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<TITLE>FIRST ALBANY COMPANIES INC.</TITLE>
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As filed with the Securities and Exchange Commission on May 5, 2004



<DIV align="right" style="font-size: 10pt"><B>Registration
No.&nbsp;333-</B></DIV>



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<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<DIV align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></DIV><BR>
<HR align="center" size="1" noshade width="10%">


<P align="center" style="font-size: 24pt"><B>FIRST ALBANY COMPANIES INC.</B>


<DIV align="center" style="font-size: 10pt"><B>(Exact Name of
Registrant as Specified in Its Charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
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    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>New York<BR>
(State or Other Jurisdiction of<BR>
Incorporation or Organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-2655804<BR>
(I.R.S. Employer Identification<BR>
Number)</B></TD>
</TR>

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<P align="center" style="font-size: 10pt"><B>30 S. Pearl Street<BR>
Albany, New York 12207-1599<BR>
(518)&nbsp;447-8500<BR>
(Address of Registrant&#146;s Principal Executive Offices)</B>


<P align="center" style="font-size: 24pt"><B>FIRST ALBANY COMPANIES INC.<BR>
1999 LONG-TERM INCENTIVE PLAN</B>


<P align="center" style="font-size: 10pt"><B>(Full Title of the Plans)</B>



<P align="center" style="font-size: 10pt"><B>Stephen P. Wink, Esq.<BR>
Secretary and General Counsel<BR>
First Albany Companies Inc.<BR>
30 S. Pearl Street<BR>
Albany, New York 12207-1599<BR>
(518)&nbsp;447-8500</B>



<P align="center" style="font-size: 10pt"><B>(Name, Address, and Telephone Number of Agent for Service)</B>



<P align="center" style="font-size: 10pt"><B><I>Copy of communications to:</I></B>



<P align="center" style="font-size: 10pt"><B>Arthur H. Kohn, Esq.<BR>
Cleary, Gottlieb, Steen &#038; Hamilton<BR>
One Liberty Plaza<BR>
New York, New York 10006<BR>
(212)&nbsp;225-2000</B><BR><BR>
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<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B><BR>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>offering price per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>aggregate offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>to be registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registered (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>share (2)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registration fee</B><HR size="1" noshade></TD>
</TR>

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    <TD align="center" valign="top">Common Stock, $.01 par value
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1,200,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$12.69
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$15,228,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1,929.39</TD>
</TR>

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<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Registration Statement covers 1,200,000 shares of Common Stock
issuable upon exercise of options or covered under other awards granted
pursuant to the First Albany Companies Inc. 1999 Long-Term Incentive Plan
plus any additional shares of Common Stock which will become issuable
under such plan by reason of any stock dividend, stock split,
recapitalization or other similar transaction. This Registration
Statement also covers the rights (the &#147;Rights&#148;) attached to each share of
Common Stock pursuant to the Rights Agreement dated March&nbsp;30, 1998. Until
the occurrence of certain specified events, the Rights are not
exercisable, are evidenced by the certificates representing the shares and
may be transferred only together with the shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of determining the amount of the
registration fee in accordance with Rule 457(h) under the Securities Act and
based upon the average of the high ($12.78) and
low ($12.60) prices of the
Common Stock as reported on the NASDAQ National Exchange on
May 3, 2004</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">Part II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y96791exv5.htm">OPINION OF CLEARY, GOTTLIEB, STEEN & HAMILTON</A></TD></TR>
<TR><TD colspan="9"><A HREF="y96791exv10.htm">1999 LONG-TERM INCENTIVE PLAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="y96791exv23w2.htm">CONSENT OF PRICEWATERHOUSECOOPERS LLP</A></TD></TR>
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<P align="center" style="font-size: 10pt"><B>Explanatory Note</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;23, 2004, the Board of Directors of First Albany Companies Inc.
(the &#147;Company&#148;) adopted an amendment to the Company&#146;s 1999 Long-Term Incentive
Plan (the &#147;Plan&#148;) to increase the maximum number of shares of the Company&#146;s
Common Stock that may be issued pursuant to options or other awards granted
under the Company&#146;s Plan by 1,200,000 to a total of 3,600,000 shares. The
Company&#146;s shareholders approved the amendment to the Plan at the Company&#146;s
Annual Meeting of Shareholders held April&nbsp;27, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The additional shares to be registered by this Registration Statement are
of the same class as those securities covered by the Company&#146;s previously filed
Registration Statements on Form S-8 filed on May&nbsp;20, 1999 (Registration No.
333-78879), July&nbsp;31, 2002 (Registration No.&nbsp;333-97465) and June&nbsp;2, 2003
(Registration No.&nbsp;333-105771) with respect to the Plan (together, the &#147;Prior
Registration Statements&#148;). This Registration Statement on Form S-8 has been
prepared and filed pursuant to and in accordance with the requirements of
General Instruction E to Form S-8 for the purpose of effecting the registration
under the Securities Act of 1933 of an additional 1,200,000 shares of Common
Stock issuable pursuant to options or other awards to be granted under the
Plan, as so amended and restated. Pursuant to General Instruction E to Form
S-8, the contents of the Prior Registration Statements, made in connection with
the Plan, including the periodic reports that the Company filed after the Prior
Registration Statements to maintain current information about the Company, are
incorporated herein by reference.

