New York State is getting $182 million as part of a $7 billion settlement against Citigroup.
The long awaited deal between federal prosecutors and Citigroup settles allegations that Citi knew it was selling mortgage-backed securities that were about to go bad, but said nothing about it to investors.
Citi is the second bank to settle with the government to avoid a lawsuit. In 2008 Citigroup received $45 billion in federal bailouts. They did not plead guilty in today's settlement. Citi shares jumped today with news of the settlement and a strong earnings report.
A new national campaign is urging eight U.S. Senators who voted against universal background checks for gun purchases to reconsider. Gun control advocates in Greenwich, Connecticut are asking people to send postcards to the Senators.
A private property in coastal Rowayton, Connecticut is stirring up controversy. A land trust wants to preserve the half-acre site as a bird sanctuary and protect the surrounding tidal estuary. But others aren’t happy with the details.
The amount of money New York State is receiving in penalties levied against banks is increasing. In the last three months state coffers have added more than $4.6 billion in bank fines.
The bulk of the money comes from a record settlement against BNP Paribas, a French bank that admitted to violating US sanctions against Iran, Sudan, and Cuba. It was first reported that New York would receive $2.2 billion, but that number ticks up by another billion because New York City will be giving a portion of its penalty to the state.
It will be a year and a half before marijuana becomes available in New York, after Governor Andrew Cuomo signed a law last weekend allowing a limited use of the drug for certain diseases. In Connecticut, a new industry is taking shape as the state’s medical marijuana program nears its launch. Six dispensaries have been licensed to open around Connecticut. In Fairfield County, one of these dispensaries has run into some unusually strong resistance.