Biting the Hand.....

Governor “Status” Cuomo granted First Niagara Bank a series of “tax incentives” (read tax break – having the citizens pick up the tax tab for a multi-million dollar corporation so that they can record higher profits on Wall Street and, thereby, give the 1% more money) to expand their corporation and services.

How much were these credits for? A total of $28 million dollars.

What was First Niagara supposed to do with this money? Create 500 new jobs in NYS.

Now “Status” Cuomo, prodded by Assemblyman Mickey Kearns is looking to get those “incentives” back because of the merger with Key Bank. This merger would result in a consolidation of branches, a loss of services to low income areas, and loss of jobs. That and some incredible bonuses for the leadership the Bank formerly known as “First Niagara.”

Now the Excelsior Program does not have “clawback” provisions – which means that technically we can't get the money that First Niagara has received (not the full $28 million, thankfully) back, but (big) if they are not on track to create the jobs, then the state can deny First Niagara the credits for that particular year.

The real question here is: Why is the state working to guarantee a private corporation profitability?

Why are our tax dollars being given to a multi-million dollar corporation that doesn't need the money?

Remember the Golden Rule – He who has the gold, makes the rule, Or in this case, the ruler.

I'll bet that if we went into the lists of donors to “Status” Cuomo's election campaigns we'll find the names of the leadership of First Niagara with some hefty amounts. Second that for the NYS Democratic Party.

We all know that those that give the most get the private meetings and get to write the laws that the government will enact. Like the Excelsior Project.

This situation is a little strange – “Status” Cuomo is looking to bite the hand that feeds him. The question is whether he will actually go through with it because he needs them to fund his next campaign – be it for governor or any higher aspirations that he might have, in the government or private sector.

So this is tricky for Cuomo. Can he bite without being bitten back?

Bitten by the corporation.

And bitten by the voters.

Mickey Kearns has coverd his butt.

Can Cuomo cover his?