Best misuse of 9-11 money (2008)


When the management consulting firm BearingPoint—a former division of KPMG—agreed to move 633 employees to 3 World Financial Center, it got a $2.4 million grant from the state- and city-run, federally funded Lower Manhattan Job Creation and Retention Program established in the wake of 9-11, plus $700,000 in additional tax breaks. Nothing unusual there—according to the subsidy-watch group Good Jobs New York, more than $300 million in money from this particular 9-11 "recovery" fund has been handed out to big corporations. What made BearingPoint unusual is where the employees were moving from: Third Avenue and 47th Street in midtown. In case you're tempted to ask for economic-development money to finance, say, your move from the Lower East Side to Red Hook, keep in mind that it helps to have spent $109,000 on Greenberg Traurig, the city's second-biggest lobbying firm—just as BearingPoint did in 2005.


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