7:58pm:  That will do it!  Liz will update with analysis shortly and I will try to post the video of the “cross examination” portion in which the candidates asked one another a question.

Please post your comments!!!

7:55pm:  Wilson delivers his closing remarks.  Notes a stark contract between him and a “career politician” in his opponent.  Brings up ongoing investigation in the AG’s office.  Says he has been the beneficiary of the American dream.  Worries that the next generation won’t have the same opportunities he was afforded.

DiNapoli calls Wilson a “Don Juan of Wall Street.”  Says Wilson and his firm profited from the worst of the predatory lending practices.  Says he sued people who did that.  Notes Long Island upbringing with good working class values that taught him the difference between right and wrong.  Says no one can question the integrity he has brought to the office.

7:54pm:Juan asks DiNapoli whether legislators should give the Comptroller receipts for their per diems?

DiNapoli says the office could look at it, but notes that the legislature is a different branch of government.  Reminds audience that he was the one who said lawmakers should not be paid during the Senate coup.  Says he could do an audit of per diems, but there are limits on what can be done there.

Wilson says that’s “Albany-speak” for not wanting to offend friends in the legislature.  Says “of course the answer is yes.”

7:51pm:  Liz asks DiNapoli, your opponent Mr. Wilson has characterized a plan to provide more predictability in local pension contributions you that call smoothing as borrowing form the fund itself and says the practice will drive up property taxes. Can you explain why this plan is not in fact borrowing and how it will help governments in the long term without hurting taxpayers?

Wilson says because of the shortfall of the fund, NYers will have to increase contributions through taxes.  Says that DiNapoli advocates putting off payments, which amounts to borrowing.  Thinks it is dangerous because it ignores the problem.  Says the only way to do it is through a sixth tier.

DiNapoli says it is not borrowing and points finger at “friends on Wall Street” and the meltdown.  Says that the Pew Center identifies NY as the best funded pension plan in the country, but unlike other states NY will meet obligations.

Liz asks DiNapoli to clarify that pushing off pension fund obligations with interest isn’t borrowing.

7:48pm:  Dick ask DiNapoli, the New York State Comptroller is seen as New Yorkers’ fiscal watchdog.  Though the comptroller has no formal role in the budget process, many New Yorkers are concerned about the size of the state budget and its perpetual lateness in being passed.  What should the Comptroller can do to bring about a timelier, transparent, and more accountable budget process?

DiNapoli he has made a number of recommendations for reform of broken budget process.  Would like to see the comptroller having more responsibility for setting revenues for the state, though it would require a statutory change.  Would like to see multi-year budgeting.  Would like to see mandated legislative conference committees.  Says he has consistently sounded the alarm about state spending not being sustainable.

Wilson says the question provides stark example of difference between them.  Calls him a creature of Albany.  Wilson says the comptroller has to be the primary watch dog for the taxpayer.  He would identify specific spending cuts and driving them to the governor and the legislature.

DiNapoli says that is what he has done.  Unless you are going to get a change to the Constitution, you have to use the office as a bully pulpit.

7:45pm:  The panelists are asking a third round of questions.

Grace to Wilson, for five years you were a partner at a hedge fund, Silver Point Capital. The Daily News reported last week that your hedge fund invested millions of dollars in a firm that was a major player in the subprime mortgage industry. How do you explain this investment?

Wilson says the investment was a fraction of the fund’s assets and he was not involved in it.  Says if he made any money from it, it was a tiny amount.  Turns the tables on DiNapoli and blames him for sub-prime investments that lost taxpayer money.

Says he will take responsibility for the investments he was responsible for.

Grace asks DiNapoli why, if he has done nothing wrong, why has Attorney General Cuomo declined to endorse him in the race?

Says Cuomo has a job to do and he is proud to be part of the Democratic team.  Says we’re in a political year where there are a lot of “non-endorsements” going on on either side of the aisle.

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