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8/7/2019 49537185 Cmte Scam NY Exec Summary Feb2011
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TheCommitteetoScamNewYork
HowTheCommitteetoSaveNewYorksBigBusinessElitesDodgeTaxes,Score
Handouts,GetBailedOut,andStillWantMore
PreparedbyKevinConnorandChrisKeeley,
PublicAccountabilityInitiative
forCommunityVoicesHeard(CVH)and
VoicesofCommunityActivistsandLeaders(VOCAL-NY)
February23,2011
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WhoTheCommitteeSaysTheyAre
WHOWEARE: Wearecitizensandtaxpayerswhocaredeeplyaboutthefutureof
NewYorkStateasagreatplacetolive,workanddobusiness.
WHATWESTANDFOR: Westandforrestoringfiscalsanitytostategovernmentinorderto
ensurethatfuturegenerationsofNewYorkerswillhavetheopportunitytogetagreateducation,findagoodjoborstarta newbusinessandprosper.
WHATNEEDSTOHAPPEN:
ThegeneralpublicneedsavoiceintheefforttoendNewYorkStateshabitofspendingmoneywedonthaveanddrivingfamiliesandemployersoutofthestatewithhightaxesandinflexiblemandates.Thisstartswithapropertytaxcap,atrulybalancedstatebudgetandreformofprogramsandmandateswhereNew
Yorkisoutoflinewithreasonableandsustainablestandards.Source:http://www.letsfixalbany.org/about-us
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WhoTheCommitteetoScamNY
ReallyIsBillionaires.Thereare13membersofForbes listofthe
Richest400Americans:StevenRoth,RupertMurdoch,
StephenSchwarzman,RichardLeFrak,JohnPaulson,StephenRoss,DavidRockefeller,MortimerZuckerman,JerrySpeyer,WilburRoss,HenryKravis,LeonardStern,andSheldonSolow.
Bigbusinesses.Citigroup,GeneralElectric,andrealestatefirmColliersInternationaleachhavethreerepresentativesinthegroup,morethananyotherbusiness.
Banks.GoldmanSachsandCitigroupeachhavefivepastorpresentexecutivesordirectorsassociatedwiththeCommitteesbackers,morethananyotherbusiness.
TheFed.TheFederalReserveBankofNewYorkhastiestofourmembersofthegroup,morethananyothergovernmentorganization.
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WhoTheCommitteetoScamNY
ReallyIsNewYorkCityEconomicDevelopmentCorporation.KathrynWylde,the
PartnershipsCEOandaCommitteefounder,sitsontheboardofthecityseconomicdevelopmentagency,whichinturnapprovestaxbreaksandother
subsidiesforbusinesses.MarioPalumbo,aboardmemberoftheRealEstateBoardofNewYork,alsositsonNYCEDCs board.
EmpireStateDevelopmentCorporation.KenAdams,afounderoftheCommitteeandformerpresidentoftheBusinessCouncil,wasrecentlynominatedastheheadofESDC,thestatesprimaryeconomicdevelopmentagency.
LowerManhattanDevelopmentCorporation.REBNYboardmembersJohnZuccotti andWilliamRudin bothsitontheboardofLMDC,whichisresponsibleforoverseeinglowerManhattansreconstructioneffortspost9/11anddisbursingrecoveryfunds.
FederalReserveBankofNewYork.Itsnotastateorlocalgovernmentboard,butisoneofNewYorksmostpowerfulgovernmentinstitutions.Asnotedinthebailouts section,theFRBNYs boardincludesthreeboardmembersofthePartnership Wylde,JPMorganCEOJamieDimon,andLoewsCEOJamesTisch anditspresident,formerGoldmanSachseconomistWilliamDudley,holdsanexofficioboardseatatthePartnership.
