New York City Voters Reject Spitzer, Weiner

Salvage operation to happen this week.

Spitzer, another former politico who resigned in disgrace, sought to recover from the prostitution scandal that ended his once-promising career as governor by being elected the city’s comptroller. Hours after polls closed, Stringer was declared the winner of the NYC comptroller primary. Spitzer took 48 percent of the vote to Stringer’s 52 percent. De Blasio’s rise in the polls was fueled by the fall of Weiner, whose campaign imploded after it was revealed that he continued having inappropriate sexual relationships with women online, even after resigning from Congress in disgrace for similar behavior in 2011. The fluid mayoral contest to replace the longstanding mayor, Michael Bloomberg, featured five candidates all fighting to define New York City’s post-Bloomberg era. De Blasio’s early lead in exit polling came after early polls in July showed him near the bottom of the pack of candidates, which in addition to Quinn, Weiner and Thompson, featured current New York City Comptroller John Liu. De Blasio, backed by progressive Democrats, pitched himself as a fierce opponent of Bloomberg’s policies — including one of the most controversial, the “stop-and-frisk” policy in which city officers were encouraged to proactively stop and interrogate anyone suspected of criminal behavior. Many African Americans and Democrats said the policy disproportionately subjected young black and Hispanic men to that treatment. According to the AP, exit polls showed that most voters said “stop and frisk” resulted in the harassment of innocent people. Primary voters also said they wanted the next mayor to move away from Bloomberg’s policies. And a full two-thirds of primary voters said it was a bad idea to allow Bloomberg to serve a third term in office. In an August Siena College poll , 62 percent of New Yorkers said they felt Weiner and Spitzer embarrassed the city.

New York Tobacco Debt Gets Boost From Arbitrator Ruling

Besides New York, three of the winning states — Ohio , Illinois , and Iowa — have issued tobacco bonds, he said. None of the states that lost issued them, he said. Prices on Ohio tobacco bonds maturing in 2034 rose in trading today to about 73 cents on the dollar from 71.5 cents yesterday, according to data compiled by Bloomberg. The prices are based on trades ranging from $2.4 million to $5 million. Health Costs The 46-state tobacco settlement in 1998 required the companies to make annual payments to resolve their liability in health-care cost litigation. Some states and municipalities borrowed against the payments, which are based on cigarette shipments. Most of the tobacco bonds graded by rating companies are ranked below investment grade. A dispute between the tobacco makers and states later arose over more than $7 billion due under the deal for the years 2003 to 2012, stemming from claims that market-share erosion reduced the companies obligations. High-yield tobacco bonds have lost 15.4 percent this year, compared with a 5 percent drop for the broader municipal-bond market, according to Barclays Plc (BARC) data. Indian Sales In New York, the disagreement centered on the states policy of not taxing cigarette sales on Indian reservations. The state didnt collect payments from companies that didnt join the national settlement on reservation sales. This precedent-setting decision is expected to protect the state from many billions of dollars in future claims, Schneiderman said in a release. In rejecting the tobacco companies claims, the panel fully recognized New Yorks long-standing policy. While the arbitrators ruled in favor of Ohio, they said that its efforts to enforce the settlement had mixed results, according to the arbitration panels finding. One of the states weakest areas was gathering reliable data on cigarette sales by companies that didnt participate in the 1998 settlement. The six states that lost their arbitration cases will refund money to Philip Morris , Lorillard and Reynolds American, according to news releases from the companies.