Bloomberg blasts Albany over hedge fund tax

In this Monday April 20, 2009 file photo, Mayor Michael Bloomberg listens during a press conference in New York. (AP Photos/Bebeto Matthews)

July 23, 2010 5:41:33 AM PDT
Mayor Michael Bloomberg says Albany's plan to squeeze New York City's hedge fund managers for extra tax dollars is backfiring.

Bloomberg says the funds are now being wooed out of state, by a personal pitch from Connecticut Governor M. Jodi Rell.

"She's doing what she should do, and we should be out there doing the same thing -- making this a more attractive place to do business," Bloomberg said. "There's some things the city can do, and we're doing those, I think. The state is not doing its job."

Albany is trying to collect a hefty tax, about $50 million, from hedge fund managers who work in New York but live out of state.

Bloomberg says Albany's tax will be a great economic stimulus...for Connecticut.