EXHIBIT 21

SUBSIDIARIES OF FIRST ALBANY COMPANIES INC.

COMPANY NAME	STATE OF INCORPORATION
FIRST ALBANY CAPITAL INC.	NEW YORK
FA ASSET MANAGEMENT INC.	NEW YORK
FIRST ALBANY ENTERPRISE FUNDING, INC.	DELAWARE
FA TECHNOLOGY VENTURES CORPORATION	DELAWARE
FAC MANAGEMENT CORPORATION	NEW YORK
DESCAP SECURITIES, INC.	NEW YORK