Wall Street bankers in New York are getting much smaller bonuses this year than last year.
That’s a good thing, right? In view of the financial apocalypse, they deserve less.
Only thing is, New York City and New York State made a lot of money out of taxing those bonuses, and between them they are looking at over $1bn less money to spend on everything that city and state government needed to pay for.
It’s a tough time for local government cuts.
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