New York City’s Tech Industry Saved It From Worst Damage Of 2008 Financial Collapse: Bloomberg Philanthropies

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Because it “did not achieve the goal of its emergency appeal,” it said in a statement Monday, “the board and management will begin the necessary financial and operational steps to wind down the Company, including initiating the Chapter 11 (bankruptcy) process.” The company had hoped to raise $1 million of the $7 million through an online site,, in a campaign that ended Monday. It raised only $301,019 from more than 2,000 donors. The organization raised $1.5 million outside of the Kickstarter campaign, according to Risa Heller, spokeswoman for the New York City Opera. “The odds have been against us for a long time,” George Steel, general manager and artistic director for the company, said in a video for the failed online campaign, “but in the face of that difficulty we have made tremendous progress.” The company, dubbed “The People’s Opera” by former New York City Mayor Fiorello LaGuardia, was founded on the principle that every New Yorker should be able to afford to go to the opera, Steel said. He explained that in order for the company to break even, it would have needed to sell every ticket for $600. Instead, the starting ticket price was set at $25 to make the experience affordable. The New York City Opera received critical praise in the past for its world premieres of works including Robert Ward’s “The Crucible” and Anthony Davis’ “The Life and Times of Malcolm X.” It opened its current season on September 17 with the opera “Anna Nicole,” which turned out to be the company’s last production. “We need the help of the people we were founded to serve to put on our season this year,” Steel had said, speaking to New York residents and opera fans everywhere. “We need you to come together and carry it forward into the future. I hope we can count on you.” In a statement from the American Federation of Musicians, President Tino Gagliardi said that despite the musicians making great sacrifices in wages and benefits to keep the City Opera afloat they long feared this would happen. “NYCO management’s reckless decisions to move the New York City Opera out of its newly renovated home at Lincoln Center … predictably resulted in financial disaster for the company,” Gagliardi said. The opera company left Lincoln Center in 2011 in an effort to save money.

SEPT. 27, 2013 PHOTO

Prices topped $400 a megawatt-hour in Manhattan and more than $1,300 in the western most part of the grid operated by the New York Independent System Operator Inc. Power demand in the state rose 4.6 percent at 2:35 p.m. from a day earlier amid transmission bottlenecks. Spot on-peak prices in the West traded at an average premium of $135.03 to New York City at 2 p.m., the most in grid data compiled by Bloomberg going back to 2005. The high temperature in Midtown Manhattan today may be 79 degrees Fahrenheit (26 Celsius), 10 above normal, and Buffalo may be 7 higher than average at 65 degrees, according to ACcuWeather Inc. in State College , Pennsylvania. Things are always kind of odd this time of the year when you get warmer-than-normal weather, said Kate Trischitta, director of trading at Consolidated Edison Inc.s wholesale energy trading unit in Valhalla, New York. You have a lot of generators taking their annual outages for maintenance as well as transmission outages. Spot power for New York City jumped $163.71 to average $196.67 a megawatt-hour during the hour ended at 2 p.m. from the same time yesterday, the grid data show. The NYISOs West zone, which includes Buffalo, prices surged $484.93 to $515.23 a megawatt-hour. Coal Plant A 650-megawatt coal-fired unit at the Homer City Generating Station in Indiana County, Pennsylvania , is offline for planned maintenance, said Matthew Oatway, a Boston-based analyst with Genscape Inc., which tracks power data.

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Related Stories Wanted: An education reformer The city’s tech industry, with Mayor Bloombergs support, helped prevent the worst damage of the 2008 financial collapse at least according to the mayors own philanthropic foundation. The tech and information industry which includes Internet startups and app developers, as well as old media companies like Time Warner and Viacom was responsible for a third of the jobs created in the city since 2007, according to a new report commissioned by Bloomberg Philanthropies. After the financial collapse of 2008, it was predicted that New York . . . was going to have a deep recession and a weaker recovery than the national economy, said Michael Mandel, chief economic strategist for the Progressive Policy Institute and the author of the report. The big surprise here is it has outperformed the national economy by a significant amount. Social media news aggregator Digg was launched in 2004 and is headquartered in New York City. Private-sector employment declined by 3% nationally between 2007 and 2012, but it increased by 4% in New York City, Mandel said. And the growth of the tech industry in Brooklyn has outpaced the rate in tech hubs such as Austin, Tex.; Seattle; Cambridge, Mass., and Silicon Valley, according to the study, Building a Digital City. RELATED: NYC AIR IS THE CLEANEST AMONG AMERICAN CITIES In addition, the tech sector which employed 262,000 people in 2012, or 8% of the citys workforce comprises well-paying jobs. The $30 billion in wages earned by New York techies constitutes 11% of the citys private-sector income. Chris Hondros/Getty Images Viacom, also headquartered in New York, is the fourth-largest media conglomerate in the world. San Francisco and Silicon Valley were the birthplace of the industry with West Coast universities serving as midwives but New York City has the creative capital to feed the next phase of the tech boom, experts said. RELATED: IPHONE 5S RELEASE: HACKERS TRY TO CRACK SMARTPHONE’S NEW SECURITY SYSTEM The first boom in the last decade was essentially infrastructure companies, explained Andrew McLaughlin, CEO of Digg and Instapaper.

