<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>As filed with the Securities and Exchange Commission on August 22, 2006</font></p>

<div style="border:none;border-bottom:solid .05em;padding:0in 0in 1.0pt 0in">
<div style="border:none;border-bottom:solid .05em;padding:0in 0in 1.0pt 0in">
<p align="right"><strong><font size=2>Registration No. 333-&nbsp;</font></strong></p>
</div>
</div><BR>
&nbsp;&nbsp;

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>WASHINGTON, D.C. 20549</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FORM S-8</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>REGISTRATION STATEMENT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNDER</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>THE SECURITIES ACT OF 1933</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FIRST ALBANY COMPANIES INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=1>(Exact Name of Registrant as Specified in Its Charter)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="79%" style=' margin-left:.7in;border-collapse:collapse'>
    <tr>
        <td width="32%" valign=top style='padding:0in 5.4pt 0in 5.4pt;border-color:gray'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>New York</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(State or Other Jurisdiction of</font></b><br> <b><font size=1>Incorporation or Organization)</font></b></p> </td>
        <td width="36%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="30%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>22-2655804</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>(I.R.S. Employer Identification Number)</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>677 Broadway</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Albany, New York 12207-2990</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(518) 447-8500</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2> (Address of Registrant&#146;s Principal Executive Offices)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FIRST ALBANY COMPANIES INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>1999 LONG-TERM INCENTIVE PLAN</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=1>(Full Title of the Plans)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Gordon J. Fox</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Executive Managing Director</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>First Albany Companies Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>677 Broadway</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Albany, New York 12207-2990</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(518) 447-8500</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:4%;text-align:center;'><b><font size=2> (Name, Address, and Telephone Number of Agent for Service)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><i><b><font size=2>Copy of communications to:</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Arthur H. Kohn, Esq.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Cleary Gottlieb Steen &amp; Hamilton LLP</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>One Liberty Plaza</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>New York, New York  10006</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(212) 225-2000</font></b></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=1>CALCULATION OF REGISTRATION FEE</font></B></p>


