Is Goldman Sachs a Worthy Recipient of Public Subsidies?
There is little question of the important role Goldman Sachs plays in our citys economy. Goldmans home has been downtown for over a hundred years; last year the firm had a net income of $3 billion and currently employs approximately 9,000 people. Ironically however, it is this type of success that makes Goldman Sachs need for public subsidies questionable. By focusing on projects like this one, political capital and energy is steered away from working on diversifying the economy and balancing the budget. Put along-side the State Comptrollers projected $4.7 billion shortfall for New York City in fiscal year 2006, more questions arise as to how financing a new office tower for this firm, already located in the area, is a wise public investment: Governor Pataki reports that Goldman will create 4,000 jobs. But public officials must pursue how plausible this goal is and make details of the job promises public as well as describing any penalties the firm will pay if it doesnt reach the emplo
