He also suggested more oversight
of economic development contracts, such as those that that went to Cor Development and LPCiminelli in Buffalo.
But the measures being pushed include greater oversight
of economic development contracts in the wake of a corruption scandal that drew in a former close aide to Cuomo, and re-empowering the comptroller's office in the process.
New York state's comptroller has a plan to reduce corruption in the awarding
of economic development contracts that has led to the indictment of several former associates of Governor Andrew Cuomo.
David Friedfel, with the business - affiliated Citizens Budget Commission, agrees and also backs a bill to create a database
of all economic development contracts in the state.
Citizens Budget Commission also backs a bill to create a database
of all economic development contracts in the state.
DiNapoli's bill, however, requires a review
of the economic development contracts before they are signed.
It would instead create a new inspector general to investigate potential corruption in the awarding
of economic development contracts.
The state's comptroller has a plan to reduce corruption in the awarding
of economic development contracts that has led to the indictment of former associates of Gov. Andrew Cuomo.
A number of non-fiscal measure are a range of good government reforms including same - day registration, early voting, closing the LLC loophole and oversight
of economic development contracts.
A spokesman for the governor responds that it's a «joke» to think a comptroller's pre-audit
of an economic development contract could flag a corrupt arrangement, and says spokesman Rich Azzopardi dismissed DeFrancisco's comments as a personal grudge against Cuomo because, he says, the governor criticized the senator for spending some time in Florida.
A spokesman for the governor responded that it's a «joke» to think a comptroller's pre-audit
of an economic development contract could flag a corrupt arrangement.
A second bill would require all written details
of an economic development contract to be presented to an independent control board before state approval is granted.
Not exact matches
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability
of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military
development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our
contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost
of accommodating, announced increases in the build rates
of certain aircraft; 6) the effect on aircraft demand and build rates
of changing customer preferences for business aircraft, including the effect
of global
economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result
of global
economic uncertainty or otherwise; 8) the effect
of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution
of key milestones such as the receipt
of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation
of our announced acquisition
of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability
of all parties to satisfy their performance requirements under existing supply
contracts with our two major customers, Boeing and Airbus, and other customers, and the risk
of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production
of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts
of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak
of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact
of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition
of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect
of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect
of changes in tax law, such as the effect
of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations
of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect
of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability
of raw materials and purchased components; 23) our ability to recruit and retain a critical mass
of highly - skilled employees and our relationships with the unions representing many
of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment
of interest on, and principal
of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness
of any interest rate hedging programs; 28) the effectiveness
of our internal control over financial reporting; 29) the outcome or impact
of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition
of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result
of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks
of doing business internationally, including fluctuations in foreign current exchange rates, impositions
of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
Such risks, uncertainties and other factors include, without limitation: (1) the effect
of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels
of end market demand in construction and in both the commercial and defense segments
of the aerospace industry, levels
of air travel, financial condition
of commercial airlines, the impact
of weather conditions and natural disasters and the financial condition
of our customers and suppliers; (2) challenges in the
development, production, delivery, support, performance and realization
of the anticipated benefits
of advanced technologies and new products and services; (3) the scope, nature, impact or timing
of acquisition and divestiture or restructuring activity, including the pending acquisition
of Rockwell Collins, including among other things integration
of acquired businesses into United Technologies» existing businesses and realization
of synergies and opportunities for growth and innovation; (4) future timing and levels
of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and
development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability
of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope
of future repurchases
of United Technologies» common stock, which may be suspended at any time due to various factors, including market conditions and the level
of other investing activities and uses
of cash, including in connection with the proposed acquisition
of Rockwell; (7) delays and disruption in delivery
of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits
of organizational changes; (11) the anticipated benefits
of diversification and balance