<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:12.5pt'>
        <td width="230" style='border-top:double black 2.25pt; border-left:solid black .5pt;border-bottom:none;border-right:solid black .5pt; padding:0in 1.5pt 0in 1.5pt;height:12.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Title of securities </font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>to be registered </font></b></p> </td>
        <td width="99" style='border-top:double black 2.25pt; border-left:none;border-bottom:none;border-right:solid black .5pt; padding:0in 1.5pt 0in 1.5pt; height:12.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Amount to be registered (1) </font></b></p> </td>
        <td width="99" style='border-top:double black 2.25pt; border-left:none;border-bottom:none;border-right:solid black .5pt; padding:0in 1.5pt 0in 1.5pt; height:12.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Proposed maximum offering price per share (2)</font></b></p> </td>
        <td width="99" style='border-top:double black 2.25pt; border-left:none;border-bottom:none;border-right:solid black .5pt; padding:0in 1.5pt 0in 1.5pt; height:12.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Proposed maximum aggregate offering price </font></b></p> </td>
        <td width="99" style='border-top:double black 2.25pt; border-left:none;border-bottom:none;border-right:solid black .5pt; padding:0in 1.5pt 0in 1.5pt; height:12.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=1>Amount of registration fee</font></b></p> </td> </tr>
    <tr style='height:12.5pt'>
        <td width="230" style='border:solid black .5pt;border-color:gray;padding:0in 1.5pt 0in 1.5pt; height:12.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Common Stock, $.01 par value</font></p> </td>
        <td width="99" style='border:solid black .5pt;border-color:gray;border-left: none;padding:0in 1.5pt 0in 1.5pt; height:12.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>500,000</font></p> </td>
        <td width="99" style='border:solid black .5pt;border-color:gray;border-left: none;padding:0in 1.5pt 0in 1.5pt; height:12.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>$3.59</font></p> </td>
        <td width="99" style='border:solid black .5pt;border-color:gray;border-left: none;padding:0in 1.5pt 0in 1.5pt; height:12.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>$1,795,000</font></p> </td>
        <td width="99" style='border:solid black .5pt;border-color:gray;border-left: none;padding:0in 1.5pt 0in 1.5pt; height:12.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>$192.07</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="2%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="4%" valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(1)</font></p> </td>
        <td  valign=top style='padding:6.0pt 0in 0in 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>This Registration Statement covers 500,000 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.</font></p> </td> </tr>
    <tr>
      <td valign=top style='padding:6.0pt 0in 0in 0in'>&nbsp;</td>
      <td valign=top style='padding:6.0pt 0in 0in 0in'><font size=1>(2)</font></td>
      <td  valign=top style='padding:6.0pt 0in 0in 0in'><font size=1>Estimated solely for the purpose of determining the amount of the registration fee in accordance with Rule 457(c) and Rule 457(h) under the Securities Act of 1933, as amended, and based upon the average of the high ($3.63) and low ($3.55) prices of the Common Stock as reported on the NASDAQ National Exchange on August 17, 2006.</font></td>
    </tr>
</table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:4.62%;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:24.0pt'>
        <td width="213" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Explanatory Note</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:8.62%;text-align:left;'><font size=2>On April 11, 2006, the Board of Directors of First Albany Companies Inc. (the &#147;Registrant&#148;) adopted an amendment to the Registrant's 1999 Long-Term Incentive Plan (the &#147;Plan&#148;) to increase the maximum number of shares of the Registrant's Common Stock that may be issued pursuant to options or other awards granted under the Registrant's Plan by 500,000 to a total of 4,700,000 shares  (or 5,121,967 as adjusted for stock dividends). The Registrant's shareholders approved the amendment to the Plan at the Registrant's Annual Meeting of Shareholders held May 16, 2006. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>The additional shares to be registered by this Registration Statement are of the same class as those securities covered by the following Registration Statements on Form S-8 previously filed by the Registrant (together, the &#147;Prior Registration Statements&#148;):</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="43%" style=' margin-left:99.9pt;border-collapse:collapse'>
    <tr style='height:.2in'>
        <td width="54%" valign=top style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p  style='text-indent:0in'><font size=2>Registration Number</font></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='margin-top:1.0pt;text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="39%" valign=top style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p  style='text-indent:0in'><font size=2>Date Filed</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="54%" valign=top style='padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p  style='text-indent:0in'><font size=2>333-78879</font></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt;height:.2in'>
            <p  style='text-indent:0in'><font size=2>May 20, 1999</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="54%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=2>333-97465</font></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=2>July 31, 2002</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="54%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=2>333-105771</font></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=2>June 2, 2003</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="54%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=2>333-115169</font></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=2>May 5, 2004</font></p> </td> </tr>
    <tr style='height:.2in'>
        <td width="54%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=2>333-124707</font></p> </td>
        <td width="6%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
            <p  style='text-indent:0in'><font size=2>May 6, 2005</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:8.62%;text-align:left;'><font size=2>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, as amended, of an additional 500,000 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 Registrant filed after the Prior Registration Statements to maintain current information about the Registrant, are incorporated herein by reference. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Part II</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><b><font size=2>Item 8.  Exhibits.</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>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.</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="103%" style=' border-collapse:collapse'>
    <tr>
        <td width="11%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><u><font size=2>Exhibit No.</font></u><u></u></p> </td>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><u><font size=2>Description</font></u><u></u></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><u><font size=2>Method of Filing</font></u><u></u></p> </td> </tr>
    <tr>
        <td width="11%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>5</font></p> </td>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Opinion of Cleary Gottlieb Steen &amp; Hamilton LLP as to the legality of the securities being registered</font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Filed herewith</font></p> </td> </tr>
    <tr>
        <td width="11%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>23.1</font></p> </td>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Consent of Cleary Gottlieb Steen &amp; Hamilton LLP</font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Contained in the opinion filed as Exhibit 5</font></p> </td> </tr>
    <tr>
        <td width="11%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>23.2</font></p> </td>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Consent of PricewaterhouseCoopers LLP</font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Filed herewith</font></p> </td> </tr>
    <tr>
        <td width="11%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>24</font></p> </td>
        <td width="48%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Power of Attorney </font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Included on the signature page</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><font SIZE=2>SIGNATURES</font></U></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:15.38%;text-align:left;'><font size=2>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 22<sup>nd</sup> day of August, 2006.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:46.15%;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="58%" style=' margin-left:3.0in;border-collapse:collapse'>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:12pt'><font SIZE=2>FIRST ALBANY COMPANIES INC.</font></p> </td> </tr>
    <tr>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:18pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By</font></p> </td> </tr>
    <tr>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:18pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="85%" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><font size=2>/s/ Peter McNierney</font></p> </td> </tr>
    <tr>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:18pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="85%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name: Peter McNierney</font></p> </td> </tr>
    <tr>
        <td width="14%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:18pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="85%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title: President and Chief Executive Officer</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:24.0pt'>
        <td width="213" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1></font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>4</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>POWER OF ATTORNEY</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:14.49%;text-align:left;'><font size=2>Know all men by these presents, that each officer or director of First Albany Companies Inc. whose signature appears below constitutes and appoints Peter McNierney 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.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:14.49%;text-align:left;'><font size=2>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.</font></p>


