Greetings all!  Liz A. here once again.

It is an icky, rainy, cold day in New York City, but things are about to heat up on the stage of Pace University as Comptroller Tom DiNapoli takes on Republican challenger Harry Wilson in our first live, statewide debate of the general election.  (Tune in live at 7pm on YNN and NY1 and stay tuned for our post-debate wrap up show.)

This is the first time these two candidates – neither of whom faced a primary challenge – have participated in a debate of any kind.

Wilson is a former hedge fund manager who is new to the political scene, and DiNapoli is a former state Assemblyman who was appointed to the statewide post after Alan Hevesi resigned.

I’ll do my best to keep up with all the action, so keep hitting the refresh button and – please! – weigh in with your thoughts in our comments section.

Enjoy!!

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7:15pm:  Juan asks Wilson, Unemployment is still nearly 10 percent, many families are still suffering the consequences of the last recession, how would you use the pension fund to spur economic development?

Wilson says the state needs to reduce spending to reduce taxes and attract businesses to NYS.  Says that identifying waste is key to that.  Suggests bolstering a venture capitalist industry.

DiNapoli says Wilson is wrong to suggest there is no venture capitalist community in NYS, but says the problem is that too many businesses are leaving the state.

7:11pm:  Liz asks DiNapoli, since 1998, the state attorney general’s office under Eliot Spitzer and Andrew Cuomo has taken on a national profile and increased its clout. Yet the comptroller’s office remains a backwater, with its considerable powers underutilized.  Asks DiNapoli how he can account for the fact that voters aren’t familiar with him.

DiNapoli says that the office is not in the public eye because of the functions of the office.  Blames media for not publicizing work the office has done.  He says the powers of the office are significant and important, but it might not ever gain the sort of publicity of the office of attorney general, for example.

Liz asks Wilson how he would expand the profile of the office.

Wilson says the office has been insufficiently vigilant on behalf of the taxpayer.  Says he would use audit power to go through all state spending, go after pension reform and mandate relief to relieve property tax burden.

DiNapoli says that plan demonstrations a misunderstanding of the function of the office.  Says those ideas need to be implemented by the legislature and governor.

7:08pm:  Dick asks Wilson, largely because of abuse and corruption during the tenure of state Comptroller Alan Hevesi, the Comptroller’s office currently bans the use of placement agents or intermediaries for pension fund investing.   Does a ban on those who receive “finders fees” deprive the pension fund of investment opportunities provided by professionals that it would not otherwise have – including those managed and owned by women and minorities – and potentially put taxpayers on the hook for higher pension fund contributions?

Wilson says the greatest scandal in modern NY history took place in the comptroller’s office.  Says there needs to be greater transparency.  Credits DiNapoli for banning placement agents, but says the bans need to go further.

DiNapoli takes credit for placing ban on placement agents.  Says ban was necessary to ensure integrity in the process.  Says that the ban does not put the fund at risk of losing out on attracting investors.

7:05pm:  Grace directs this question to DiNapoli: You both come to this race with political ties that could prove to be a liability.  Tom DiNapoli, you have close ties to Assembly Speaker Sheldon Silver. In fact, you wouldn’t have your current job if it wasn’t for his support. Silver has come under fire from advocates who say he’s a significant – if not the most significant – obstacle to reform in Albany. Is Sheldon Silver a reformer?

DiNapoli says that the premise of the question is flawed.  Says he became comptroller because of a vacancy due to corruption, not because one person appointed him.  Says a bi-partisan coalition of lawmakers appointed.

Grace asks him to specify whether he thinks that Silver is a reformer.  He says that Silver advocates campaign finance reform and that is an important reform, but this race isn’t about Silver.

Grace asks follow-up about WIlson’s support (or lack thereof) for Paladino.

Wilson says that comptroller needs to be independent and has taken great pains to ensure he remains independent.

Grace says the comptroller is still a political office and asks whether NYers should support Paladino.

Wilson disagrees, saying the job is more about professional skills than politics.

7:02pm:  Pat kicks things off by asking Wilson, you both come from institutions that don’t have a lot of respect from the public lately.  Wall Street needed a taxpayer bailout too big to comprehend.  Albany is a place in desperate need of reform.  How do you rise above that background to do this job?

Wilson says that it is simple.  He was at a Wall Street firm 10 years ago for 2 years.  Says that he’s spent a great deal of time as an investor says that’s a crucial skill set for the comptroller.  Brings up the turnaround at GM.

DiNapoli says his record speaks for itself.  Says that he’s always been an independent voice and strong advocate.  Says Albany needs continued focus on aligning spending with revenue.  Goes after Wilson for experience with company that required a bailout (GM).

Wilson brings up DiNapoli’s voting record in the Assembly voting for tax increases.

7pm:  And we’re live!

The candidates have entered the stage.  Both candidates received cheers and respective standing ovations when they entered the room.

Wilson is delivering his 1-minute opening remarks.  He begins by thanking everyone for being here and thanking his family.

He says he’s running because the state is dealing with a fiscal crisis.  Says he brings three things: Upstate upbringing, a career’s worth of experience at three of the best financial organizations in the country and experience turning around broken companies.

DiNapoli says this election comes down to a choice between middle class values and Wall Street values.  He cites his record as comptroller, his audits, etc.  Slams Wilson for his background on Wall Street.  Says NYS deserves better than Wall St. values.

6:50pm:  Spotted at the comptroller debate:

Ed Cox, NYS Republican Party Chairman

Sean Coffey, former Democratic attorney general candidate

Chris Callahan, 2006 Republican state comptroller candidate

Charlie King, NYS Democratic Party Executive Director

Henry Stern, Former NYC Parks Commissioner

10 minutes until go time!!!

6pm:  One hour until showtime!

The cast and crew are in place at Pace.  NY1′s illustrious Pat Kiernan will be moderating.  He’ll be joined on stage by CapTon’s own Liz Benjamin, NY1 political reporter Grace Rauh, NY1 Noticias’ Juan Manuel Benitez and Dick Dadey of Citizens Union.

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The debate format is much the same as the two GOP US Senate debates we hosted at Union College.  Pat will kick things off with an opening question directed at Wilson.  The order was decided earlier today by coin toss.

Then the panelists will each ask a question with follow-ups.

After the first round of questions, the candidates will ask one another a question of their choosing.

Then the panelists will ask another round of questions followed by (everyone’s favorite) the lightning round – yes or no answers only!

Time permitting, the panelists will fire another round of questions at the candidates.

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