Apr 29
2013
New York Times investigation finds numerous examples of patronage hiring at Empire State Development Corp., whose responsibilities include implementing the Buffalo Billion program.
Dec 20
2012
Governor Andrew Cuomo summoned hundreds of muckety-mucks to the Buffalo Niagara Convention Center two weeks ago to make the kind of announcement that politicians live for: government aid to bring jobs to an economically struggling region. In this instance, Cuomo told the assembled that the first $50 million of his $1 billion in promised state economic development funds had leveraged a commitment from Albany Molecular Research Inc. to bring 250 jobs and up to $250 million in private investment to the Buffalo Niagara Medical Campus. Reads the headline on the governor’s press release: “Governor and (Western New York Regional Economic[...]
Dec 6
2012
The biotech company the state plans to spend $50 million on to lure to the Buffalo Niagara Medical Campus has lost $112 million the past three years and hasn’t posted an annual profit since 2008. And that’s just the beginning of the financial difficulties confronting Albany Molecular Research, according to a probe by Investigative Post. The company has laid off at least 80 employees since 2010 and shuttered one of its foreign facilities, with plans to close a second operation near Seattle. The Albany-based company’s stock price, meanwhile, sunk from $61.66 in 2001 to $2.26 in December 2011, although the stock[...]