<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr>
        <td width="216" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><u><font size=2>Signature</font></u><u></u></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><u><font size=2>Title</font></u><u></u></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><u><font size=2>Date</font></u><u></u></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>/s/ Peter McNierney</font><font size=1>&nbsp;</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>August 22, 2006</font></p> </td> </tr>
    <tr>
        <td width="216" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Peter McNierney</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Director, President and Chief Executive Officer  (Principal Executive Officer)</font></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>/s/ Brian Coad</font><font size=1>&nbsp;</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>August 22, 2006</font></p> </td> </tr>
    <tr>
        <td width="216" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Brian Coad</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)</font></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>/s/ George C. McNamee</font><font size=1>&nbsp;</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>August 22, 2006</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>George C. McNamee</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Director</font></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>/s/ Carl P. Carlucci</font><font size=1>&nbsp;</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>August 22, 2006</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Carl P. Carlucci</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Director</font></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>/s/ Walter M. Fiederowicz</font><font size=1>&nbsp;</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>August 22, 2006</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Walter M. Fiederowicz</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Director</font></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>/s/ Alan P. Goldberg</font><font size=1>&nbsp;</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><br> <font size=2>August 22, 2006</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='border-top: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Alan P. Goldberg</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Director</font></p> </td>
        <td width="174" valign=top style='border-top:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font><font size=2>/s/ Nicholas A. Gravante, Jr</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>August 22, 2006</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Nicholas A. Gravante, Jr.</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Director</font></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>/s/ Hugh A. Johnson, Jr.</font><font size=1>&nbsp;</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>August 22, 2006</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Hugh A. Johnson, Jr.</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Director</font></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>/s/ Dale Kutnick</font><font size=1>&nbsp;</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>August 22, 2006</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Dale Kutnick</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Director</font></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font><font size=2>/s/ Shannon P. O&#146;Brien</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>August 22, 2006</font></p> </td> </tr>
    <tr>
        <td width="216" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Shannon P. O&#146;Brien</font></p> </td>
        <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Director</font></p> </td>
        <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td> </tr>
</table>





<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
  <tr>
    <td width="216" valign=bottom style='border-bottom: solid black .5pt;padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p>

      <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font><font size=2>/s/ Arthur J. Roth</font></p></td>
    <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
</td>
    <td width="174" valign=top style='border-bottom:solid black .5pt; padding:0in 5.4pt 0in 5.4pt'>

      <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>&nbsp;</font></p>
      <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>August 22, 2006</font></p></td>
  </tr>
  <tr>
    <td width="216" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Arthur J. Roth</font></p></td>
    <td width="247" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=2>Director</font></p></td>
    <td width="174" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
      <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p></td>
  </tr>
</table>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:14.49%;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><font SIZE=2>EXHIBIT INDEX</font></U></p>