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<DIV align="left"><A NAME="000"></A></DIV>
<P align="center" style="font-size: 10pt"><B>Part II</B>


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<DIV align="left"><A NAME="001"></A></DIV>
<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the exhibits filed or incorporated by reference into the
Prior Registration Statements, the following documents are filed as exhibits to
this Registration Statement.

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    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Method of Filing</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Cleary, Gottlieb, Steen &#038;
Hamilton as to the legality of the
securities being registered
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Albany Companies Inc. 1999 Long-Term
Incentive Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Cleary, Gottlieb, Steen &#038; Hamilton
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Contained in the opinion filed as Exhibit&nbsp;5</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Included on the signature page</TD>
</TR>

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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left"><A NAME="002"></A></DIV>
<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned , thereunto duly
authorized, in the City of Albany and the State of New York on
the&nbsp; 27<SUP>th</SUP> day of
April, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">FIRST ALBANY COMPANIES INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Alan P. Goldberg</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade width="90%" align="left">
Name: Alan P. Goldberg</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President and Chief Executive Officer</TD>
</TR>

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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">POWER OF ATTORNEY



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Know all men by these presents, that each officer or director of First
Albany Companies Inc. whose signature appears below constitutes and appoints
Alan P. Goldberg and George C. McNamee, and each of them acting singly, as his
or her true and lawful attorney-in-fact and agent, with full and several power
of substitution, to sign for him and in his name, place and stead in any and
all capacities indicated below, the Registration Statement on Form S-8 filed
herewith and any and all pre-effective and post-effective amendments and
supplements to the said Registration Statement, and to file the same, with
exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every act and thing
requisite and necessary fully to all intents and purposes as he or she might or
could do in person hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute, may lawfully do or cause
to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by each of the following persons in the
capacities and on the dates indicated.

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">

<TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alan P. Goldberg<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Alan P. Goldberg
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director, President and Chief<BR>
Executive Officer (Principal<BR>
Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steven R. Jenkins<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Steven R. Jenkins
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Financial Officer (Principal<BR>
Financial Officer and Principal<BR>
Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George C. McNamee<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">George C. McNamee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert F. Campbell<HR size="1" noshade>
</TD>

    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Robert F. Campbell
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carl P. Carlucci<HR size="1" noshade>
</TD>

    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Carl P. Carlucci
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walter W. Fiederowicz<HR size="1" noshade>
</TD>

    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Walter W. Fiederowicz
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicholas A. Gravante, Jr.<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Nicholas A. Gravante, Jr.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hugh A. Johnson, Jr.<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Hugh A. Johnson, Jr.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; Dale Kutnick<HR size="1" noshade>
</TD>

    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Dale Kutnick
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur T. Murphy<HR size="1" noshade>
</TD>

    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Arthur T. Murphy
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shannon P. O&#146;Brien<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Shannon P. O&#146;Brien
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="left" valign="top">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Roth<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">April 27, 2004&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Arthur J. Roth
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center" style="font-size: 10pt">EXHIBIT INDEX