of operations across product lines, regions and industries; (12) the outcome
of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact
of the negotiation
of collective bargaining agreements and labor disputes; (15) the effect
of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect
of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect
of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act
of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability
of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition
of conditions that could adversely affect the combined company or the expected benefits
of the merger) and to satisfy the other conditions to the closing
of the pending acquisition on a timely basis or at all; (18) the occurrence
of events that may give rise to a right
of one or both
of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee
of $ 695 million to United Technologies or $ 50 million
of expense reimbursement; (19) negative effects
of the announcement or the completion
of the merger on the market price
of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation
of their businesses while the merger agreement is in effect; (21) risks relating to the value
of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party
contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability
of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
ACC Accounting & Auditing, AFR Africa, AGE Economics
of Ageing, AGR Agricultural Economics, ARA Arab World, BAN Banking, BEC Business Economics, CBA Central Banking, CBE Cognitive & Behavioural Economics, CDM Collective Decision - Making, CFN Corporate Finance, CIS Confederation
of Independent States, CMP Computational Economics, CNA China, COM Industrial Competition, CSE Economics
of Strategic Management, CTA
Contract Theory & Applications, CUL Cultural Economics, CWA Central & Western Asia, DCM Discrete Choice Models, DEM Demographic Economics, DEV
Development, DGE Dynamic General Equilibrium, ECM Econometrics, EDU Education, EEC European Economics, EFF Efficiency & Productivity, ENE Energy Economics, ENT Entrepreneurship, ENV Environmental Economics, ETS Econometric Time Series, EUR Microeconomics European Issues, EVO Evolutionary Economics, EXP Experimental Economics, FDG Financial
Development & Growth, FIN Finance, FMK Financial Markets, FOR Forecasting, GEO
Economic Geography, GRO
Economic Growth, GTH Game Theory, HAP Economics
of Happiness, HEA Health Economics, HIS Business,
Economic & Financial History, HME Heterodox Microeconomics, HPE History & Philosophy
of Economics, HRM Human Capital & Human Resource Management, IAS Insurance Economics, ICT Information & Communication Technologies, IFN International Finance, IND Industrial Organization, INO Innovation, INT International Trade, IPR Intellectual Property Rights, IUE Informal & Underground Economics, KNM Knowledge Management & Knowledge Economy, LAB Labour Economics, LAM Central & South America, LAW Law & Economics, LMA Labor Markets - Supply, Demand & Wages, LTV Unemployment, Inequality & Poverty, MAC Macroeconomics, MFD Microfinance, MIC Microeconomics, MIG Economics
of Human Migration, MKT Marketing, MON Monetary Economics, MST Market Microstructure, NET Network Economics, NEU Neuroeconomics, OPM Open Macroeconomics, ORE Operations Research, PBE Public Economics, PKE Post Keynesian Economics, POL Positive Political Economics, PPM Project, Program & Portfolio Management, PUB Public Finance, REG Regulation, RES Resource Economics, RMG Risk Management, SBM Small Business Management, SEA South East Asia, SOC Social Norms & Social Capital, SOG Sociology
of Economics, SPO Sports & Economics, TID Technology & Industrial Dynamics, TRA Transition Economics, TRE Transport Economics, TUR Tourism Economics, UPT Utility Models & Prospect Theory, URE Urban & Real Estate Economics.
ACC Accounting & Auditing, AFR Africa, AGE Economics
of Ageing, AGR Agricultural Economics, ARA Arab World, BAN Banking, BEC Business Economics, CBA Central Banking, CBE Cognitive & Behavioural Economics, CDM Collective Decision - Making, CFN Corporate Finance, CIS Confederation
of Independent States, CMP Computational Economics, CNA China, COM Industrial Competition, CSE Economics
of Strategic Management, CTA
Contract Theory & Applications, CUL Cultural Economics, CWA Central & Western Asia, DCM Discrete Choice Models, DEM Demographic Economics, DEV
Development, DGE Dynamic General Equilibrium, ECM Econometrics, EDU Education, EEC European Economics, EFF Efficiency & Productivity, ENE Energy Economics, ENT Entrepreneurship, ENV Environmental Economics, ETS Econometric Time Series, EUR Microeconomic European Issues, EVO Evolutionary Economics, EXP Experimental Economics, FDG Financial
Development & Growth, FIN Finance, FMK Financial Markets, FOR Forecasting, GEO
Economic Geography, GRO
Economic Growth, GTH Game Theory, HAP Economics
of Happiness, HEA Health Economics, HIS Business,
Economic & Financial History, HME Heterodox Microeconomics, HPE History & Philosophy
of Economics, HRM Human Capital & Human Resource Management, IAS Insurance Economics, ICT Information & Communication Technologies, IFN International Finance, IND Industrial Organization, INO Innovation, INT International Trade, IPR Intellectual Property Rights, IUE Informal & Underground Economics, KNM Knowledge Management & Knowledge Economy, LAB Labour Economics, LAM Central & South America, LAW Law & Economics, LMA Labor Markets - Supply, Demand & Wages, LTV Unemployment, Inequality & Poverty, MAC Macroeconomics, MFD Microfinance, MIC Microeconomics, MIG Economics
of Human Migration, MKT Marketing, MON Monetary Economics, MST Market Microstructure, NET Network Economics, NEU Neuroeconomics, OPM Open Macroeconomics, PBE Public Economics, PKE Post Keynesian Economics, POL Positive Political Economics, PPM Project, Program & Portfolio Management, PUB Public Finance, REG Regulation, RES Resource Economics, RMG Risk Management, SBM Small Business Management, SEA South East Asia, SOC Social Norms & Social Capital, SOG Sociology
of Economics, SPO Sports & Economics, TID Technology & Industrial Dynamics, TRA Transition Economics, TRE Transport Economics, TUR Tourism Economics, UPT Utility Models & Prospect Theory, URE Urban & Real Estate Economics.
