Quick Partial Index (all are links) To Cuomo's Corruption And Its Cost


Letter to Super DEBT Committee - Save $2 trillion dollars without harming Medicaid beneficiaries. link

Letter to Congress: save $200 billion in Medicaid in this year's budget.
link link
Congress notified of NY medicaid fraud by NYS link

Even with wildly optimistic pension earnings predictions, New York Debt per person including local debt is $24,195. For a family of four that is about $97,000. link

A. Latest on Chapter 10 Bankruptcy link 1 Link 2
B. Cuomo Budget Link 1 Link 2
C. NY Bonds Link1 Link 2 Link "Writing on Wall"

Cuomo as Governor
Medicaid Redesign Team: Medicaid Budget increases, not decreases Cuomo's Lobbyist Crony Heads Medicaid Redesign.
Cuomo's Lobbyist Crony renamed Consultant and all is well

1. Cuomo Stars as Captain Renault in Casablanca remake and link 2 Cuomo's repeat performances

2. Cuomo fails to follow Brown and cut his budget by 25%

3. More Cuomo fails to equal California's Brown

4. How States go bankrupt.

5. Cuomo and Medicaid headed nowhere

6. Look at Alternate currency: A Ron Paul, a $3 Cuomo, a California IOU

7. Cuomo's credit card taken away.

8. New Chapter 10 Federal Bankruptcy for States.

9. The new $3 Cuomo I.O.U.

10. Cuomo and NY Bondholders See The Writing On The Wall

11. New York Bankruptcy and Bond Devaluation

12. Cuomo Loads Up His Band Wagon With Committees For The Downhill Race With California

13. Ponzi to Madoff to Hevesi to DiNapoli; New York Learns About A Phony Safe 7.5% Pension Return

14 Economic Laws Lead Andrew Cuomo To A Hard Fall

15. Cuomo Meets "The Ghost Of NY Yet To Come"

16. Fiscal Disaster As Andrew Cuomo And His M.O. Are Slapped Down By Chinese Reality Checks

17. The New Word Order, "Nixon/Blogo/Cuomo" Predicates Andrew Cuomo's Fate

-Cuomo's prior corruption-

18. Cuomo Perfected His M.O. At HUD With $59 Billion Unaccounted For ; stealing the poor guys blind; Medicare $1.2 billion per year fraud; Multiple $50,000 bribes; Cuomo bungles criminal trial, rich executives walk;

19. The Second Cuomo's Smoking Gun: AEG Victory Celebration Needed Rev. Sharpton And Andrew Cuomo In The AEG Bag

20. Cuomo's Corruption Allowed $400 Million To Be Added to $1.2 Billion In NY Medicaid Fraud To Be Refunded By NY State To Federal Government

21. Andrew Cuomo Kisses And Makes Up With The Albany Swamp's Legislature Vermin, Reprobate Politicians, A Whore and Charles Rangel, Ashley Dupre, boss Vito Lopez, David Paterson, as obedient house boy, Andrew Farkas, who Cuomo accused of paying millions in kickbacks, and Allen Isaac (sex predator)

22. Sex Predator: Cuomo can clean his own nest

23. Cuomo changes pay to play to indirect payment and we're fooled

24. Cuomo bungles criminal prosecution

25. Cuomo covers up NY corruption

26. Cuomo covers up missing 9/11 Red Cross Money

27. $1.2 trillion loss resulted from the 50 % of $2.4 trillion in loans ordered by Cuomo at HUD, *Cuomo's smoking gun

************ BLOG POSTS BEGIN ***************

New York State Will Likely Default And Rating Agencies Will Be Liable If They Fail To Properly Rate NYS Bonds

Copy of letter sent August 16, 2011

To: Moody's Investors Service, Inc.,101 Federal Street, Suite 1900, Boston, MA 02110
Standard and Poors, 55 Water Street New York, New York 10041
Fitch's, One State Street Plaza,  New York, NY 10004
Dagong Global Credit Rating Co.,Ltd
29/F, Unit A, Eagle Run Plaza, No.26 Xiaoyun Road,Chaoyang District,Beijing, P.R.China 100125

Re: US Rating agencies will face a large liability for improper ratings for NY State Bonds. Default/bankruptcy coming shortly. Catastrophe in waiting: Average NYS non-financial sector income of $50,400 a yr. results in less net income than average NYS dole benefit of $42,000 a yr.

