Falcone admitted wrongdoing and agreed to pay an $18 million fine to the U.S. Securities and Exchange Commission in August to settle civil fraud charges that he improperly used Harbinger hedge-fund money and favored some of his investors. The agreement was the first to require a defendant to admit wrongdoing since SEC Chairman Mary Jo White announced a much tougher policy in June that would require such admissions more often. Reuters CONSUMERS Credit card debt declines in the U.S. Americans cut back on using their credit cards in August for a third straight month, a sign that consumers remain cautious about spending. Consumers increased their borrowing $13.6 billion in August to a seasonally adjusted $3.04 trillion, the Federal Reserve said Monday. Thats a record and it followed a gain of $10.4 billion in July. Once again, the increase in borrowing was driven entirely by auto and student loans. A measure of those loans rose $14.5 billion to $2.19 trillion. But credit card debt dropped $883 million to about $850 billion. The decline could hold back consumer spending, which accounts for about 70 percent of economic growth. The report highlighted trends that have surfaced in the post-recession economy.

Benjamin Perez said. “He never assaulted this man. He never tried to assault him in any way. And he does not know any of the other motorcyclists who were involved in this beating.” A second biker, who was in custody, was released Wednesday, when authorities determined that he may have been trying to help. The NYPD released photos Sunday of two other men they want to find and question as part of the investigation and asked for the public’s help in identifying them. Mieses’ family, meanwhile, says he is the real victim. “All of his ribs are fractured. His lungs are so badly bruised that he’s still on a ventilator,” Yolanda Santiago, his mother, told CNN affiliate WCBS. Mieses’ wife, Dayana, told CNN affiliate WBZ that he got off his bike to help the SUV driver. She blamed Lien. “He got scared; he peeled off, and he paralyzed my husband on the way,” she said. ‘We could not have done anything differently’ Lien was treated at a hospital for slashes to his face. “My husband was forced under the circumstances to take the actions that he did in order to protect the lives of our entire family,” his wife said. “We know in our hearts that we could not have done anything differently, and we believe that anyone faced with this sort of grave danger would have taken the same course of action in order to protect their family.” It was Lien’s wife who made the last of three 911 calls the family placed during the incident. Bikers have called for Lien to be charged.

Severe Storms Forecast for New York City Disrupt Travel

Sullivan – 2013-10-07T18:12:28Z Heavy rain, gusty winds and possibly isolated tornadoes will sweep across New York City and the U.S. Northeast today, disrupting air travel , forecasters said. The main threat will be winds of 30 to 40 miles (48 to 64 kilometers) per hour and heavy rain, said Gary Best, a meteorologist at Hometown Forecast Services Inc. in Nashua, New Hampshire. The storms will probably reach New York between 3 p.m. and 4 p.m., he said. An inch (2.5 centimeters) an hour of rain may fall in New York City , causing minor flooding, according to the National Weather Service . I strongly encourage all New Yorkers to take extra precautions and stay tuned to local media reports for the latest information on todays storms, New York Governor Andrew Cuomo said in a statement. A tornado watch, meaning the storms are possible, stretches from upstate New York to northern Virginia, including New York City and Philadelphia, until 5 p.m. according to the National Weather Service. JetBlue Airways Corp. (JBLU) , the biggest domestic carrier at New Yorks John F. Kennedy International Airport, told travelers today on its website that service may be delayed across 10 airports in the northeastern U.S., from Boston to Washington. Air Canada (AC/B) , that countrys largest airline, waived rebooking fees for passengers traveling to and from seven New England airports. Airport Delays Delays rippled out from airports along the East Coast.

New York Taxi-of-Tomorrow Plan Struck Down by State Court

(7201) was blocked by a judge, who ruled the citys Taxi and Limousine Commission overstepped its authority by requiring medallion owners to buy a specific vehicle. Nissan won a contract in May 2011 valued at $1 billion over 10 years to supply the minivans, which feature sliding doors, more luggage space and airbags in the back. The commission in September 2012 designated the Nissan NV200 as the official Taxi of Tomorrow and required owners of the medallions that confer the right to operate yellow cabs in New York to buy the $29,700 vehicle starting this month. Taxi fleet operators sued the city in December seeking to block the requirement, and a judge in May halted the program, saying it violated the administrative code because there was no option for medallion owners to buy a hybrid vehicle. In June, the city revised the rules to let medallion owners buy hybrids until Nissan develops a hybrid version of the NV200. The fleet operators sued again in July, and State Supreme Court Justice Shlomo S. Hagler in Manhattan blocked the plan in a ruling dated today, saying the commission exceeded its authority under the city charter by requiring the purchase of a specific vehicle. TLC Authority If the TLC was vested with the authority to contract for the medallion owners with third party vendors, the TLC may, for instance, also have the authority to mandate the purchase of special insurance from a particular insurance company or even to purchase a more efficient fuel from a designated vendor at pre-determined prices, Hagler said. The decision is fundamentally wrong, because it was within the commissions authority to authorize the Taxi of Tomorrow, Michael A. Cardozo, New York corporation counsel, said in a statement. The city intends to appeal immediately, he said. Aside from its being by far the safest taxicab ever designed, the NV200 has superior legroom, a panoramic roof and a host of other comforts and amenities, Taxi and Limousine Commissioner David Yassky said in a statement. We remain committed to bringing it to the riding public. The Taxi of Tomorrow program is a plan by Mayor Michael Bloomberg s administration to standardize and expand the citys fleet of 13,237 yellow cabs with 15,237 yellow vans built by Nissan, of which more than 2,000 would be accessible for wheelchairs. The mayor is founder and majority owner of Bloomberg News parent Bloomberg LP. $1 Billion Revenue The Nissans, already being made, were to hit the streets Oct.

New York AG subpoenas Airbnb in ‘bad actors’ battle

Brian Chesky on "CBS This Morning."

October 7, 2013 8:15 AM PDT CEO Brian Chesky says Airbnb wants to help root ‘bad actors’ out of its community. (Credit: CBS) Airbnb, the social service that provides an in-home alternative to hotels, is under fire from the New York Attorney General’s Office. Attorney General Eric Schneiderman has subpoenaed data on all Airbnb users in New York who have offered to rent out their homes to customers. According to a person familiar with the investigation, Schneiderman’s effort stems from a New York state law signed in 2010 that places limits on residents’ ability to rent out their homes to others. Airbnb, which helps people rent out their houses or apartments for a period of time, said last week that it has 225,000 community members in New York. The Attorney General’s office has been investigating Airbnb for more than a month, a person familiar with the investigation told CNET. The investigation stemmed from complaints by lawmakers and housing advocates. Related stories Tampa is the nicest city in America, says Airbnb The crux of the issue appears to be so-called “bad actors” who find short-term rentals and run amok, according to a person familiar with the investigation. Some of those renters could be sidestepping paying taxes, the person indicated. In addition, the attorney general’s office wants to target those who are renting out multiple units in violation of state law or who are renting out their properties for longer than expressly allowed under the state’s tax laws, a person familiar with the investigation said. A person who is simply trying to rent out their units every now and then — a so-called “casual user” — will not be targeted in the investigation, according to the person. In its statement on the matter, Airbnb said that it agrees that “bad actors” are an issue, and indicated that it believes the attorney general’s office “is only seeking to target an incredibly small number of bad actors who abuse the Airbnb platform.” Despite that cooperation, Airbnb bristled a bit at the subpoena, indicating that the attorney general’s office wants access to all New York-based short-term renters on the company’s service, despite plans to go after those bad actors.