It's Official - Cuomo Announces Run For Governor

Tyler Durden's picture

The worst kept secret in New York politics is out: the Attorney General has officially announced he is running for governor. From "After months of speculation of when he will make the formal announcement, Cuomo tossed his hat into the ring on his campaign website Saturday morning." Alas, any changes at the top will do nothing to cure the number one problem in both New York, as well as all other states: insolvency. Too bad New York is so bankrupt that pretty much nothing can help, least of all those tens of billions in NOL carryforwards at Wall Street's investment banks which will make sure New York State corporate tax receipt coffers are empty for years to come. For the best indicator of not only Cuomo's campaign but the market's sentiment on New York in general, keep an eye out on New York Citi/State CDS.

More from nydailynews.

"New York State is upside down and backwards: high taxes and low performance," Cuomo said in his video.

"The New York State government was at one time a national model. Now, unfortunately, it's a national disgrace." Cuomo blamed Democrats and Republicans for New York's fall.

"We need to get the state's economy running and to do that, we need to make the government function again," he said. "Gridlock and partisanship must give way to competence and integrity."

His formal entry into the race comes just three days before Tuesday's start of the state Democratic convention in the city. Cuomo, the only Democrat in the race for governor, is scheduled to become the party's designee officially on Thursday.

In his video announcement Saturday, Cuomo focused on the need to reform Albany's ethical cesspool and fix its fiscal mess. "We are in a financial emergency," he said.

"We must act that way. And we must get our fiscal house in order." He pledged to cap state spending and local property taxes and freeze state income and corporate taxes and salary increases for state employees.

He also vowed to eliminate at least 20% of state agencies and said he opposes additional borrowing to fix the state's budget problems. Cuomo also promised comprehensive reform that requires full disclosure of outside income, independent ethics watchdogs, and campaign finance reform.

In 2006 he ran for election as attorney general and won, succeeding "Sheriff of Wall Street" Eliot Spitzer. While Spitzer used the office to take on Wall Street, Cuomo, citing public corruption, said he also wanted to take on State Street, where the Capitol is located. Polls show him trouncing each of the three Republicans looking to take him on - former Rep. Rick Lazio, Suffolk County Executive Steve Levy and businessman Carl Paladino.

His entry into the race means he will now have to answer tough questions about what he would do to improve the state - questions he has until today deflected with a standard answer that he is focused on his job as attorney general and not politics.

A car enthusiast, Cuomo, 52, was once married to Kerry Kennedy, which at the time was the merging of two political dynasties. But the marriage, which produced three daughters, ended in an ugly divorce. He is now dating Food Network star Sandra Lee.

The Plan from Andrew Cuomo on Vimeo.

h/t John

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Apostate's picture

He looks much less greasy on camera than I remember him appearing in person. That was a few years ago. I remember feeling revulsion when I shook his hand.

Clearly, he's pandering to upstate - that's how you win the governorship.

The only thing that I want to hear from a politician is "privatization." Not public-private partnerships. Not leases. Not Putin-style bait-and-switch operations.

Open, transparent auctions of state assets.

Repudiation of various Federal regulations (particularly for labor). Telling the superfund assholes to fuck off and allowing private businesses to do the hard work of dredging, disposing of polluted soil, etc. to allow for redevelopment.

How is he going to do all this horseshit that he's babbling about? Where's the money going to come from? He has to be counting on a bailout or the continued functioning of the discount-window fueled investment banking / insurance fiesta. 

No more central planning, asshole... this is a powder-keg.

If they run around trying to centrally plan communities, it will be a disaster that may lead to civil strife to a degree not seen since the 1970s. The groundwork is already being laid in NYC as welfare agencies get shuttered, projects get closed down, and the continuance of the various programs that keep NYC's various gangs from shooting each other falls into question.

Charter schools just outsource expenses to the Federal government. The best and the brightest understand (sometimes from personal experience) that the NY government is a poor use of talent and passion.

His prosecutions are just grand-standing. Many of the issues that plague NY are just side effects of the entire fucking kaboodle and complying with Federal regulations.

Let's not forget who his daddy was.

HUD isn't just the most "dysfunctional" agency, it's a crime-in-progress. 

bigdumbnugly's picture

But you really don't think you are going to hear anything that truly supports private industry from this snake,  do you apostate?  With the massive public sector both working for the bloated gov't here and the equally dependent welfare state they've created?  Didn't his daddy add Miracle Grow to that bed of weeds in his time?

(On second thought, maybe you'll HEAR him speak of such things - but you'll know he's lying when you see his lips moving).

I live upstate (Syracuse).  Wouldn't touch this guy with a ten foot pole.  But the leaches from all over this wacked out state will probably vote him in.  And the beat goes on... 


Apostate's picture

I feel for you - my family is from North Syracuse.

bigdumbnugly's picture

LOL.  Thanks for the condolences.

Maybe I am a little too quick to jump all over him like that, but I have had it with the political elite in this state.


Upstate area is great (if you subtract some of the punishment you take from about mid-December through March).  I am sure you hear all about that from your fam.


