newser) – Lehman Brothers boss Richard Fuld, who led the giant 158-year-old Wall Street brokerage firm into bankruptcy, has been abruptly terminated. The 62-year-old Fuld, who earned $484 million from Lehman over the last eight years, won't receive a bonus or severance payments, but will keep his salaried post on the board of directors when he leaves as CEO the end of the year, reports the New York Daily News. 

New York's state controller called Fuld's removal a "good first step" in safeguarding shareholder interests, and blasted "disastrous strategies" by Fuld that led the company "toward ruin." State retirement funds hold nearly 5 million Lehman shares. "The leadership that ran the company into bankruptcy should not be running the company during bankruptcy," said the controller, who filed a motion in court this week demanding Fuld's ouster.

More about:  Financial Crisis • Lehman Brothers • Richard Fuld • termination

MORE RELATED NEWSER STORIES

Congress Gets Ugly Portrait of Lehman's Last Days

Investment giant knew of liquidity concerns, gave out $5B in bonuses

New York Times New York Times Oct 6, 08 2:04 PM CDT
(Newser) - Lehman Brothers’ departing executives were negotiating millions in bonuses while the bank begged for taxpayer money to avoid bankruptcy, a House committee finds after reviewing documents. At a hearing today on Capitol Hill—the first on the financial crisis—the investment firm was painted as one run by irresponsible leaders who poured money into risky projects even though internal documents predicted a liquidity crunch, the New York Times reports. More »

More about:  Financial Crisis • House of Representatives • Lehman Brothers • Henry Waxman • Richard Fuld • Congressional hearings

Sloppy Lehman Bankruptcy Killed Billions in Value

Speedy process leaves creditors hanging

Wall Street Journal Wall Street Journal Dec 29, 08 1:40 PM CST
(Newser) - Had Lehman Brothers been more careful in its bankruptcy filing, it could have held on to as much as $75 billion that was destroyed in the process, the firm’s head restructuring agents say. A better-planned filing would have allowed the sale of some assets outside of court proceedings and would have afforded Lehman more time in unwinding its derivatives portfolio, the Wall Street Journal reports. More »

More about:  Financial Crisis • Wall Street • Lehman Brothers • bankruptcy • bank failure • default • asset management • contracts

OPINION

 Hirst Is Art World's Lehman 

September mega-sale coincided with investment bank's collapse

Bloomberg Bloomberg Dec 22, 08 12:21 PM CST
(Newser) - With the collapse of Lehman Brothers having opened an “anxious new era” in financial circles and among consumers at large, the auction that brought artist Damien Hirst $166 million on Sept. 15—the very day Lehman went bust—clearly marks the division, Martin Gayford writes for Bloomberg. By year’s end, sales and auctions had plummeted and the crash had begun. More »

More about:  Financial Crisis • Lehman Brothers • art market • Sotheby's • crash • Damien Hirst


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