<table border="0" cellspacing=0 cellpadding=0 width="102%" style=' border-collapse:collapse'>
    <tr>
        <td width="12%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><u><font size=2>Exhibit No.</font></u><u></u></p> </td>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><u><font size=2>Description</font></u><u></u></p> </td>
        <td width="38%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=center style='text-align:center'><u><font size=2>Method of Filing</font></u><u></u></p> </td> </tr>
    <tr>
        <td width="12%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>5</font></p> </td>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Opinion of Cleary Gottlieb Steen &amp; Hamilton LLP as to the legality of the securities being registered</font></p> </td>
        <td width="38%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Filed herewith</font></p> </td> </tr>
    <tr>
        <td width="12%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>23.1</font></p> </td>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Consent of Cleary Gottlieb Steen &amp; Hamilton LLP</font></p> </td>
        <td width="38%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Contained in the opinion filed as Exhibit 5</font></p> </td> </tr>
    <tr>
        <td width="12%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>23.2</font></p> </td>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Consent of PricewaterhouseCoopers LLP</font></p> </td>
        <td width="38%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Filed herewith</font></p> </td> </tr>
    <tr>
        <td width="12%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>24</font></p> </td>
        <td width="49%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Power of Attorney </font></p> </td>
        <td width="38%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Included on the signature page</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "firstalbany-s8_0822.htm", "secsgml_size_bytes": 51848}]
{"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": "333-136818", "film-number": "061048801"}, "business-address": {"street1": "677 BROADWAY", "city": "ALBANY", "state": "NY", "zip": "12207-2990", "phone": "518-447-8673"}, "mail-address": {"street1": "677 BROADWAY", "city": "ALBANY", "state": "NY", "zip": "12207-2990"}}
As filed with the Securities and Exchange Commission on August 22, 2006
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)
677 Broadway
Albany, New York 12207-2990
(518) 447-8500
(Address of Registrant's Principal Executive Offices)
FIRST ALBANY COMPANIES INC.
1999 LONG-TERM INCENTIVE PLAN
(Full Title of the Plans)
Gordon J. Fox
Executive Managing Director
First Albany Companies Inc.
677 Broadway
Albany, New York 12207-2990
(518) 447-8500
(Name, Address, and Telephone Number of Agent for Service)
Copy of communications to:
Arthur H. Kohn, Esq.
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, New York  10006
(212) 225-2000
CALCULATION OF REGISTRATION FEE
Title of securities
to be registered
Amount to be registered (1)
Proposed maximum offering price per share (2)
Proposed maximum aggregate offering price
Amount of registration fee
Common Stock, $.01 par value
500,000
$3.59
$1,795,000
$192.07
(1)
This Registration Statement covers 500,000 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(c) and Rule 457(h) under the Securities Act of 1933, as amended, and based upon the average of the high ($3.63) and low ($3.55) prices of the Common Stock as reported on the NASDAQ National Exchange on August 17, 2006.
Explanatory Note
On April 11, 2006, the Board of Directors of First Albany Companies Inc. (the "Registrant") adopted an amendment to the Registrant's 1999 Long-Term Incentive Plan (the "Plan") to increase the maximum number of shares of the Registrant's Common Stock that may be issued pursuant to options or other awards granted under the Registrant's Plan by 500,000 to a total of 4,700,000 shares  (or 5,121,967 as adjusted for stock dividends). The Registrant's shareholders approved the amendment to the Plan at the Registrant's Annual Meeting of Shareholders held May 16, 2006.
The additional shares to be registered by this Registration Statement are of the same class as those securities covered by the following Registration Statements on Form S-8 previously filed by the Registrant (together, the "Prior Registration Statements"):
Registration Number
Date Filed
333-78879
May 20, 1999
333-97465
July 31, 2002
333-105771
June 2, 2003
333-115169
May 5, 2004
333-124707
May 6, 2005
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, as amended, of an additional 500,000 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 Registrant filed after the Prior Registration Statements to maintain current information about the Registrant, 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 LLP as to the legality of the securities being registered
Filed herewith
23.1
Consent of Cleary Gottlieb Steen & Hamilton LLP
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
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 22
nd
day of August, 2006.
FIRST ALBANY COMPANIES INC.
By
/s/ Peter McNierney
Name: Peter McNierney
Title: President and Chief Executive Officer
4
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 Peter McNierney 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/ Peter McNierney
August 22, 2006
Peter McNierney
Director, President and Chief Executive Officer  (Principal Executive Officer)
/s/ Brian Coad
August 22, 2006
Brian Coad
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
/s/ George C. McNamee
August 22, 2006
George C. McNamee
Director
/s/ Carl P. Carlucci
August 22, 2006
Carl P. Carlucci
Director
/s/ Walter M. Fiederowicz
August 22, 2006
Walter M. Fiederowicz
Director
/s/ Alan P. Goldberg
August 22, 2006
Alan P. Goldberg
Director
/s/ Nicholas A. Gravante, Jr
August 22, 2006
Nicholas A. Gravante, Jr.
Director
/s/ Hugh A. Johnson, Jr.
August 22, 2006
Hugh A. Johnson, Jr.
Director
/s/ Dale Kutnick
August 22, 2006
Dale Kutnick
Director
/s/ Shannon P. O'Brien
August 22, 2006
Shannon P. O'Brien
Director
/s/ Arthur J. Roth
August 22, 2006
Arthur J. Roth
Director
EXHIBIT INDEX
Exhibit No.
Description
Method of Filing
5
Opinion of Cleary Gottlieb Steen & Hamilton LLP as to the legality of the securities being registered
Filed herewith
23.1
Consent of Cleary Gottlieb Steen & Hamilton LLP
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