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Gotham Gazette

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bank settlements

bank settlements

  • Massive Bank Settlements Fueled Spending Spree by Electeds

    Cuomo new NY bridge tappan zee

    Gov. Cuomo (photo: The Governor's Office on flickr)


    In the wake of the financial collapse and the Great Recession, New York City and State officials began to rake in enormous sums of money from settlements with major banking institutions.

    Because New York is the major financial industry hub of the world, local officials have jurisdiction over these institutions, and thus related fines, forfeitures, and restitutions. In deals made outside of the budgetary process, New York officials like the Attorney General, and Manhattan District

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