DiNAPOLI & WILSON: SUBPRIME MELTDOWN

Ex Wall Street honcho Harry Wilson, the Republican candidate for state comptroller, was a partner in a firm that invested millions in the nation's toxic subprime mortgage market.

Why does the above sentence have to be in the Daily News today? Why???

Because these are the people who step up when the call to run screams out each year. That's why.

The DN goes on to chide him for his recent comparison of the subprime mortgage catastrophy and the prospect of a pension crisis in New York State. The pension is controlled by our state Comptroller.

Accredited Home Lenders is one of the firms America loves to hate primarily for their substantial role in the subprime lending fiasco. Silver Point Capital, of which Wilson has been the lead hedgefund manager is/was 10% deep and they all knew what they were doing. Is there any question why the first sentence appears in the paper?

Get this, the DN has a quote from one of AHL's surrogates saying even though Wilson was a controlling partner, he had no idea that this bundling process was happening. I have friends who are fans of Harry and willing to help his campaign who are are also troubled by this kind of feigned ignorance.

Rather than get into a fistacuffs like Paladino, incumbant Comptroller Tom DiNapoli has chosen not to comment on Wilson's fast & loose manipulation of American Mortgages for his and his collegues profits. Until the metdown in 2008, AHL accrued almost $30 million in the high-risk bundling game.

Daily News went on to expose what we already knew regarding the firms focus on minority borrowers to which they accrued just shy of 3million shares. This of course a portion of the $2 billion in Silver Point Holdings.

When I think about just how fragile our economy and financial system really is and who is knocking at the door to take control of these regulating institutions, I become fearful of what the outcome this November will yeild. 

DiNapoli, has his own issues to contend with beyond the task of maintaining our state pension funds. We are in no way "out of the woods" on this one. The financial crisis has and continues to be the biggest challenge for any state Comptroller and Tom has handled it as well as expected from any professional. 

With such a serious choice ahead, I am reminded of the old addage "Better the Devil You Know". Where as in this case, the public servent who has weathered the storm thus far.  Study up people!

DiNAPOLI: OPEN BOOK NEW YORK

The New York State Comptroller, Thomas DiNapoli, has offered a valuable tool for the public to track government spending.

This is terrific news!

Through his office in Albany, Project Open Book NY is helping anyone with a computer follow and understand the complex spending habits of our elected representatives.

This should thrill everyone contributing to the system as this program details the 113 state agency expenditures, like: salaries, travel costs and outsourced consultants.

You can also search State contracts in real time to see who is doing business with the State. Mind you, this site is in it’s infancy, with plans to expand the breadth of financial spending in our state in the not-so-distant future.

DiNapoli said: “We’re trying to increase transparency and “open the books” on state government so New Yorkers will have a better understanding of how state government works.”

I think you’ll join me in applauding our state comptroller for this advancement in information dispersal. For too long, we have suffered in the dark, subjected to whatever the leadership offered us in the way of info scraps.

Sure, we could FOIL for the individual expenses we discovered through diligent research, but nothing will compare to the free flow of info we are about to access.

Thank you Thomas.

Chck out the site: Office of the State Comptroller

HEIN-AUERBACH TICKET POISED FOR VICTORY

Off and running! The two major political parties have finalized their selection for the local races and the contest looks like a stormer.

Familiar names abound, the Democrats have the numbers and national momentum but there is plenty of cash on hand for the Republican team.

Michael Hein will make the best first County Executive office holder, and with intimate knowledge of the workings of UC Government, make the most ethical, financial and progressive managerial choice for November.

Elliott Auerbach is to be our first Comptroller; tapped by the convention attendees to represent the Democratic ideals and strengths against a well financed machine. As Ellenville’s Manager, Elliott has got the drive and the fortitude to tackle this monster of an accounting giant.

Auerbach beat out our Kingston Legislator and County Chair Dave Donaldson for the nomination at the convention with a 12 to 10 ratio in weighted votes. With the Hillside Manor’s main chambers filled with about 300 participants, the voting took a while and the excitement mounted, but only one can be the victor.

Unlike the Presidential race, which seems like forever, I’m not expecting a primary for this position between Dave and Elliott and I strongly advise against it. I certainly have no desire to spend the summer working on that when the big issues that plague our County and State need focused attention.

Our new form of governing here in Ulster County is going to shake things up a bit. There is little need to reinvent the wheel because we have other counties to study, but old habits die hard. Even with the new leadership of the Democratic majority, It has been difficult to steer the county back to economic solvency because we spent our first few years cleaning up 28 years of shady deals and voodoo budget contracts.

You can taste the desire for change on the national level. This is going to be a very Democratic year. The advances we’ve made locally will be built upon like a firm foundation and the team Hein/Auerbach will have a lasting positive affect on the mechanics of these two new positions.

Make it work.