In case you haven't noticed of late, New York state is in serious
financial trouble. Not unexpectedly, New York state and New York City
depend on the success of Wall Street for their budgets. Wall Street
activities account for 20 percent of state tax revenues and 13 percent
of New York City revenues before the recession.
These revenues have significantly dropped, 14 percent and 7 percent, for state and city, respectively. The state also lost 28,000 high-paying employees in the securities industry. In 2011 the bonus pool dropped 14 percent. No matter your thoughts about Wall Street, its golden goose is being severely wounded, if not completely destroyed.