NY to lose $178M in taxes from Wall Street bonuses

Gov. David Paterson says the loss of tax revenue from just six executives of Goldman Sachs will cost New York $178 million.

The executives complied with the urging of New York Attorney General Andrew Cuomo and others who said in November that major Wall Street companies benefiting from federal bailouts shouldn't pay out the usual huge bonuses to executives.

Paterson says it is the right thing to do, but the result is a further hit to the fiscal crisis of state government.

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