N.Y. Governor Hands Top Wall Street Regulatory Job to a Defender of Wall Street

‘New York Gov. Andrew Cuomo on Thursday handed a critically important bank regulatory position to a long-time donor and corporate lawyer who defended financial institutions in private practice.

Cuomo nominated Maria Vullo to run the New York Department of Financial Services (DFS).

Benjamin Lawsky, Vullo’s predecessor in the office, gained a reputation as the toughest cop on Wall Street, imposing heavy fines for money laundering, accounting fraud, tax evasion, and fraudulent mortgage servicing. Lawsky used the ability to ban financial firms from business in the world financial center in New York to extract real accountability for wrongdoing.’

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