But they don't have money for schools and health care, huh?
"BNY Mellon adding 400 jobs in Mass.; State expected to OK tax credit for bank" by Todd Wallack, Globe Staff / June 28, 2011
BNY Mellon [is] the largest custodian bank in the country with $25.5 trillion in assets under management....
The state is expected to approve as much as $317,000 in tax credits for the company tomorrow to help finance the expansion.
Do they really need it?
The company said the tax incentive was an important factor in its decision to consolidate its operations in Massachusetts, where it already has a cooperative relationship with the state....
If RIPPING OFF TAXPAYERS is COOPERATION(?)!!!!!!
See: Massachusetts Lays a Mellon
And they are getting a TAX CREDIT -- meaning CHECK, dear Bay State citizens -- not a tax break.
BNY Mellon’s announcement is a bright spot for Massachusetts after Fidelity Investments’ recent decision to shutter its Marlborough site by the end of next year, eliminating or moving 1,100 jobs.
Yes, a NET LOSS of JOBS and TAX REVENUE but a BRIGHT SPOT!
Many of those jobs will be moved to Rhode Island, New Hampshire, and other states.
Related: Ever Unfaithful
Overall, employment in the financial sector has been roughly flat in recent months. The state had 167,500 jobs in the finance and insurance industries as of May, down a few hundred from the same month in 2010.
And yet we are told every month by the Globe that the sector added jobs.
The Economic Assistance Coordinating Council, the state board charged with overseeing many economic development incentives, is also slated to vote on state and local tax breaks for more than a dozen other companies tomorrow....
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For WHOM is the state picking your pocket?
"State OK’s tax breaks to 16 firms" by Todd Wallack, June 30, 2011
A state economic development board yesterday approved state and local tax breaks for 16 firms that promised to add or retain jobs in Massachusetts.
The Economic Assistance Coordinating Council, which oversees the state’s flagship economic development program, approved more than $4 million in state tax breaks for nine companies, including $1.8 million for E Ink Corp., $1.3 million for Affordable Interior Systems....
The council also gave final approval to nearly $40 million in local property tax breaks that had already been approved by cities and towns, including $12.4 million for Vertex Pharmaceuticals Inc.’s new facility in South Boston....
While YOUR TAXES are RAISED, fellow citizen!
Related: Executive Payday: Vile Vertex
Hope it's worth it, taxpayers.
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Yeah, we have to bribe them to stay or come.
Related:
Massachusetts' Lost Decade of Jobs
Those Are the (Tax) Breaks in Massachusetts
Are you getting your money's worth, Massachusetts taxpayers?
Also see:
Mass. home sales tumble 25% over year
May pending US home sales up 8.2%
And we are supposed to be doing better than most?
Back to the ROTTEN MELLONS of Massachusetts:
"State raises estimate of overcharge" by Beth Healy, June 30, 2011
Treasurer Steven Grossman yesterday said the state pension fund suffered even higher overcharges on foreign exchange transactions than previously disclosed — $30.5 million dating back to 2000.
The state had previously said that the pension fund was overcharged $20 million by Bank of New York Mellon Corp. since January 2007. After receiving the results of that audit, Grossman asked the consultants to go further back in time to examine foreign exchange trading costs.
The audits come as several other states are pursuing whistle-blower cases against BNY Mellon and Boston-based State Street Corp. for the way they charge large clients for foreign exchange services on stock trades, particularly in emerging markets....
Also see: State Street Stealers
Grossman, who is chairman of the state pension board, said: “It’s imperative that pension beneficiaries and taxpayers are treated fairly and that banks do not profit disproportionately at their expense.’’
Except banks profiting disproportionately at citizen expense is what AmeriKa's state capitalism (directed by private central banks) is all about.
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