Report: Pay, Or We (Might) Go: How Citigroup Games the States and Cities
Sarah Stecker, New Jersey Policy Perspective and Dan Steinberg, Good Jobs New York
An analysis of Citigroup’s practices in four states—New York, New Jersey, Kentucky and Texas—suggests that the world’s largest financial institution rarely makes a move without getting taxpayers to help foot the bill.
Using the threat of moving facilities and jobs elsewhere, Citigroup has repeatedly played state against state and locality against locality to attract at least $285.9 million in subsidies in just the four states.
Want to know who applied for a subsidy? Sign up for our "Subsidy Alert"
GJNY takes a close look at the proposed subsidy package--worth nearly $130 million--for Fresh Direct to relocate to the South Bronx. In early 2012, Fresh Direct started a bidding war between New York City and New Jersey officials when it threatened to leave its current home in Long Island City, Queens. Learn more about the subsidies, job promises and the efforts of residents to block the on-line grocery retailer's move to their waterfront.
As government aid begins to flow into areas devastated by Hurricane Sandy, Good Jobs New York will provide analysis and recommendations regarding these resources that promote a transparent and equitable allocation of funds that go to individuals and businesses that need it most.
Our database contains information on thousands of companies that received economic development subsidies in New York City.
Learn about major corporate giveaways to the financial industry, sports facilities and retail developments in New York City.
- The Great American Jobs Scam: Corporate Tax Dodging and the Myth of Job Creation by Greg LeRoy, executive director of Good Jobs First
- Corporate Subsidies and You: Where Do New Yorkers Fit In?
- Guide to Corporate Research by The Corporate Research Project
- Glossary of Terms by Good Jobs First