Before the Bailout of 2008: New York City’s Experience with Tax Giveaways to Financial Giants

February 2009

By Bettina Damiani and Allison Lack

Good Jobs New York documents local taxpayer subsidies to six firms, and their role in the Temporary Assets Relief Program or TARP – American International Group, Bank of America, Bear Stearns, Citigroup, JPMorgan Chase, and Merrill Lynch. It finds that the deals have been plagued by porous contracts that lack accountability, very poor public disclosure and job losses. The report offers common sense transparency solutions.