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Our next guest is in charge of pulling the economic purse strings here in New York -- -- Lou the comptroller of New York City.
He's here in a Fox Business exclusive with a couple of pieces of information that are distressing to me and number one.
Lehman Brothers of course it's gone it's bankrupt it's been broken -- in in many pieces.
Lee is still us how much in back taxes to the city of New York.
-- I think they -- back taxes to the state of new York and the state is doing everything he.
And collect the taxes obviously it's an incredible incredibly difficult time for -- so.
We need everybody to pay their taxes as difficult as it may be.
But certainly going after these -- companies that released almost a great -- and we're hearing that for the state it's about one point two billion that -- o.s and then for the city about 627.
Million in back taxes.
Doesn't this underscore mr.
-- How important Wall Street is to the city's tax coffers and of course at a time when financial regulation is being spoken about of course we need something definitely.
Where you stand on that really putting the hammer down on Wall Street or at least helping them come through that -- for.
And foremost we've we've got -- With that cuts -- match into our schools our police department fire department so we need all the taxes are due to us whether -- -- -- the city or state level to be paid.
As far as Wall Street and financial sectors concerned it's one of almost -- -- sectors combining -- making up about 25 to 30% of our tax revenues so it is very important.
But any kind of reform that will take place at the national level so long as it is -- decide to really strengthen the industry.
Provide more stability and accountability I think in the long run that benefits New York City.
I would say so I'm hearing -- say that we we need better regulation of -- what clearly after what's happened in the in the collapse a year and a half ago.
We do need some some tighter regulations -- only around derivative trading.
And that led to a lot of the difficulties we also need to.
Some more accountability on the part of these major corporations are making decisions and and people losing homes here in New York as well as across the country we should.
Leave out the ratings agencies of fiction and of course -- here in New York Moody's is a Canadian company but.
They work just disastrous and as far as their role was concerned in reading some of this toxic junk as triple -- which then gave them the green light to a lot of people to say it's okay to invest in.
-- what is their role in paying taxes in the city.
Well that they had.
As far as the rating agencies -- they're very point to -- that they.
They are you know they -- our bonds also when -- this year alone we've borrowed nearly four billion dollars in the capital markets for New York City.
As far as their -- -- -- is concerned I think it does need to be some change in terms of the way they -- contract it out by the the the issuers of bonds.
By the major corporations did there there -- -- number of people.
A number of entities are looking to change the way in which rate rating agencies operate.
And it's all really again -- to make things more accountable to the general public to shareholders alike upon hold.
People call New -- the financial capital of the world -- two I would sure -- I absolutely would we we definitely need what's going on on Wall Street to be here and we want to take that lead role but by the side same token.
At this particular points on the geologic map.
People are calling it the Greek capital of the world is that fair.
New York City is the international capital of the world.
We can we do need some reforms in the financial sector it is very important here before for people here in New York City.
But at the same time they are eight point four million people.
Really hard working people here in this great city you go out on the street you go out into the factories into the restaurants.
There are a lot of people in this city.
Finance and Wall Street is appointment but so is everybody -- John Lewis not going anywhere in fact he will be back with us later in the show to discuss testimony that he just submitted today.
-- New York sixty billion dollar budget and there's a big budget gap there as well we'll talk about that we'll get his take on the Wall Street bonuses taxing the rich.
New York City budget as I said and of course the city's unemployment rate which is actually higher than the national average but it.
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