Calling Out Governor Cuomo

Doubling down on a recent investigative article he co-authored about Executive Life of New York (ELNY) ("The Complete ELNY Saga "), Bill Coffin, Group Editor in Chief for Summit Business Media’s LifeHealthPro.com, has published a follow-up op ed article ("Governor Cuomo, I'm Calling You Out") in which he urges New York Governor Andrew Cuomo to "make this right. Fix ELNY before its payees must endure their harsh payment cuts."

In his most recent article, Coffin repeats a charge he and his co-authors made earlier: "The New York Liquidation Bureau [NYLB] .... is the cause of all this mess." For S2KM's summary of Coffin's NYLB allegations, see "NYLB Role in ELNY Disaster".

According to its Mission Statement: NYLB "acts for the Superintendent of Financial Services as the court appointed fiduciary and Receiver of impaired and insolvent insurance companies, to maximize assets and resolve liabilities, return rehabilitated companies to the marketplace or distribute the proceeds of the company in a timely manner to creditors."

Benjamin M. Lawsky is New York's Superintendent of Financial Services. Lawsky reports directly to Governor Cuomo and is currently a defendant in an ELNY class action lawsuit  filed November 8, 2012 by attorney Edward Stone and representatives of the Christensen & Jensen law firm.

Coffin's earlier co-authored ELNY article suggested the New York state government or the insurance industry could (and should) clean up the "ELNY debacle". In his most recent article, Coffin charges Governor Cuomo with personal responsibility.

"The simple truth", according to Coffin: "[Governor] Cuomo could fix ELNY if he wanted to. If he thought fixing ELNY would help his chances for a Presidential run in 2016, ELNY would already be fixed..... The insurance industry in the state could simply be ordered to pay that amount."

So why, Coffin asks, has Governor Cuomo not taken action? "Is it because [Governor] Cuomo cannot stomach the notion of making the rest of the industry in the state pay for the actions of an irresponsible few? ... [If] that is the case, then there is always the possibility of paying for ELNY with other general fund monies..... [A]t the very least, [Governor] Cuomo could ensure that any and all fines levied by the Department of Financial Services (Ben Lawsky) go first to ELNY before going anywhere else."

Coffin concludes his appeal to Governor Cuomo by observing: "There is a difference between doing the easy thing and doing the right thing. Show your constituents that you know the difference, or be called out as being just as much a part of this long-running failure as everybody else who has had a chance to fix ELNY and come up short."

For S2KM's complete and continuing reporting about the ELNY liquidation, see the structured settlement wiki.

Comments

[Patrick Hindert]

Thank you. Happy Thanksgiving. Keep the faith.

[Anonymous]

Today I am especially thankful for Patrick Hindert for always keeping us well informed. Thank you for your time and effort on behalf of all the shortfall payees who turn to your blog for all of the latest updates regarding ELNY. This devastation would have a much bleaker outlook without you. Happy Thanksgiving Mr. Hindert!!