Crains New York - April 8, 2013 - (Page 1)
NEW YORK BUSINESS
®
INSIDER Après
Bloomberg? P. 6
EDITORIAL Rx: nonstandard reforms P. 10
GREG DAVID Blame
powerlessness P. 11
WWW.CRAINSNEWYORK.COM
VOL. XXIX, NO. 14
Monster
fight
looms at
Garden
istockphoto
CRAIN’S
CORRUPTION:
APRIL 8-14, 2013 PRICE: $3.00
REPORT BANKING
Pols and others
choose sides in
growing arena vs.
Penn Sta. controversy
See MONSTER on Page 23
REBUILDING NY
Eateries
stuck with
Sandy bill
Insurers use flood
excuse to deny biz
interruption claims
BIG TROUBLE,
LITTLE CHINATOWN BANK
Abacus has served community
for decades; now the DA says
its lending practices are illegal
BY DAVE LINDORFF
See INSURANCE on Page 22
See CHINATOWN on Page 18
NEWSPAPER
BY LISA FICKENSCHER
THE
LISTS
MANHATTAN DA
Cyrus Vance Jr.
announcing
indictment last May
LARGEST
COMMERCIAL
BANKS P. 15
redux
Nearly six months after Superstorm
Sandy, George Forgeois is still struggling to pay the rent and other bills for
his French bistros in the city.
The owner of Café Noir, Bar Tabac
and Cercle Rouge blames his difficulties on the $160,000 in sales he said he
lost during the weeks after the storm.
Four of his six restaurants were closed
because of the power blackout in low-
When Manhattan District Attorney Cyrus Vance Jr. invited
local media last May to watch 19 employees of Chinatown’s
Abacus Federal Savings Bank being led together in chains out
of the bank for arraignment, he no doubt failed to imagine
that the spectacle would remind more than a
Loan
conditions
few city residents of a Chinese road gang in the
improve for
U.S. over a century ago.
local
The DA claims to have acted in response to
business.
BANKING
a police complaint by a disgruntled Chinese
REPORT:
mortgage customer of Abacus. He had the 19
PAGE 13
employees arrested and indicted the bank,
charging it, but not its senior officials, with mortgage fraud.
The bank, for its part, said that it uncovered the improper
CHAINED GANG:
Among the 19
Abacus employees
led out under arrest
LARGEST
THRIFTS
P. 16
redux
Nearly half a century after Madison
Square Garden was built atop Pennsylvania Station, time may be running
out for “the world’s most famous arena.” On Wednesday, the Garden’s operators go before the City Planning
Commission to renew the special permit that allows them to run the facility in the heart of Manhattan.MSG ex-
newscom
BY MATT CHABAN
http://WWW.CRAINSNEWYORK.COM
Table of Contents for the Digital Edition of Crains New York - April 8, 2013
IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
BUSINESS PEOPLE
SMALL BUSINESS
OPINION
GREG DAVID
REPORT: BANKING
THE LISTS
FOR THE RECORD
CLASSIFIEDS
REAL ESTATE DEALS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS
Crains New York - April 8, 2013
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