According to an incentives
contract recently signed with the Indiana
Economic Development Corp., Clear Software plans to spend about $ 700,000 to open a new headquarters in downtown Zionsville, where it will hire up to 190 employees by the end
of 2019.
Examples
of these risks, uncertainties and other factors include, but are not limited to the impact
of: adverse general
economic and related factors, such as fluctuating or increasing levels
of unemployment, underemployment and the volatility
of fuel prices, declines in the securities and real estate markets, and perceptions
of these conditions that decrease the level
of disposable income
of consumers or consumer confidence; adverse events impacting the security
of travel, such as terrorist acts, armed conflict and threats thereof, acts
of piracy, and other international events; the risks and increased costs associated with operating internationally; our expansion into and investments in new markets; breaches in data security or other disturbances to our information technology and other networks; the spread
of epidemics and viral outbreaks; adverse incidents involving cruise ships; changes in fuel prices and / or other cruise operating costs; any impairment
of our tradenames or goodwill; our hedging strategies; our inability to obtain adequate insurance coverage; our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount
of cash to service our existing debt; restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion
of our assets pledged as collateral under our existing debt agreements and the ability
of our creditors to accelerate the repayment
of our indebtedness; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance
contracts and new ship progress payment guarantees; fluctuations in foreign currency exchange rates; overcapacity in key markets or globally; our inability to recruit or retain qualified personnel or the loss
of key personnel; future changes relating to how external distribution channels sell and market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases in the price
of, or major changes or reduction in, commercial airline services; seasonal variations in passenger fare rates and occupancy levels at different times
of the year; our ability to keep pace with
developments in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability
of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under «Risk Factors» in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company with the Securities and Exchange Commission.
But the potential disbursement
of funds through an arm
of SUNY Polytechnic comes as
economic development projects throughout the state are coming under scrutiny from federal investigators over how
contracts are awarded.
Set to begin next year, the trials are expected to center on the web
of influence used to secure
contracts and other
economic development projects as part
of the state's effort to create jobs.
Regardless
of what verdict the jury brings back in the case, Horner said the case shows how reforms need to be made on how
economic development contracts are doled out.
It critically weakens the case for the Comptroller
of NYS, to regain oversight
of scandal marred
Economic Development contracts, etc..
The push for procurement oversight reform began last year following the arrests
of ex-SUNY Polytechnic President Alain Kaloyeros and a former close aide to the governor, Joe Percoco as well as prominent upstate developers, accused
of rigging bids for
economic development contracts.
DeFrancisco's bill would restore power to Comptroller Tom DiNapoli's office with the ability
of reviewing state
contracts and procurement for
economic development programs.
New York watchdog groups agree that lawmakers should enact more oversight
of the state's
economic development contracts.
Several former Cuomo associates, including a former top aide, face federal corruption trials on charges
of bribery and bid - rigging in connection with the
contracts for some
of the governor's signature
economic development projects, including the Buffalo Billion.
By the end
of today, the three biggest recipients
of state
economic development building
contracts, plus the governor's Upstate nano - tech czar and SUNY Poly President, and one
of the governor's closest aides will all be under federal or state indictment in a sprawling bribery and bid rigging scandal that involves close to $ 2B in state -LSB-...]
Today's sweeping indictments by federal and state prosecutors resoundingly confirm that the state's use
of non-profits and SUNY to award billions in state
economic development contracts has created huge and systemic opportunities for corruption.
With the discussion surrounding a federal probe
of contracts connected to the Buffalo Billion, there are concerns about possible effects on any related
economic development projects throughout the upstate New York area.
