Governor: No bonuses cost state millions

? Underscoring how closely the fates of Wall Street and New York are intertwined, Gov. David Paterson said Friday that a single moment in the financial crisis — the decision by Goldman Sachs executives to forgo bonuses — cost the state millions of dollars.

The executives complied with the urging of New York Attorney General Andrew Cuomo and others who said in November that major Wall Street companies benefiting from federal bailouts shouldn’t pay out the usual huge bonuses to executives.

Losing tax revenue from bonuses was a big hit to New York’s finances because Wall Street taxes accounted for 30 percent of state revenue in the last fiscal quarter.

“I think it was the right urge,” he said, but “the state lost $178 million in that moment.”

Jeffrey Gordon, a spokesman for the state Division of the Budget, clarified late Friday that the figure reflected an estimate of the loss of income that might be taxed, rather than the loss of tax revenue.