Tag: Economy

Dec 6

2012

First $1B beneficiary awash in red ink

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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[...]

Posted 11 years ago

Dec 5

2012

Good plan off to bad start

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There’s a lot to like about the blueprint for spending $1 billion in state aid to revitalize the Western New York economy that was released Tuesday. I’d feel better about the plan’s prospects, however, if Gov. Andrew Cuomo hadn’t used its release to announce a heavily subsidized deal to bring 250 jobs here that smacks of the business-as-usual, smokestack-chasing approach that has failed us in the past. Let me get my skepticism out of the way up front. The state has agreed to spend $50 million on a biomedical facility and equipment to accommodate an expansion of Albany Molecular Research to[...]

Posted 11 years ago

Nov 27

2012

Slow go on $1B to Buffalo

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The WNY Regional Economic Development Council postponed a meeting set for Tuesday to consider a draft of the blueprint for spending $1 billion pledged by Gov. Cuomo to revitalize the local economy. Officials said Cuomo’s review has been sidetracked by Hurricane Sandy. A report by WGRZ.

Posted 11 years ago

Nov 25

2012

Q&A: Stephanie Simeon

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Stephanie Simeon is executive director of Heart of the City Neighborhoods, a non-profit housing development corporation serving Buffalo’s Lower West Side. Simeon, 31, is a native of Brooklyn who moved to Buffalo to attend the University at Buffalo, where she earned an undergraduate degree in social science and master’s degree in urban planning. She serves on the board of the Erie County Commission on the Status of Women. Last year she was selected by Business First as one of the region’s top 40 young people under 40. Investigative Post Editor Jim Heaney interviewed Simeon on Nov. 20. A 4 minute, 45[...]

Posted 11 years ago

Oct 28

2012

Q&A: Muckraker David Cay Johnston

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While the term is little used these days, David Cay Johnston might be best described as a muckraker for his work as an investigative reporter producing both award-winning newspaper stories and best-selling books. Salon in 2004 said Johnston “has cultivated a reputation for being the kind of reporter unafraid to speak truth to power. He is diligent, persistent, and has a network of sources deep in government and in the corporate world.” Johnston got his first reporting job at age 19 with the San Jose Mercury News. He went on to report for the Detroit Free Press, Los Angeles Times,[...]

Posted 12 years ago

Oct 22

2012

Q&A: Larry Quinn

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Larry Quinn, once a boy wonder, turned 60 earlier this year. He’s a couple of years removed by his tenure as managing partner of the Buffalo Sabres and membership on the Erie Canal Harbor Development Corp. During his carrer, he served as development commissioner under Mayor Jimmy Griffin and later oversaw the construction of what is now First Niagara Center. His tenure with the Sabres won him both praise for helping to rescue the franchise out of bankruptcy and implementing a number of innovations, and criticism for the loss of popular stars including Pat Lafontaine and Chris Drury. He’s now[...]

Posted 12 years ago

Oct 20

2012

Interview: Larry Quinn

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Quinn, a former development official and managing partner of the Buffalo Sabres, talks about the NHL lockout and what he termed the “misdirection” at Canalside. He also discusses a dubious distinction Buffalo holds among large cities.

Posted 12 years ago

Sep 22

2012

Interview: Chris Jacobs

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Chris Jacobs is that rare Republican who doesn’t hesitate to label himself a moderate or express his concern about his party’s shift to the far right. He took office as Erie County Clerk in January and is one of only two Republicans holding countywide office. (Sheriff Tim Howard is the other). Jacobs previously served 7 1/2 years on the Buffalo Board of Education. Other public service includes a stint as State Secretary of State under George Pataki during his last year as  governor. Jacobs is a developer by trade and his Avalon Development is active in the city. He earned[...]

Posted 12 years ago
Investigative Post

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