By the end
of today, the three biggest recipients
of state
economic development building
contracts, plus the governor's Upstate nano - tech czar and SUNY Poly President, and one
of the governor's closest aides will all be under federal or state indictment in a sprawling bribery and bid rigging scandal that involves close to $ 2B in state funds.
With less than two weeks left in the legislative session, some New York lawmakers are pressing for reform
of the state's
economic development contracting process in light
of a scandal that's led to federal corruption charges against several former associates
of Gov. Andrew Cuomo.
U.S. Attorney Preet Bharara in April subpoenaed Cuomo's office for records related to
contracts given to COR
Development as part of the prosecutor's investigation into Cuomo's marquee economic development projects in Upstat
Development as part
of the prosecutor's investigation into Cuomo's marquee
economic development projects in Upstat
development projects in Upstate New York.
Several
of Governor Cuomo's former associates have been charged with corruption in connection with
economic development contracts.
Close to $ 2 Billion in public funds in play Today's sweeping indictments by federal and state prosecutors resoundingly confirm that the state's use
of non-profits and SUNY to award billions in state
economic development contracts has created huge and systemic opportunities for corruption.
Federal prosecutors charged nine former associates
of Cuomo, including a former top aide, with corruption, including bribery and bid - rigging, in connection with the procurement
of contracts for some
of the governor's largest
economic development projects.
The gist
of our testimony was that the legislature should not appropriate any new funds for discretionary
economic development programs until there are major transparency and accountability reforms, including a Database
of Deals, Clean
Contracting reforms and restrictions on campaign contributions from state -LSB-...]
The groups urged bans on a pay - to - play culture in Albany to limit political donations by firms seeking state
contracts, closing a loophole heavily used by Cuomo and others that allow limited liability companies to skirt donation limits to politicians by private companies, creation
of «truly independent» ethics oversight agencies, a public, searchable database
of state
economic development deals and creation
of «clean
contracting» systems to govern awards
of state
contracts.
In May, the former head
of SUNY Polytechnic Institute, Alain Kaloyeros, and the prior leader
of Cuomo's high - tech
economic development efforts, will be tried for allegedly conducting kickback and bid - rigging schemes related to
economic development contracts between SUNY Poly and state contractors.
One
of the top issues remaining before the state legislature adjourns for the summer is fixing problems in the state's
economic development contracts.
In May, the former head
of SUNY Polytechnic Institute, Alain Kaloyeros, who spearheaded many
of the governor's
economic development projects, will go on trial for charges that include bid - rigging
of state
contracts.
Several
of Cuomo's former associates have been charged with corruption in connection with
economic development contracts.
Mr. Jeffries, Mr. Stringer and others kept their criticisms largely focused on the disappointing figures regarding MWBE
contracting and the importance
of diversity for
economic development in the city.
Republicans in the State Assembly say they are frustrated that there's been no increased oversight in the state's billions
of dollars in
economic development contracts, including the governor's signature programs like the Buffalo Billion.
(June 22, 2017, Albany) A coalition
of prominent government watchdog groups say Governor Cuomo, Senate Leader Flanagan and Speaker Heastie have completely failed to address the huge problems revealed by last year's alleged rigging
of $ 800m in state
economic development contracts and that... (read more)
(June 22, 2017, Albany) A coalition
of prominent government watchdog groups say Governor Cuomo, Senate Leader Flanagan and Speaker Heastie have completely failed to address the huge problems revealed by last year's alleged rigging
of $ 800m in state
economic development contracts and that billions
of state funds remain at risk for bid rigging and pay to play.
Another would create a database
of deals, listing the status
of all
of the state's
economic development contracts and measuring how successful they've been.
Cuomo has also decried the lack
of oversight
of the SUNY Poly
contracts for upstate
development by the state comptroller, among others, and has said he's turning all of the contracts over to his own Empire State Development authority, which routinely approves economic development projects where more checks and balances ar
development by the state comptroller, among others, and has said he's turning all
of the
contracts over to his own Empire State
Development authority, which routinely approves economic development projects where more checks and balances ar
Development authority, which routinely approves
economic development projects where more checks and balances ar
development projects where more checks and balances are required.
Recommendations on how to go forward with some
of Gov. Andrew Cuomo's
economic development contracts tainted by scandal have been delayed for another few weeks, the governor's
economic development chairman said.
Brodsky says when he was chair
of the oversight committee, he sponsored a law to close a previous loophole that also led to secret
economic development contracts and potential corruption.
It's still not clear if a bill that would re-empower the state comptroller to oversee major
economic development contracts will see a vote in the Legislature before the end
of the month.