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New York Gov. Andrew Cuomo speaks during a news conference on May 10 in New York City. Photo: Mary Altaffer/Pool via Getty Images

Former New York Gov. Andrew Cuomo (D) will be required to give back money from his $5.1 million book deal, Politico reports.

Why it matters: The decision from the state's Joint Commission on Public Ethics comes one month after it revoked authorization for Cuomo to profit from his memoir, which was published in October last year. State employees were revealed to have helped write the book even though initial approval did not allow for the use of state resources, per Politico.

  • Cuomo has 30 days to forfeit "an amount equal to the compensation paid to him" to the state Attorney General Tish James' office.
  • James' office will determine whether the money is allocated to the state or the publisher.

What they're saying: "JCOPE’s actions today are unconstitutional, exceed its own authority and appear to be driven by political interests rather than the facts and the law," Cuomo's attorney Jim McGuire said in a statement.

  • "Should they seek to enforce this action, we’ll see them in court."

Go deeper

Jan 10, 2022 - Economy & Business

Goli Sheikholeslami named CEO of Politico

Photo: Wolfgang Kumm/picture alliance via Getty Images

German publishing giant Axel Springer on Monday named Goli Sheikholeslami CEO of Politico, replacing Patrick Steel, who left the company in December.

Why it matters: Sheikholeslami comes from New York Public Radio, where she currently serves as president and CEO.

Why 401(k) rollovers are so annoying

Illustration: Aïda Amer/Axios

If you happened to change jobs recently, you may have tried to transfer your retirement account from your former employer into an Individual Retirement Account or your new employer's 401(k) plan. If so, you probably encountered a bureaucratic gantlet — and you're not alone.

Why it matters: Kludgey processes around retirement account transfers result in people losing track of their funds, giving up important tax advantages, or otherwise disadvantaging themselves and being less prepared for retirement.

The hard math behind America's labor shortage

Data: Bureau of Labor Statistics, Congressional Budget Office; Chart: Axios Visuals

Yes, the pandemic has created unusual temporary labor market dynamics. But in the bigger picture, the 2010s were a golden age for companies seeking cheap labor. The 2020s are not.

The big picture: In the 2010s, the massive millennial generation was entering the workforce, the massive baby bo0m generation was still hard at work, and there was a multi-year hangover from the deep recession caused by the global financial crisis.