Friday, June 26, 2015
Homosexuals ONE Nassau OTB bettors one half!
Andrew cuomo has not seen that Nassau OTB is open 365 days of the year.
Nassau OTB closes on roman catholic Easter sunday in preference to Greek orthodox
Easter Sunday. Bettors and others believe people should be able to pray whenever they wish while bettors bet fine races being run without the state of new York whenever they wish. Someotb workers wish to work on any Sunday they wish while the still can unlike the dearly departed of new York city OTB
see also ny cont art 1, sec 3
New York state, the state of marriage equality and nail salon workers.
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Dear Fellow New Yorker,
This week we reached an agreement with legislative leaders that addresses many of the important issues facing New York.
At the beginning of this year, I laid out a bold vision for New York—one that promised to expand opportunity, make our communities more affordable, transform our state's education system, and improve social justice across our state. Today, we continued our work to deliver on those promises.
This legislation continues the progress our state has made over the past four years, and takes the following steps:
Coupled with the accomplishments throughout the legislative session, these reforms will build a better New York and improve the lives and livelihoods of people in virtually every corner of the state. I am proud to have fought for these changes and look forward to signing them into law.
As the 2015 legislative session draws to a close, I want to simply say thank you. Each and every day, I am humbled by the passion, dedication, and vision of the people of New York. Let’s continue to work together to keep our state moving forward and create opportunity for all New Yorkers.
Sincerely,
Governor Andrew M. Cuomo
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Dear Fellow New Yorker,
This week we reached an agreement with legislative leaders that addresses many of the important issues facing New York.
At the beginning of this year, I laid out a bold vision for New York—one that promised to expand opportunity, make our communities more affordable, transform our state's education system, and improve social justice across our state. Today, we continued our work to deliver on those promises.
This legislation continues the progress our state has made over the past four years, and takes the following steps:
- Extends and strengthens rent laws in the New York City area to protect more than two million tenants, while at the same time renewing the property tax cap—which has already saved $800 for the typical property owner—and providing more than $1.3 billion in new property tax cuts for working and middle class families.
- Extends the 421-a program to keep this important incentive in place to continue creating affordable housing while representatives of the labor and real estate community work toward a long-term agreement.
- Includes $250 million in new support for nonpublic schools to cover mandated costs, building on our historic investment in public school aid in this year's state budget.
- Extends mayoral control of schools in New York City for one year, maintaining an idea that has worked well since 2002.
- Restructures the cap on charter schools to enable new charter schools to open and offer parents additional choice in education.
Coupled with the accomplishments throughout the legislative session, these reforms will build a better New York and improve the lives and livelihoods of people in virtually every corner of the state. I am proud to have fought for these changes and look forward to signing them into law.
As the 2015 legislative session draws to a close, I want to simply say thank you. Each and every day, I am humbled by the passion, dedication, and vision of the people of New York. Let’s continue to work together to keep our state moving forward and create opportunity for all New Yorkers.
Sincerely,
Governor Andrew M. Cuomo
Thursday, June 25, 2015
Cuomo eats more than the prime minister
Genting runs an all you can eat fete for politicians
A Kuala Lumpur billboard pitches state investment fund 1MDB, which has amassed more than $11 billion in debt and is the subject of four government investigations. PHOTO: REUTERS
Debt-laden state investment fund 1Malaysia Development Bhd. defended the price it paid for a power company in 2012, saying it had received “independent valuation” advice during the transaction.
A person familiar with the transaction said the valuation was done by Goldman Sachs Group Inc., which advised the fund on the deal and therefore wasn't considered independent because it would benefit financially if the transaction was completed.
The 1MDB fund was formed by Prime Minister Najib Razak in 2009 to help develop Malaysia’s economy. It also indirectly supported his party’s re-election campaign two years ago. The fund has amassed more than $11 billion in debt that it now struggles to repay and is the subject of four government investigations.
The Wall Street Journal last week reported the fund paid what appeared to be an inflated price for a power plant owned by Malaysian conglomerate Genting Group. The conglomerate subsequently contributed to a Najib-led charity that announced projects that Mr. Najib was able to tout as he campaigned.
The statement about the independent valuation on its power-plant purchase came in response to The Wall Street Journal article. “We only acquire assets when we are convinced that they represent long-term value, and to suggest that any of our acquisitions were driven by political considerations is simply false,” 1MDB said in the statement, which was released on Tuesday and expanded on its comments in the original article.
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In the statement, 1MDB defended the 2.3 billion Malaysian ringgit (about $740 million at the time) it paid for the Genting unit. The fund said the price was based on “advice received from independent valuation advisers.”
The person familiar with the matter said Goldman Sachs, which was 1MDB’s financial adviser on the purchase, was also the only party to conduct a valuation of the power unit on behalf of 1MDB. Goldman had a long relationship with 1MDB, underwriting bonds and advising it on other transactions.
To help them assess the value of assets in a deal or justify the deal to investors, lenders or regulators, companies often seek independent valuations from investment banks, accounting firms or consultants that aren't involved in it. A firm advising on the deal could benefit financially if the transaction is completed, potentially creating a conflict of interest.
A 1MDB spokesman said its adviser’s opinion wasn’t biased, adding: “Any valuation produced by 1MDB’s financial adviser is by definition independent as it is independently produced by that third party for 1MDB’s consideration.”