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Method of Filing</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Cleary, Gottlieb, Steen &#038;
Hamilton as to the legality of the
securities being registered
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Albany Companies Inc. 1999 Long-Term
Incentive Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Cleary, Gottlieb, Steen &#038; Hamilton
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Contained in the opinion
filed as Exhibit&nbsp;5</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Included on the signature page</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
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{"company-data": {"conformed-name": "FIRST ALBANY COMPANIES INC", "cik": "0000782842", "assigned-sic": "6211", "irs-number": "222655804", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-115169", "film-number": "04779672"}, "business-address": {"street1": "30 S PEARL STREET", "city": "ALBANY", "state": "NY", "zip": "12207", "phone": "518-447-8673"}, "mail-address": {"street1": "C/O FIRST ALBANY", "street2": "30 S. PEARL STREET", "city": "ALBANY", "state": "NY", "zip": "12207"}}
FIRST ALBANY COMPANIES INC.
Table of Contents
As filed with the Securities and Exchange Commission on May 5, 2004
Registration
No. 333-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
FIRST ALBANY COMPANIES INC.
(Exact Name of
Registrant as Specified in Its Charter)
New York
(State or Other Jurisdiction of
Incorporation or Organization)
22-2655804
(I.R.S. Employer Identification
Number)
30 S. Pearl Street
Albany, New York 12207-1599
(518) 447-8500
(Address of Registrant's Principal Executive Offices)
FIRST ALBANY COMPANIES INC.
1999 LONG-TERM INCENTIVE PLAN
(Full Title of the Plans)
Stephen P. Wink, Esq.
Secretary and General Counsel
First Albany Companies Inc.
30 S. Pearl Street
Albany, New York 12207-1599
(518) 447-8500
(Name, Address, and Telephone Number of Agent for Service)
Copy of communications to:
Arthur H. Kohn, Esq.
Cleary, Gottlieb, Steen & Hamilton
One Liberty Plaza
New York, New York 10006
(212) 225-2000
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Title of securities
Amount to be
offering price per
aggregate offering
Amount of
to be registered
registered (1)
share (2)
price
registration fee
Common Stock, $.01 par value
1,200,000
$12.69
$15,228,000
$1,929.39
(1)
This Registration Statement covers 1,200,000 shares of Common Stock
issuable upon exercise of options or covered under other awards granted
pursuant to the First Albany Companies Inc. 1999 Long-Term Incentive Plan
plus any additional shares of Common Stock which will become issuable
under such plan by reason of any stock dividend, stock split,
recapitalization or other similar transaction. This Registration
Statement also covers the rights (the "Rights") attached to each share of
Common Stock pursuant to the Rights Agreement dated March 30, 1998. Until
the occurrence of certain specified events, the Rights are not
exercisable, are evidenced by the certificates representing the shares and
may be transferred only together with the shares.
(2)
Estimated solely for the purpose of determining the amount of the
registration fee in accordance with Rule 457(h) under the Securities Act and
based upon the average of the high ($12.78) and
low ($12.60) prices of the
Common Stock as reported on the NASDAQ National Exchange on
May 3, 2004
TABLE OF CONTENTS
Part II
Item 8. Exhibits
SIGNATURES
EXHIBIT INDEX
OPINION OF CLEARY, GOTTLIEB, STEEN & HAMILTON
1999 LONG-TERM INCENTIVE PLAN
CONSENT OF PRICEWATERHOUSECOOPERS LLP
Table of Contents
Explanatory Note
On March 23, 2004, the Board of Directors of First Albany Companies Inc.
(the "Company") adopted an amendment to the Company's 1999 Long-Term Incentive
Plan (the "Plan") to increase the maximum number of shares of the Company's
Common Stock that may be issued pursuant to options or other awards granted
under the Company's Plan by 1,200,000 to a total of 3,600,000 shares. The
Company's shareholders approved the amendment to the Plan at the Company's
Annual Meeting of Shareholders held April 27, 2004.
The additional shares to be registered by this Registration Statement are
of the same class as those securities covered by the Company's previously filed
Registration Statements on Form S-8 filed on May 20, 1999 (Registration No.
