MFOHome About Commentary Discussions Funds The Best Resources Support Us!

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register

Categories

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

NYC Mayor Indicted in Federal Corruption Probe

hank
edited September 27 in Off-Topic
Bloomberg is reporting Wednesday evening …

”New York City Mayor Eric Adams has been has been indicted following a federal corruption investigation, the New York Times reported, citing people with knowledge of the matter.The indictment is sealed and it is not yet clear what charge or charges Adams will face, the Times said. The Times said Adams' representatives and campaign had no immediate comment. His lawyers did not immediately respond to the request for comment from the Times, while the US attorney's office for the Southern District of New York and FBI declined to comment to the paper.” (From Bloomberg Media 9/25/24)

”Adams, a Democrat, has been dogged by a series of probes involving his associates. Within the past several weeks, Adams’s police commissioner, schools chancellor, health commissioner and chief counsel have all either resigned or announced their plans to step down. Federal agents earlier this month searched homes of several top administration officials. Investigators last year seized Adams’s electronic devices and searched the home of a fundraiser for his campaign.” (From The Wall Street Journal” 9/26/24)

“The indictment makes Mr. Adams the first sitting mayor of New York City to be criminally charged.” (From The NY Times 9/25/24)

Reuters

The New York Times (may require subscription)

CNBC

CNN

Comments

  • CrashCrash
    Holy smoke. Time for another Knapp Commission, only bigger and better!
  • sma3
    NYT reports feds allege he has been taking gifts and bribes for years. Holy shades of Spiro Agnew!

    Should shut down you know who's claim only GOP is targeted by DOJ.

    Adams speech was interrupted by black spectators shouting "you are an embarrassment to Black people... resign"
  • BaluBalu
    edited September 26
    As a teenager he was a gang member. Then graduated from a College of Criminal Justice. Later worked in the police department for a decade or more. Then decades of public office. Lots of practice!

    He could not have single handedly pulled off decades of corruption and criminality. All the places he ever worked must have deep seated culture of corruption and revolving doors of enablers. I would investigate all those places and institute remedial measures. May be more heads, going down the chain of command, need to roll. Otherwise, we just sleep walk from one corruption case to another, providing nothing more than entertainment value to the public.
  • hank
    edited September 26
    I love New York. But taxes & prices in the areas around the theaters (my typical experience) are sky high. Now, if those in authority are siphoning off some of the tax take for personal gain, then that might help explain why the subway is for the most part a wreck and why a tourist like me might pay $10-$12 for a 24-oz can of beer at a Seven-Eleven.

    What I’m wondering is - if a corrupt government might have any bearing on the workings of the New York Stock Exchange? Albeit, it’s a big stretch. But permits are necessary for everything from infrastructure compliance to signage to health regulations to some forms of communications and, of course, to establish ingress and egress to a facility. And there’s the security performed in public areas by the NYPD. “No man is an island” might apply to institutions as well.
  • msf
    decades of corruption and criminality
    The scope of the accusations are stunning. Prosecutors say that for almost a decade, Eric Adams abused his power as Brooklyn borough president and later as mayor in order to receive illegal campaign donations and luxury travel benefits — including free flight upgrades, hotel stays and high-end meals.
    https://www.nytimes.com/interactive/2024/09/26/nyregion/eric-adams-indictment-charges-annotated.html

    Now, if those in authority are siphoning off some of the tax take for personal gain, then that might help explain why the subway is for the most part a wreck

    Anything in particular? I often zip right through Times Square on my uneventful way to Carnegie Hall. (I know how to get there:-)) If you're talking about capital improvements, not operations, blame Kathy Hochul (congestion pricing on hold).
  • hank
    edited September 26
    steps - lots of them. Ever hear of escalators?

    And why didn’t they restore the direct bus from LGA to Port Authority after the pandemic ended? Lots of people now taking taxis and cluttering the already busy roads who’d be happy taking a bus. The go-arounds don’t sound too easy if toting luggage. It’s absurd not to run that bus to the heart of Manhattan.

    Oh - I’ll confess those in Hudson Yards have a beautiful new subway station with escalators. But some of us of lesser means can’t afford a $7.00 styrofoam cup of coffee there - let alone stay there.

    No kiddin. On a recent stay (1/4/24) the #1 Local from TS to Lincoln Center stopped running an hour before show time after colliding with another empty train. I jogged the 1/2 to 3/4 mile to Lincoln Center for a ticketed event! There @msf - a real “wreck”.

    :)
  • BaluBalu
    Free flight upgrades and high end meals? It is a shame when prosecutors just pile on which trivializes their work / case. Hopefully, the judge quickly throws out the non-sensical stuff and focuses on real misdeeds. Snyder vs US.
  • msf
    edited September 26
    steps - lots of them. Ever hear of escalators?

    I was going to add a comment about inaccessibility, but I couldn't find the page I was looking for to cite. NYC is by far the worst system in the country in terms of complying with the Americans with Disabilities Act. As I recall from the page I was looking for, NY is about 50% compliant, Boston next worst at 78%(?), and most others (except Chicago?) 95%+.

