Governor Cuomo says he understands the “frustration” of the demonstrators taking part in the Occupy Wall Street protests in New York and the nation this week, but admits the state depends on revenues from the financial industry to balance its budget.
Cuomo says protests are an “important part of democracy”, and says he understands the frustration and anger of the demonstrators in downtown Manhattan over the stagnant economy.
“When people are feeling pain, they look for an outlet,” said Cuomo.
The governor, when he was Attorney General, pursued corruption cases in the financial industry.
At the same time, Cuomo acknowledges that Wall Street is a “major economic engine” for the state, and the budget is dependent on Wall Street revenues for up to one quarter of total state taxes collected.
The governor also reacted to news that Wall Street bonuses may be down this year, saying the state’s projected $2 billion dollar deficit could be even bigger.