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.
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.
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.