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CampaignContributorsStatewide(2007-2010);Legislative(2009-2010)
$7,277,220TOTAL
$2,503,333Allotherstate-level,mostrecentelectioncycle
$159,500DONOVAN2010
$196,655DEMOCRATICSENATECAMPAIGNCOMMITTEE- HOUSEKEEPING
$210,300NYSDEMOCRATICASSEMBLYCAMPAIGNCOMMITTEE(DACC)
$221,000SCHNEIDERMANFORATTORNEYGENERAL,INC.
$241,005NYSSENATEREPUBLICANCAMPAIGNCOMMITTEE- HOUSEKEEPING
$335,500NYSDEMOCRATICSENATECAMPAIGNCOMMITTEE
$336,548SPITZER2010,INC.
$397,500NYSSENATEREPUBLICANCAMPAIGNCOMMITTEE
$872,682PATERSONFORGOVERNOR,INC.
$1,803,196ANDREWCUOMO2010
TotalDonatedbyCommittee
Affiliates
Recipient
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CommitteetoScamNY:ASummary
Taxevasion:Atleast1,705offshoresubsidiariesincorporatedintaxhavens.
13relatedfinancialfirmsreceived$149billioninfederalbailout funds(TARP),orroughlyenoughtofundNewYorkStatesentirepublicschoolsystemforthreeyears.
IndividualsassociatedwiththeCommitteewillsavemillionsinpersonalincometaxes ifthestatestaxonhigh-incomeearnersisnotextended.
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TheCommitteetoScamNY
hasmorethan
400corporateentitiessetup
justintheCaymanIslands
TaxDodging
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TaxDodging
1. MorganStanley(318)2. BankofAmerica(269)
3. NewsCorp(127)
4. Marsh&McLennan(122)
5. Pfizer(104)
6. JPMorganChase(76)7. WellsFargo(56)
8. JonesLangLasalle (56)
9. BlackstoneGroup(46)10.Tyco(42)
TheseCSNYgroupshavedozens,orevenhundredsofentitiesshelteredoverseas:
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TheCommitteeshonorarychair,FelixRohatyn (left),isemployedatLazard,firstmajorWallStreetbanktoincorporateinan
offshoretaxhaven (Bermuda)
SeveralbusinessesassociatedwiththeCommitteeeither
specializinginfacilitatingtaxavoidancebywealthyindividualsandcorporations orhavebeenfinedfordoingso,
includingDeutscheBank,UBS,andRoberts&HollandLLP
TaxDodging
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ScoringHandouts 13financialfirmsreceived$149billioninfederalbailoutfunds(TARP)duringthe2008financial
crisis,orroughlyenoughtofundNewYorkStatesentirepublicschoolsystemforthreeyears.
Committee-connectedbusinesseshavebeenapprovedforroughly$2billioninstateandlocalsubsidiesintheformoftaxbreaks,infrastructurespending,andotheroutlays.
IndividualsassociatedwiththeCommitteewillsavemillionsinpersonalincometaxes ifthestatestaxonhigh-incomeearnersisnot
extended.
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MembersofTheCommitteetoSaveNYanditsaffiliated
entitieswantNewYorkStatetoserve
themandthem
alone,withjustcrumbsleftfor
everyoneelse.
CommitteetoScamNY
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ConsequencesDuetolong-termpolicydecisions
thatTheCommitteetoScamNewYorkwantstocontinueandevenexpand,NewYork:
- IsAmericasmostunequalstate,
- Hasanincrediblyunfairtaxstructure,
- Corporationshavebeenpayingless,and
- Thepoorhavebeenpayingmore.
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NewYork:
AmericasInequalityCapital
Source:FPIatwww.fiscalpolicy.org/FPI_NewYorkShouldContinueTheIncomeTax_20110214.pdf
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TheWorstisGettingWorse
Source:FPIathttp://www.fiscalpolicy.org/FPIBudgetBriefingBook_2011.pdf.
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ThePoorPayingMore
Source:FPIatwww.fiscalpolicy.org/FPI_NewYorkShouldContinueTheIncomeTax_20110214.pdf
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CorporationsPayingLess
Source:FPIatwww.fiscalpolicy.org/FPI_GrowingBurdenOfBusinessTaxExpenditures.pdf