State senators ask Espada to step down

Senators and congressmen congregated Thursday to call for Senate Majority leader Pedro Espada Jr. to step down because of an ongoing investigation determining his involvement in shady political and business activities.

According to The Post-Standard, Attorney General Andrew Cuomo filed a civil suit against Espada Tuesday accusing him of reallocating more than $14 million from a chain of health care clinics he founded for his campaign. Cuomo accused Espada of spending thousands of dollars on cuisine, a Bronx apartment, domestic and international vacations and a Mercedes-Benz.

FBI agents raided Espada's apartment Wednesday to collect records of his Soundview HealthCare Network.

Senate President Malcolm Smith is the only official with the power to strip Espada of his role since it is an appointed position.

Dems vow to advance financial reform bill

Senate Democrats called out Republicans Thursday and announced their intentions to move the ball forward, according to CNN.

The Democrats were critical of Republicans for what they said was the promotion of "falsehoods" on the financial reform bill.

The Senate's financial reform bill would set up new regulations of the financial industry in hopes of preventing another Wall Street meltdown like the one in 2008 that triggered the recession.

The bill includes an "early warning" system intended to spot signs of an imminent crisis, plus a $50 billion liquidation fund created with money from banks and other finance industry corporations to ensure a smoothe and formal process of closing down failing entities.

The expected outcome of the vote is too close to call.

NCAA Tournament primed for 68-team expansion

 The NCAA has announced a $10.8 billion broadcasting deal Thursday with CBS and Turner Broadcasting, according to ESPN.

The new accord will allow every game to be shown live for the first time. CBS has only televised nationally one quarter of all first round picks in past tournaments.

The NCAA also intends to expand the Men's Basketball NCAA Tournament to 68 teams. The tournament currently features 65 teams with a play-in game between the lats two qualifiers. Other proposals have recommended expansions to 80 and 96 teams.

The NCAA said the Division I Men's Basketball Committee unanimously passed the proposal and it will be reviewed by the Board of Directors next Thursday.

The NCAA's agreement with CBS and Turner Broadcasting System Inc. runs from 2011 through 2024. Every game next March will be shown live on either CBS, TBS, TNT or truTV.