Best to you, Apostate.  Usually enjoy reading your comments.



tip e. canoe's picture

biggie, methinks your initial instincts are right on target

Apostate's picture

I've been all over upstate, especially when I was a kid. It's really beautiful, it's just a shame that it's been hollowed out economically.

yomamma's picture

Hmmm...nope, your idea is just ridiculous.


Unfortunately for you, the entire population doesn't buy into the "privatize everything" jingle you're moaning and crying about like a small child.


Thank God for small favors, namely not making a world of pure psychopathy which you're motioning for.

harveywalbinger's picture

The first half of this is video of Cuomo's taking credit for his part in forcing banks to approve subprime loans for low income customers who would eventually default... leading up to our financial collapse & the end of capitalism as we used to know it.  Pretty damning hearing this from Cuomo's mouth (he was scoring big political points for this back then).  IMHO for all practical purposes, Cuomo's the incumbent in this election (i.e. a vote for Cuomo is a vote to continue the perpetual debt machine/status quo).  Please don't vote for this jerk off.  He needs to learn what it means to accept the consequences for his actions.

"The bankers also agreed to a $2.1 Billion.  Billion dollar agreement with them.  $2.1 Billion dollars available to families who are low or moderate income across the country for mortgages... About 15,000 low & moderate income people will now be able to buy their own home because of the settlement we announced today.  $2.1 billion is by far the largest settlement ever rendered to the Federal government to settle a fair housing case."   

"With the $ 2.1 billion... lending that amount in mortgages...  which will be a higher risk and I'm sure there will be a higher default rate on those mortgages than the rest of the portfolio..." 

"$2.1 billion dollars that would not have been available to families of low and moderate income...  ...About 15,000 families will get mortgages who would not have gotten mortgages otherwise..."

" ...but aggressively to take a greater risk on these mortgages?  Yes.  To give families who they would not have given otherwise? Yes"  

Abundance's picture

Whom has he gotten locked up since this financial Crisis? **crickets**

special K's picture

He sure has settled with a lot of companies for pennies,compared to the theft.

tip e. canoe's picture

cuomo vs. lazio...o brother

Mitchman's picture

"The New York State government was at one time a national model."

Pray tell, Andrew.  When was that?  In the 1970's?\

To the tune of Yellow Submarine:

We all live in a welfare state,

A welfare state,

A welfare state.

We all live in New York state

In New York state 

in New York state.


tip e. canoe's picture

"Pray tell, Andrew.  When was that?"

back during the Constitutional Convention when they reserved the right to secede from the union.

Mitchman's picture

Well said.  It has apparently been a while since New York's state government has been the object of national respect  but not so long since it has been the one of abject disdain.

Species8472's picture

Isn't this the same guy who worked in Clintons adim. to help screw things up? You know, force banks to take on crap loans etc. Now he will be our governor! Soon, I will retire to PA. Soon (4-8 yrs), A lot of folks like me will be retiring and leaving.



Mercury's picture

I can't think of a more perfect person to be at the helm when the NY state government utterly collapses on itself.

Apostate's picture

It's kinda poetic, right?

tip e. canoe's picture

haha excellent point merc

voltaic's picture

It doesn't matter who's governor because he has to deal with the most corrupt and dysfunctional legislature in the country. Three men in a room and billions in debt.

New York State’s legislative process is broken. This report documents five key weaknesses and compares New York’s process with those in other state legislatures and in the U.S. Congress. Together, the problems identified here deprive New Yorkers of the government they deserve. Indeed, New York’s legislative process limits legislators’ consideration of legislation—whether counted in hearings, debate,amendments,readings,conference committees,or even simply legislators’ presence when they vote—far more than any other legislature. Neither the U.S. Congress nor any other state legislature so systematically limits the roles played by rank-and-file legislators and members of the public in the legislative process.

Spitzer tried hardball and got crushed regardless of his flair for prostitutes. Andrew will get the same cold shoulder from the legislature and will in turn be dysfunctional. The state is set up for failure. What other state would lose 125,000 people a year and continue to increase budgets, state employees and taxes? 

The May issue of Harper's has a great article about the dysfunctional NY legislature: Lulus, do-nothings, and the machinery of the state

Crab Cake's picture

"Gridlock and partisanship must give way to competence and integrity."

While I sincerely hope Mr. Cuomo will go forth and kick some ass, I have lost all faith in anyone who calls themselves a Democrat or Republican because their very parties if not the individual are corrupted.  Am I wrong?  Show me the money.  Show me indictments.  Show me politicians and expensive suits getting hauled off by the FBI forensic SWAT to be arraigned on charges that offer no bail. Show me the Fed opened up like a lobster at dinner.  By God, show me justice, sanity, and reason Mr. Cuomo!

As a sidenote, I would like to edit the above quote to say common sense and practicality instead of competence and integrity.

Apostate's picture

I don't mean to quash your thirst for justice, but the problems of NYS won't be solved by merely jailing a few CEOs.

There are a lot of things a governor could do to make it a more attractive place to invest and start innovative companies, but many of them would involve repudiating Federal laws.

Hell, I'd be happy if the guy turns NYC into Hong Kong, American-style. 

omi's picture

Do I smell a replay of Giulliani story?

dumpster's picture

Mr. Cuomo 

then in a bankrupt state ,, cuomo will still be getting salary and benefits ,, place to live , armed guards .. whats not to like about the deal