The Daily Caller

The Daily Caller
Politics

Mayor Bloomberg warns of more budget cuts

4:06 PM 01/19/2011
Chad Brady (admin)

MYFOXNY.COM – In his “State of the City” address , New York City Mayor Michael Bloomberg warned that more spending cuts are needed close multi-billion dollar budget shortfalls in the city budget.

“Because of unfunded mandates and pension benefits, we face multi-billion dollar deficits for years to come. And there is no magic wand to make them disappear. There is no rabbit left to pull out of the hat. And there is no windfall coming from Albany or Washington this year,” Bloomberg said.

Bloomberg said that tax increases are not the answer. He says shrinking the costs of government is the answer and says pension reform is his number one priority moving forward.

Full Story: Mayor Bloomberg Warns Of More Budget Cuts

Tags: Michael Bloomberg, Pensions
  • Joe Astroturf

    Dubai Mike (Bloomberg) could care less about us little NYers. He gets confused because he thinks that the terrorist Muslims are actually tea partiers (AKA Vets who protected us, Nurses and Moms that took care of their kids). He’s also busy setting up the Mosque at Ground Zero and the Sharia law that follows . Maybe he’s thinking about getting a 13 year old bride for himself. He’s worried about the millions he invested with the Muslims in Dubai. Don’t trust them Dubai Mike when they get rid of the rest of us infidels they’ll take care of you no matter what they promised you.

    News on his business dealings in Dubaia from his own news desk.Bloomberg News, responding to a surge in regional sales of its news terminals in the Middle East has expanded staffing in its Dubai office. The National reported as follows back in 2008. “The company has had a presence in Dubai for a decade. The planned expansion would increase its staff from 25 to 40 by the end of the year, and to as many as 100 by the middle of next year, Mr Linnington said.

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    The decision to expand was prompted by strong regional sales of its terminals, which provide financial news and data to bankers, traders, portfolio managers and corporations, as well as to other journalists.”

    Max Linnington, director of Middle Eastern and South Asian operations of Bloomberg News also announced the development of an Islamic finance portal in the Middle East, which would undoubtedly be helped by the company he represents having a presence in the Middle East. Concerning this aspect of his company’s operations, Linnington noted as follows.

    “Particularly since the meltdown of the western capitalist system, there has been an increasingly large focus on the virtues of Islamic finance,” he said. “Today, there is no one single provider of information that caters to the Islamic finance market. So by Bloomberg being here, we are in the process of building out an Islamic finance product. We are very confident that we can build a product that meets the needs of the market right now.”

    Islamic law prohibits the charging of interest. Designing business contracts that are in keeping with Islamic law are important for doing business in Muslim countries. A knowledge of and sensitivity to the requirements of Shaaria financial law are indispensable to those who are doing business in countries that are governed according to Islamic law.

    The Dubai office will administer the GCC (Gulf council Countries), Iraq, Jordan, Lebanon, Egypt, Afghanistan, Pakistan, India, Sri Lanka, Bangladesh and Nepal. The departments to be expanded will be the sales, journalism and data departments. Additionally, there will be a help desk for consumers.

    At a time when the newspaper and media jobs in America have been suffering serious cuts and layoffs, Bloomberg News has expanded its operations. The Dubai office expansion is an example of the creative thinking that has enabled Bloomberg News to thrive in a tough market.

    Mayor Mike Bloomberg is the founder and namesake of the Bloomberg business empire that bears his name. Business owners who become mayor of New York City put their business holdings into a blind trust to ensure that the interests of their private enterprises do not unfairly sway their decisions as mayor. Mike Bloomberg has been an outspoken proponent of the proposed mosque at Ground Zero.

    It is clear that Bloomberg News has a lot of business interests in the Middle East. It is in fact looking to expand its operations there even more in the future. The Middle East is a major market, and a decision to expand there is a sensible one.

    Could Mike Bloomberg himself be influenced in his mayoral decisions by what is going on at Bloomberg News? Isn’t a possible conflict of interest worth investigating? Bloomberg News has been expanding in the UAE for some time. Right now, we need to ask what influence the interests of Bloomberg News have on Bloomberg the mayor
    Tags: Bloomberg News, dubai, Islamic financial instruments, Middle East

  • mapletree

    The liberal mayor will have quite a battle to get the union to agree to cut even once cent of pension or pay. I just can’t see that happening in a place like NYC. The only two ways I can see them saving money is to close down entire areas of service and outsource them to private companies and also to not hire any new workers.