After two weeks of criticizing the power companies' performance after Hurricane Sandy, Governor Andrew Cuomo has created a Moreland Commission charged with investigating every utility company in New York State.
On Tuesday morning, Eric Schneiderman convened a press conference to announce one of the biggest cases of his two-year tenure as New York's attorney general: a wide-ranging lawsuit against Bear Stearns and its parent company, J.P. Morgan, for misrepresenting the faulty mortgage loans packaged and sold during the financial crisis.
The state's Financial Services Superintendent Ben Lawsky got a $340 million settlement with Standard Chartered. [dfs.ny.gov]
The chairman of a law firm who told the Times Lawsky appeared to be grandstanding said the settlement may "cause me to change my mind." [Kevin Roose]
"The aggressive stance taken by Lawsky heightened his public profile just months after his department was created. But it also produced a significant amount of collateral damage that could take months to repair." [Karen Freifeld](1)
The New York Times takes a look at the man leading the newly configured Department of Financial Services and notes that he's doing the work traditionally done by the state's attorney general. The lede: "Benjamin M. Lawsky is not the attorney general of New York State. But one could be forgiven for being confused."
The story casts the new Department of Financial Services, created by Governor Andrew Cuomo last year, as an extension of Cuomo's attorney general operation—where Lawsky served as one of his top deputies—and suggests the second floor might be encroaching on the territory of New York's current attorney general, Eric Schneiderman.