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From Kirsten Bischoff, Opalesque New York: As the Madoff fraud was unspooling (slowly at first and then gathering steam through the weekend), the New York Times Sunday edition took a look at Senator Chuck Schumer (D-NY) and his close ties to the financial world as well as the industry’s “deregulatory agenda” (Source). This profile, along with the announcement today that Schumer would donate the $6,000 in political contributions he has received from Madoff to charity shows how New York politicians in particular walk a fine line between two vastly different worlds. An Opalesque reader recently brought our attention to another New York City official who announced proposed legislation which attempts to benefit both Wall Street and Main Street.

Assemblyman William F. Boyland Jr (55th Assembly District), announced this week that he would be introducing legislation to create new financial services jobs across the state of New York, in conjunction with Bill A06583 (previously introduced in March 2007), which mandates greater transparency when investing pension assets within the state.

While no NY state pension funds have been named on the growing list of Madoff victims, they have been affected by the larger credit crisis. In late November the New York State Common Retirement Fund terminated s......................

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