Business

Divide over how much to regulate
7:28 pm
Wed July 16, 2014

NY Regulators will soon govern Bitcoin

Balloons bearing the bitcoin logo float above the floor at the Inside Bitcoins conference and trade show, Monday, April 7, 2014 in New York.
Credit AP Photo/Mark Lennihan

New York banking regulators are expected to release new rules this week governing Bitcoins and other virtual currencies.

Many think virtual currencies--sometimes called crypto-currencies--will soon revolutionize financial services, but until now they have been largely unregulated.

New York State is about step into this regulatory void. Within days, the Department of Financial Services will issue far-reaching rules focusing on three things: consumer protection, cyber security, and anti-money laundry rules.

Read more
"Today we have laptops"
12:14 am
Wed July 16, 2014

Telecommuting could soften strike impact

A commuter uses the internet while waiting to board the Long Island Rail Road, something not possible 20 years ago.
Credit Charles Lane

Penn Station at rush hour is a din of train roars and the constant barking of a metallic PA system. A wall of commuters watch the boards to see what track their train comes in on. Once the train is called there is a mad rush down the stairs to find a seat.

In past strikes all 300,000 of these commuters would crowd the highways and bridges into Manhattan. Either that or risk losing their jobs. But there is a big difference between the last strike in 1994 and this week.

“Today we have laptops. So I'm working from home for the whole strike.”

Read more
Money to help struggling homeowners
2:29 pm
Mon July 14, 2014

NY gets $182M in Citigroup fine

New York state's Attorney General Eric Schneiderman speaks during a news conference in June
Credit AP/John Minchillo

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.

Read more
Development
12:01 am
Mon July 14, 2014

Controversy in Rowayton, Conn. divides community

A sign in a lawn in Rowayton, Connecticut.
Kaomi Goetz

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. 

Read more
New York cashes $4.6B in penalties
5:04 pm
Fri July 11, 2014

NY nets more in bank fees

Benjamin Lawsky, superintendent of New York Department of Financial Services, speaks to business leaders on Long Island. Lawsky has so far collected $4.6 billion in bank fines.
Credit Charles Lane

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.

Read more

Pages