Dear Rating Agencies:
       How long do the rating agencies think this can continue in NY State?  While NY State pays the average public assistance person $42,000 a year in benefits according to Lou Dobbs's radio show on 8/15/2011, the average non-financial sector NY State income was $50,400.*  And NY State relies more heavily on personal income tax for its revenue than other States.*  When will the federal government cut off NY State's Medicaid program which is run as a fraud, where NY State mischarges the federal government $22 billion dollars to fund its non-medicaid State budget?  Andrew Cuomo's business friendly NY has fizzled.  Meanwhile, Andrew Cuomo failed to begin to change the NY Constitution to end unaffordable pension costs.

      "A word to the wise is sufficient."  The US based rating agencies will have a large liability, if NY State bonds are improperly rated.  The future possibility of repaying NY State bonds not backed by a dedicated revenue source is non-existent.  NY State bonds finance State agencies as well as State government.  Some bondholders, such as Thruway bonds or Dormitory bonds, receive first dibs on revenues, if the State doesn't pay on time.  Other bonds are backed by the full faith and credit of NY State without a dedicated revenue source.  But if the State doesn't have enough cash in revenue, how can it pay?

These are the details:
First, this is the text from NY State Constitution: §7. After July first, nineteen hundred forty, membership in any pension or retirement system of the state or of a civil division thereof shall be a contractual relationship, the benefits of which shall not be diminished or impaired. (Adopted by Constitutional Convention of 1938 and approved by vote of the people November 8, 1938.)

  Then, in regard retiree costs:
  1. Although, Chris Christie reformed pension and benefit costs in New Jersey, Andrew Cuomo failed to ask this session of the Legislature for a Constitutional Amendment to change the above clause which prohibits NYS from changing any retirement contractually promised benefits, such as Health Insurance and Pensions.  Such an amendment must first be passed by this and then the next legislative session and then finally approved by the voters. 

    2. NY State has not funded its retiree health benefits which were part of State workers' contracts with NYS and are constitutionally protected.  NewYork Adds $56.3 Billion To Its Unfunded Liabilities

    3. NY State's pensions are a Madoff style Ponzi scheme where NYS promises a 7.5% "safe return" when that is impossible.  All the undeposited funds needed to properly fund the pension funds and the losses of up to $7.3 trillion dollars are liabilities of NYS.  Any higher taxes to fund this shortfall would create a stampede of taxpayers getting out of NY State..

Then in regard taxpayers

    4. Taxpayers are fleeing NYS at the largest rate in the USA.   Who'll repay the bonds?

    5. NY State has the highest local and State debt per person and the second highest taxes paid per person of any State but New Jersey.    New York Debt per person including local debt is at $24,195. For a family of four about $97,000.   Will NYS raise taxes even higher and borrow more?

    6. Andrew Cuomo will not attract business or its potential taxes to NYS because NYS has the next to lowest business friendly rating of all the States.   When NY businesses repay the $ 3.6 billion dollar Unemployment Insurance loan to the Federal government this November 2011, NYS will become a business pariah.

    7. What happens when the millions of NYS taxpaying residents earning the average non-financial $50,400 or less discover their net income is less than the average dole recipient's $42,000 a year?   Do they leave the State or go on the dole?

  Then, in regard State revenues:   
   8. The NY Comptroller predicts rising numbers of non-taxpayers in the NY State Medicaid system*.

   9. NY State funded 14% of its budget this year with one time funds that will not be available in future years.

   10. Andrew Cuomo's Budget director says, he has no ability to finance spending commitments already.  This was recorded at a 7/20/2011 hearing of Cuomo's Commission on Judicial Compensation: "We don't even have the ability to finance the spending commitment that are already in place, said Robert L. Megna."

    The Bottom Line:
  • a rapidly rising NYS expenditure for retiree and others' benefits
  • a reduced number of businesses in NYS paying taxes and paying workers
  • more NYS Medicaid non-taxpayers
  • taxpayers fleeing the State
  • NY State will run out of cash from its diminishing revenue sources
  • NY State either defaults or goes bankrupt if Congress enables State Bankruptcy by a new law
  • a tax revolt when those millions earning the average non-financial income of $50,400 or less realize that the average NYS dole recipient receives $42,000 yr. in benefits

 And the US rating agencies would be sued by all the suckers still holding devalued and defaulted NYS bonds.   And Dagong may have protected foreign investors and exposed the hopeless finances in New York State.

Sincerely yours,


*See Financial Condition Report for Fiscal Year 3/31/2010

P.S. Please access website for working links to all data.