New York inmate almost as costly as Ivy League tuition

But there are particularly expensive costs associated with Rikers. The department says it spends $30.3 million annually alone on transportation costs, running three bus services that usher inmates to and from court throughout the five boroughs, staff from a central parking lot to Rikers jails and visitors to and around the island. There were 261,158 inmates delivered to court last year. A way to bring down the costs, Horn has long said, would be to replace Rikers Island with more robust jails next door to courthouses. But his attempts to do that failed in part because of political opposition from residential areas near courthouses in Brooklyn, Manhattan and elsewhere. “My point is: Have you seen a whole lot of outcry on this? Why doesn’t anything happen?” Horn said of the $167,731 annual figure. “Because nobody cares.” “That’s the reason we have Rikers Island,” he said. “We want these guys put away out of public view.” New York’s annual costs dwarf the annual per-inmate costs in other big cities. Los Angeles spent $128.94 a day, or $47,063 a year, for 17,400 inmates in fiscal year 2011-12, its sheriff’s office said. Chicago spent $145 a day, or $52,925 a year, for 13,200 inmates in 2010, the most recent figures available from that county’s sheriff’s office. Those costs included debt-service and fringe benefits. Experts note that New York’s high annual price tag is deceiving because it reflects considerable pensions and salary responsibilities, debt service and the expensive fixed costs. The DOC says 86 percent of its operating costs go for staff wages. New York’s system differs from other cities in some other costly ways – it employs 9,000 relatively well-paid, unionized correction officers, for example, and is required by law to provide certain services to inmates, including high quality medical care within 24 hours of incarceration.

Unfortunately, New York has little to no chance of making the postseason for the first time in three seasons this year. The Jets may be off to a respectable 2-2 start, but the team’s schedule over the next two months is brutal. New York must visit Atlanta, Cincinnati and Baltimore , and it has home games against the Patriots, New Orleans Saints and Miami Dolphins all before Week 14. The combined records of New York’s remaining opponents is 25-22. In fact, if you take away the team’s next two games against the 1-3 Atlanta Falcons and the winless Pittsburgh Steelers , the remaining record of New York’s opponents is a ridiculous 24-15. With a solid defense, the Jets should manage to stay competitive against even the toughest of competition, but it’s difficult to see them winning more than six or seven games. The 2013 Jets may be a team that is better than its final record suggests. 2. The Jets turnover differential could be the worst in the league. Gang Green could easily be 4-0 if it wasn’t for one thingturnovers. With at least a pair of turnovers in every game, rookie Geno Smith has given the ball away an unfathomable 11 times a quarter way through the season. That translates to a record-breaking 44 turnovers over a 16-game season. Smith’s decision-making is subpar, to say the least, and he consistently underthrows his receivers deep. He may be a rookie, but he needs to take care of the ball if he is to maintain his starting job over the duration of the season. Additionally, New York’s defense may be a solid unit, but it fails to pressure the opposing team into turning the ball over. The Jets have managed just two takeaways through the first four games, despite facing rookie EJ Manuel and turnover-prone Josh Freeman in two of those contests. The Jets turnover differential currently sits at negative-nine, just one ahead of the Steelers for last in the league. Don’t be surprised if they dethrone Pittsburgh from the last spot by the end of the year. 3. New York’s run defense may be the best in the NFL . Rich Schultz/Getty Images Doug Martin , Stevan Ridley , C.J. Spiller and Chris Johnson all have two things in common.