    NYC is decades behind in updating its antiquated signaling system. (Decades, literally; San Francisco upgraded 20-30 years ago as I recall.) In 2009 NYC upgraded the L line; in 2019 it upgraded the Flushing (7) line. These are the two lines that do not share tracks with other lines and are thus easier to upgrade. Wrecks, delays, they're the result of delayed capital expenditures.

    https://new.mta.info/project/cbtc-signal-upgrades
  • Observant1
    Another corrupt politician.
    Sigh...
  • Soupkitchen
    Sometimes it is a question of finding out where the elevator is. They don't make them easy to find, but if you do find one in Penn station, they might be dilapidated, but it is better than hauling your suitcase up the stairs. They definitely don't condone using the subway if you have a suitcase. It can be done, but you will have to get your suitcase up and down the stairs. If you are disable fuggetaboutit.
  • Ben
    The topic is significant. But is it significant to investing? To mutual funds? Surely it belongs in "Off-Topic".
  • hank
    edited September 27
    Soupkitchen said:

    Sometimes it is a question of finding out where the elevator is. They don't make them easy to find, but if you do find one in Penn station, they might be dilapidated, but it is better than hauling your suitcase up the stairs. They definitely don't condone using the subway if you have a suitcase. It can be done, but you will have to get your suitcase up and down the stairs. If you are disable fuggetaboutit.

    Thank’s @Soup - That’s my take. There is free bus to Penn Station as I understand it. I don’t mind hauling luggage on subways. Done that before. But stairs are another matter with 3 pieces (stacked) totaling 60 lb. Finding elevators is a hassle. It occurs to me catching a taxi at Penn might be cheaper than from LGA. But is the savings enough to justify the added time and hassle?

    London does such a better job. Fast, modern trains operate right out of Heathrow to many London area destinations. I’d argue that the theater in NYC is now superior to London’s. And, of course all the rich cultural centers, If I ran the city I’d work night and day to make access to these places easier, faster for visitors. These people spend a lot and help keep theater and the other cultural assets thriving. A shame NYC can’t provide some form of fast transport out of LGA. If they can’t figure out how to do it someone like Musk could.
  • hank
    edited September 27
    Ben said:

    The topic is significant. But is it significant to investing? To mutual funds? Surely it belongs in "Off-Topic".

    Right-on @Ben. I debated a while on where to post this. I thought Wednesday evening when the news first broke it might well fit under “Other Investing” - NYC being the financial capitol of the world. But, in hindsight, I think you are right. Thread moved to OT.

  • Ben
    Well done, Hank. I've read all posts in this thread with interest. I'm glad it was posted and glad the thread was moved.
  • Old_JoeOld_Joe
    Yes- an interesting thread, but more comfortable over here in OT. Sometimes when faced with a similar situation I plant a very short post over on the financial side with a link to the OT side. I recall doing that with much of the Boeing coverage, and it seemed to work out OK. (At least no one hollered at me.)

    Thanks @hank.
  • BenWPBenWP
    The gifts are merely the tangible (and easily grasped by the public) tip of the iceberg. It appears that the Feds have already targeted numerous people in the Adams orbit prompting almost immediate resignations (staffers, police, schools leader) when the phones and records of these individuals were seized. Those who have already resigned didn’t seem to hesitate or pull the Trumpian stunt of claiming to be the victims of a “witch hunt.” This suggests to me that the incriminating evidence must be of the “cesspool” variety that the culprits hope to hide under cover of a quick resignation.

    Robert Caro has been in the news lately because of the 50th anniversary of the publication of The Power Broker. There’s lots to learn in that fantastic analysis of how the city of New York has been run and the extent to which raw power (the corrupting kind) has prevailed. In the event you don’t own a copy of the book, be warned that the paperback edition weighs 3 lbs 2.87 ounces. I counsel against reading it in bed unless you have device on which to rest it. I believe Caro has finally agreed to allow a digital version to be published, but I’m not certain.
  • hank
    edited September 29
    +1 Nice post @BenWP

    I was surprised to hear Adams is so hard up he (allegedly) performed illegal acts in return for upgrades from coach to business class - Geez - I willingly cough up the extra dough. Never considered resorting to criminal activity to obtain a better seat! The poor fella.

    I wasn’t overwhelmed by the initial unveiling of charges. However, if indeed foreign money entered and influenced the electoral process - then that is a very serious charge.

    There has been a lot of unexplained “push and pull” going on inside NYC government for at least a couple years. A prominent female member of the NYPD gave up a top position within the department several months / a year ago and refused to explain why she left. And an innovative highly respected manager of the transportation system was making significant upgrades to the archaic subway infrastructure / operations when he abruptly left 5-6 years ago. From what I heard, that was a result of a dispute with then Governor Cuomo.

    “Politics” inside public sector jobs can be brutal. It’s a lot harder to demote or dismiss employees than in the private sector. And the existence of pretty good defined benefit pensions provides compelling reasons for the rank-and-file to remain - regardless of the infighting they endure.
Sign In or Register to comment.