ALBANY, N.Y. - Gov. David Paterson said yesterday that the loss of tax revenue from just six Goldman Sachs' executives will cost New York $178 million.
The executives complied with the urging of New York Attorney General Andrew Cuomo and others who said in November that major Wall Street companies benefiting from federal bailouts shouldn't pay out the usual bonuses to executives.
Paterson said the firms did the right thing by forgoing bonuses, but that it has had a devastating effect on New York's fiscal crisis, as Wall Street taxes accounted for 30 percent of state revenue in the last fiscal quarter.
It's the first time Goldman executives have not received bonuses since the 139-year-old investment bank went public in 1999. *