EXHIBIT 21

SUBSIDIARIES OF FIRST ALBANY COMPANIES INC.

	PLACE OF
COMPANY NAME	INCORPORATION
FIRST ALBANY CAPITAL INC		NEW YORK
FA ASSET MANAGEMENT INC		NEW YORK
FIRST ALBANY ENTERPRISE FUNDING, INC		DELAWARE
FA TECHNOLOGY VENTURES CORP		DELAWARE
FAC MANAGEMENT CORPORATION		NEW YORK
DESCAP SECURITIES, INC		NEW YORK
FIRST ALBANY CAPITAL LIMITED		UNITED KINGDOM
FIRST ALBANY FINANCIAL PRODUCTS CORP		NEW YORK