New Rules To Spotlight Governments’ Retiree Costs.

In Breaking News by Hal Peterson0 Comments

Breaking News From the desk of Michael Rapoport – WSJ – June 3/15. The rising cost of public employee retiree benefits, and underfunded liabilities has plagued state and local governments for years contributing to the bankruptcy of the cities of Detroit Michigan, Stockton, and San Bernardino in California, and Providence, Rhode Island. Two specific causes are evident. One, accounting standards, …

Common Sense

In Breaking News by Hal Peterson0 Comments

My July 25th column hardly supported Governor Cuomo’s plan to root out political corruption in New York State thru the use of a special commission. One of the major critics of this plan has been highly acclaimed and subject matter expert U.S. Attorney Preet Bharara, from the Southern District in New York. In testimony just given he offers the following …

Nothing happens in Albany by accident

In Breaking News by Hal Peterson0 Comments

Fighting corruption: My last column, posted on July 25th was titled “Not sold on Cuomo’s plan to stop corruption.” I’m not the only one concerned. Last week, Assembly Speaker Sheldon Silver sent his colleagues a letter advising them of the hiring of a law firm that will fight overreaching by the commission and preserve proper respect for the constitutional doctrine …

New York State retirement fund’s unhappy returns

In Breaking News by Hal Peterson0 Comments

From the NY Post August 18, 2013: When Albany puts out new’s next Friday you can bet it’s bad news. So it is with state Comptroller Tom DiNapoli’s report on the quarterly performance of the state retirement fund. The return for the three month period ending June 30th was a meager 0.29 percent. The Dow Jones stock index increased by …

Ex-State Senate leader fails in bid to avoid retrail

In Breaking News by Hal Peterson0 Comments

Former Republican party Majority Leader Senator Joseph L. Bruno, who resigned from office when confronted with a federal corruption investigation in 2008,  just lost his “stay out of jail” appeal not to be tried twice for the same crime. In a ruling issued on August 6th the U.S. Court of Appeals in Manhattan ruled the government could proceed with its …

New York State Legislators Reap Bemefits of Part-Time Jobs

In Breaking News by Hal Peterson0 Comments

As required in the Public Authority Reform Act of 2011, “certain state officers and employees, elected state officials, legislative officers and employees, among others, file Financial Disclosure Statements. In addition, lobbyists must file reports concerning their activities and identify the names of their clients. This information is available on line in spreadsheet format using the web site of the New …

School Choice Advancing in Nation, but Not in NY *

In Breaking News by Hal Peterson0 Comments

School choice gives parents a measure of control over the quality of their child’s education. Every Choice program uses an amount of money that’s far less than the amount spent per public school pupil. Hence, school choice not only benefits all students, but also benefits all taxpayers. School choice can take several forms: (1) vouchers/scholarships provided to parents for their …

House of cards – Who is next?

In Breaking News by Hal Peterson0 Comments

I recently posted to this web site a column published in the LI Herald titled “Municipal Bankruptcy Could Set a National Precedent.” It focused attention on the City of San Bernardino that is withholding pension payments to the sixth-largest pension fund in the world, the California Public Employees Retirement System. Reason, they simply do not have the money, and are …

Important legislation introduced in the State Senate

In Breaking News by Hal Peterson0 Comments

Following suggestions introduced last Fall, State Senator Dean G. Skelos (Temporary President and Majority Coalition Leader 9th Senate District) introduced on Feb 28th legislation that would establish a New York State Independent Budget Office (LBO) to provide an objective, non-partisan and timely analysis of state revenues, expenditures and management practices balanced in accordance with Generally Accepted Accounting Principles (GAAP). This …

Double Dipping: A pension and a paycheck

In Breaking News by Hal Peterson0 Comments

New York State law is written to allow sitting New York State Legislators (elected before 1995) to collect retirements benefits while still working. As a result Assemblyman Steve Englebright (D-Setauket), age 66 returns to Albany next week collecting full pay $91,000 + and a pension of approximately $50,000.   Something is seriously amiss. Anyone who is lucky enough to have …