333-78879), July 31, 2002 (Registration No. 333-97465) and June 2, 2003
(Registration No. 333-105771) with respect to the Plan (together, the "Prior
Registration Statements"). This Registration Statement on Form S-8 has been
prepared and filed pursuant to and in accordance with the requirements of
General Instruction E to Form S-8 for the purpose of effecting the registration
under the Securities Act of 1933 of an additional 1,200,000 shares of Common
Stock issuable pursuant to options or other awards to be granted under the
Plan, as so amended and restated. Pursuant to General Instruction E to Form
S-8, the contents of the Prior Registration Statements, made in connection with
the Plan, including the periodic reports that the Company filed after the Prior
Registration Statements to maintain current information about the Company, are
incorporated herein by reference.
Part II
Item 8. Exhibits.
In addition to the exhibits filed or incorporated by reference into the
Prior Registration Statements, the following documents are filed as exhibits to
this Registration Statement.
Exhibit
No.
Description
Method of Filing
5
Opinion of Cleary, Gottlieb, Steen &
Hamilton as to the legality of the
securities being registered
Filed herewith
10
First Albany Companies Inc. 1999 Long-Term
Incentive Plan
Filed herewith
23.1
Consent of Cleary, Gottlieb, Steen & Hamilton
Contained in the opinion filed as Exhibit 5
23.2
Consent of PricewaterhouseCoopers LLP
Filed herewith
24
Power of Attorney
Included on the signature page
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned , thereunto duly
authorized, in the City of Albany and the State of New York on
the  27
th
day of
April, 2004.
FIRST ALBANY COMPANIES INC.
By
/s/ Alan P. Goldberg
Name: Alan P. Goldberg
Title: President and Chief Executive Officer
Table of Contents
POWER OF ATTORNEY
Know all men by these presents, that each officer or director of First
Albany Companies Inc. whose signature appears below constitutes and appoints
Alan P. Goldberg and George C. McNamee, and each of them acting singly, as his
or her true and lawful attorney-in-fact and agent, with full and several power
of substitution, to sign for him and in his name, place and stead in any and
all capacities indicated below, the Registration Statement on Form S-8 filed
herewith and any and all pre-effective and post-effective amendments and
supplements to the said Registration Statement, and to file the same, with
exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every act and thing
requisite and necessary fully to all intents and purposes as he or she might or
could do in person hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute, may lawfully do or cause
to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by each of the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/                   Alan P. Goldberg
April 27, 2004
Alan P. Goldberg
Director, President and Chief
Executive Officer (Principal
Executive Officer)
/s/                  Steven R. Jenkins
April 27, 2004
Steven R. Jenkins
Chief Financial Officer (Principal
Financial Officer and Principal
Accounting Officer)
/s/                George C. McNamee
April 27, 2004
George C. McNamee
Director
/s/                Robert F. Campbell
April 27, 2004
Robert F. Campbell
Director
/s/                   Carl P. Carlucci
April 27, 2004
Carl P. Carlucci
Director
/s/             Walter W. Fiederowicz
April 27, 2004
Walter W. Fiederowicz
Director
/s/            Nicholas A. Gravante, Jr.
April 27, 2004
Nicholas A. Gravante, Jr.
Director
/s/              Hugh A. Johnson, Jr.
April 27, 2004
Hugh A. Johnson, Jr.
Director
/s/                  
   Dale Kutnick
April 27, 2004
Dale Kutnick
Director
/s/                  Arthur T. Murphy
April 27, 2004
Arthur T. Murphy
Director
Table of Contents
Signature
Title
Date
/s/                 Shannon P. O'Brien
April 27, 2004
Shannon P. O'Brien
Director
/s/                     Arthur J. Roth
April 27, 2004
Arthur J. Roth
Director
Table of Contents
EXHIBIT INDEX
Exhibit
No.
Description
Method of Filing
5
Opinion of Cleary, Gottlieb, Steen &
Hamilton as to the legality of the
securities being registered
Filed herewith
10
First Albany Companies Inc. 1999 Long-Term
Incentive Plan
Filed herewith
23.1
Consent of Cleary, Gottlieb, Steen & Hamilton
Contained in the opinion
filed as Exhibit 5
23.2
Consent of PricewaterhouseCoopers LLP
Filed herewith
24
Power of Attorney
Included on the signature page