Gov. David Paterson said Friday 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 huge bonuses to executives.
Paterson says it is the right thing to do, but the result is a further hit to the fiscal crisis of state government.
Unexpected results of no bonuses