Friday, June 15, 2007

Socialism for the rich...

free enterprise for the poor.

For a governor who got elected by amassing a reputation for standing up for the little guy against Wall Street bankers, Governor Spitzer sure got taken to the cleaners by JPMorgan Chase. Mr. Spitzer yesterday acknowledged that the bank — 2006 profits, $14 billion — was getting a subsidy for its new downtown building of more than $200 million — or more than $25 from every man, woman, and child in New York City.

It turns out that the governor's acknowledgement may understate the amount of the subsidy, which, according to the watchdog group Good Jobs New York, includes goodies such as a $5 a square foot rent subsidy and a sales tax exemption on things like fancy office furniture for the investment bankers. A press release from Governor Spitzer also announced that the company will get $20 million from something called the " World Trade Center Job Creation & Retention Grant Program."

You might think if it lures a company away from another state, it will be worth it. However, JPMorgan Chase is currently located in midtown. That's midtown New York, not Hoboken, New Jersey.

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