Economy

Did High Fees and Poor Performance Cost NYC’s Pensions $2.5 Billion?

According to a report issued by the New York City comptroller's office in April, Wall Street money managers cost the city's public pension system $2.5 billion in "lost value" over the past ten years.

City Council Member Robert Jackson spoke out against the proposal, saying it would hurt small business. MetroFocus/ Georgia Kral
Georgia Kral  |  July 25, 2012 4:00 AM | 1 Comment
NYC's proposal to limit sugary beverages to 16 ounces has received national attention. On Wednesday, the public had their chance to speak, but few took the opportunity.
The New York Genome Center is moving into a permanent facility on Sixth Avenue, in Lower Manhattan. Photo courtesy of the New York Genome Center.
Georgia Kral  |  July 24, 2012 10:00 AM | Comments
The largest DNA sequencing and analytics facility in North America will reside in Manhattan.
Photo courtesy of Gotham Gazette.
Cristian Salazar for Gotham Gazette  |  July 24, 2012 9:58 AM | Comments
The board has grown increasingly influential under the Bloomberg administration.
View from the back of the East River Ferry as it cruises from Greenpoint to Midtown. MetroFocus/John Farley
John Farley  |  July 24, 2012 4:00 AM | Comments
The ferry has attracted more attention than anyone thought it would, in part because of the diversity of its passengers. As of this month, the ferry has served one million riders.VIDEO
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NJ Today  |  July 23, 2012 1:24 PM | Comments
Diversant, based in New Jersey, has leveraged its status as a certified minority owned-business to offer clients more workforce diversity.VIDEO
Ignazio Villegas, holding "Restaurant Week!" sign, said he ahs been employed at the Capitol Grille in Midtown for 8 years, and seen racial discrimination and violations of wage laws. On July 16, the Restaurant and Opportunities Center filed a new legal claim against Darden Restaurant Group, which owns the Capitol Grille. Photo by Samantha Grace Lewis
John Farley  |  July 20, 2012 3:20 PM | 3 Comments
On the heels of a new lawsuit against the restaurant's owners, protesters took to the sidewalk during Restaurant Week.
The threatened extension of the G Train will be made permanent, the MTA announced Thursday. Flickr/Seth Thomas Rasmussen
John Farley  |  July 20, 2012 1:01 PM | 1 Comment
After coping with the harsh cuts of 2010, straphangers have a reason to celebrate.
A man rides an electric bicycle down Ninth Avenue in Hell's Kitchen. MetroFocus/ Georgia Kral
Georgia Kral  |  July 20, 2012 4:00 AM | 28 Comments
The bikes are illegal, but are prevalent on city streets. Restaurant visits by the Department of Transportation and a bill to increase fines may cut down on their use.
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Lindsay Armstrong  |  July 20, 2012 4:00 AM | 4 Comments

Mayor Bloomberg’s New Housing Marketplace plan is on track to create or preserve 165,000 units of affordable housing. However, units for middle class New Yorkers are lagging behind, according to a recent report.

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NJToday  |  July 19, 2012 4:00 AM | Comments
Hearings are scheduled to start July 19, when lawmakers will discuss the possibility of allowing casinos outside of Atlantic City.VIDEO
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