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Commerzbank fined
3:23 pm
Mon March 16, 2015

NY Moves To Be A 'Laboratory' Of Financial Regulation

Benjamin Lawsky, superintendent of the New York State Department of Financial Services.
Credit AP Photo/Mike Groll

New York's top bank regulator wants to lead the federal government in aggressively cracking down on errant corporations.

Last week the New York Department of Financial Services fined the German Commerzbank $1.4 billion last week, while also requiring the company fire several employees.

"We think New York state can become a real laboratory of democracy when it comes to financial regulation," Ben Lawsky, Superintendent of Financial Services, said last week before University of Albany business students.

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Government
1:07 pm
Mon March 16, 2015

Connecticut Looks At Medical Marijuana For Kids

A vial of medical marijuana.
Credit William Casey / AP Images

Andrea Rupert's 18-year-old son Holden has severe epilepsy. It's hard for him to get through the day without seizures, she says. But when he has marijuana, he's a different person.

"The medical marijuana has given my son a second chance at life," Andrea said at a public hearing of the Connecticut Legislature's Judiciary Committee Friday. Holden sat quietly at her side.

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Superstorm Sandy
6:29 pm
Fri March 13, 2015

Lawsuit: Insurance Company Didn't Pay Sales Tax On Superstorm Sandy Claims

A boat lies toppled between two flooded houses in Lindenhurst, N.Y., in the aftermath of Superstorm Sandy, Tuesday, Oct. 30, 2012.
Credit AP Photo/Jason DeCrow

Lawyers for Superstorm Sandy victims filed another class-action lawsuit Friday against an insurance company, alleging adjusters miscalculated sales tax and then tried to hide their mistake.

Dozens of insurance companies are already accused of shortchanging Sandy Victims out of billions of dollars through the National Flood Insurance Program.

The Federal Emergency Management Agency (FEMA) runs the program, which allows people to buy flood insurance from the federal government. FEMA contracts private insurance companies to process claims and payouts.

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Culture
2:32 pm
Thu March 12, 2015

Book Review: All The Truth Is Out

The presidential aspirations of former U.S. Senator Gary Hart of Colorado were destroyed by a sex scandal back in 1987.  But Author Matt Bai says that wasn’t the only casualty.  Bai is a former chief political correspondent for the New York Times Magazine and a native of Trumbull, Connecticut.   In his new book he says the Gary Hart sex scandal led to the decline of journalistic ethics and the rise of tabloid reporting.   Book critic Joan Baum has this review.

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Superstorm Sandy
8:23 am
Thu March 12, 2015

Feds Prepared To Reopen All Superstorm Sandy Insurance Claims

A worker shovels muck out of a home in Longport, N.J., after Superstorm Sandy in 2012. Federal regulators say homeowners will be able to challenge insurance payouts they believe shortchanged them.
Credit Patrick Semansky/AP

 

The Federal Emergency Management Agency says it is prepared to reopen all 144,000 insurance claims that resulted from Superstorm Sandy in 2012.

The move comes after months of questions over whether insurance companies contracted by the National Flood Insurance Program fraudulently altered engineering reports.

After thousands of homeowners said their insurance claims were systematically lowballed, FEMA began negotiations in an attempt to regain the trust of policy holders.

No agreement has yet been signed.

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