The spokesman said 1MDB had appointed a number of third-party advisers including lawyers and accountants to look into different areas of the purchase, such as the power assets’ technical specifications. All of these parties contributed to the valuation, according to the spokesman.
The 1MDB spokesman declined to make any valuation available. “It is not a policy of 1MDB to share such information,” the spokesman said.
The 1MDB fund acquired the Genting unit—which owned a 75% stake in a 720-megawatt coal-fired power plant near Kuala Lumpur—in October 2012. Genting later reported a 1.9 billion-ringgit extraordinary gain on this sale, implying a value for its stake of just 400 million ringgit, or less than one-fifth what 1MDB paid for it.
Malaysian Prime Minister Najib Razak founded 1MDB in 2009 to help develop Malaysia’s economy, but it is now roiling markets and leading to calls for his ouster. PHOTO: ASSOCIATED PRESS
In a second sign that 1MDB paid a high price, the fund’s financial statement for the fiscal year ended in March 2013 said the power unit’s property, plant and equipment were worth a little under 500 million ringgit at the time of acquisition.
The fund cited 1.7 billion ringgit in “intangible assets”—that is, the plant’s agreement to sell power to a state-owned entity. But this valuation appeared to be contingent on Genting’s obtaining a renewal of its power-sale agreement, which would run out in 2016.
Genting announced the terms of the sale to 1MDB in August 2012. Equity analysts at the time called the price positive for Genting, given that its contract to sell power was set to end within a few years. In early October, Malaysia’s Energy Commission, an independent body that regulates the energy sector, announced Genting had won a 10-year extension, giving it the right to sell power through 2026. A few days later, Genting and 1MDB completed the sale.
Soon after the purchase, 1MDB appeared to recognize that it had overpaid for the power assets. In its financial accounts for fiscal 2013, the fund took an “impairment” charge of 1.2 billion ringgit, writing down part of the premium it had paid for power assets from Genting and another Malaysian company.
A few months after the sale, a unit of Genting called Genting Plantations Bhd. donated about $10 million to a Najib-linked charity, according to a spokesman for Genting Plantations. The charity, Yayasan Rakyat 1Malaysia, lists Mr. Najib as chairman on its website.
Though set up to help underprivileged Malaysians through education and sport, this charity soon got involved in spending that appeared designed to help Mr. Najib retain power in a May 2013 election. It and other charities linked to the government spent millions of dollars before the voting in Penang, a northern state that was an important election battleground. Mr. Najib visited Penang during the campaign and announced that Yayasan Rakyat 1Malaysia would donate two million ringgit (about $660,000 at the time) to two local schools. These schools serve Chinese communities that aren't a poor demographic, but whose support would be crucial to win voting in the area.
Write to Tom Wright at tom.wright@wsj.com
ALBANY -- As they rushed to adjourn for 2015, state lawmakers appear to have rejected a plan that could have affected the siting of video slot machine parlors on Long Island, as well as a proposal to force Nassau County to direct some sales tax revenue to two villages in Assemb. Earlene Hooper's district.
But they approved a request by Suffolk County Executive Steve Bellone to increase annual registration fees for passenger vehicles registered in the county from $5 to $15, matching fees in Nassau.
Politicians began passing dozens of bills Thursday on what was expected to be the final day of the 2015 legislative session in Albany. The session has run eight days over because of a stalemate over the rent-control law.
STORYCuomo: 'Big Ugly' bill a 'Big Lovely'COLUMNPol moves to shelve video gambling parlors on LISTORYPlan would limit local say over betting parlors
Rent control ultimately was lumped into a massive final bill -- called "The Big Ugly" in Albany parlance -- which also covers standardized exams in schools, the state's property-tax cap, a new property tax rebate and the new Suffolk vehicle fee, among other things.
But the bill excluded a proposal regarding two betting parlors that off-track betting entities in Nassau and Suffolk are having trouble siting.
Supporters said it merely would make clear that the state's 2013 gambling expansion law didn't give local jurisdictions final say over siting decisions involving video slot machines, also called video lottery terminals. Opponents said it effectively would override local zoning decisions.
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Nassau and Suffolk received approval in 2013 to each open gambling casinos with up to 1,000 video slot machines. But the idea hit roadblocks on Long Island once officials began trying to pick specific sites.
For example, Nassau Off-Track Betting Corp., which estimates the gambling parlors will generate $20 million in new revenue for the county, withdrew a proposal to use a vacant Fortunoff property in Westbury after protests. Suffolk too has run into protests about a proposed site in Medford.
Sen. Jack Martins (R-Mineola) said in a statement, "I oppose the proposal and any effort to pre-empt local zoning oversight in Nassau County."
Hooper (D-Hempstead), revisiting a battle fought four years ago, was looking to secure some of the county's annual sales tax revenue for two villages in her district, Freeport and Hempstead. She introduced a bill that would renew Nassau's authorization to impose sales taxes -- only if the county directs $2 million to Freeport and $2.5 million to Hempstead.
Instead, the Assembly will extend Nassau's authorization to collect the tax with no strings attached, officials said. The authorization would expire this year if not renewed.
The Republican-led Senate also favored a simple renewal of the county sales tax with no directives on how to split the money, which amounts to more than $300 million annually.
The new $15 Suffolk surcharge will apply to cars weighing less than 3,500 pounds. Fees for larger passenger vehicles will jump from $10 to $30 -- which also applies to commercial trucks and buses. The county legislature will have to enact a local law to authorize the fee.
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