MetLife penalties light

After reneging on a half-decade-old deal that exchanged tax breaks for a promise to relocate 1,700 of its employees to Long Island City, Metropolitan Life appears to have gotten off with only a ‘slap on the wrist.’ The insurance giant could have faced $24 million in penalties for backing out of the LIC deal, but the Bloomberg administration cut MetLife’s fine to $5 million after negotiating a new employment promise. But what are these promises worth? more. [NYT]