NEWS ABOUT: New York Attorney General
New York Attorney General stories: 6 news briefs
Wall Street Journal May 19, 09 10:45 AM CDT
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Thanks to some strong arming from Andrew Cuomo, financier J. Ezra Merkin is stepping down as manager of his hedge fund and placing it into receivership, the Wall Street Journal reports. Cuomo charged Merkin in a civil fraud complaint last month, saying he “betrayed hundreds of investors,” by pumping $2.4 billion into Bernie Madoff’s Ponzi scheme. Merkin allegedly told his investors, mostly nonprofit groups and universities, that he was managing the money himself.
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New York Post Apr 14, 09 8:18 AM CDT
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Is Client No. 9 getting back into politics? Eliot Spitzer is considering a 2010 bid for his old job as New York’s attorney general, sources tell the New York Post —assuming Andrew Cuomo vacates the post to run for governor. “My record as governor was disappointing,” Spitzer reportedly told friends, “but the voters will remember my excellent two terms as attorney general.”
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Will he reveal AIG names?
New York Times Mar 21, 09 2:33 PM CDT
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Andrew Cuomo’s political career has hit a crossroads, the New York Times reports. The New York attorney general has found his moment, slinging subpoenas at Wall Street like a populist avenger. He’s forced concessions from the rating agencies and student loan lenders, and pried the names of bonus recipients from AIG and Merrill Lynch, to widespread applause. But what will he do with that popularity—and those names?
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Attorney general charges insurer with 'unwarranted and outrageous expenditures'
Wall Street Journal Oct 15, 08 3:56 PM CDT
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New York's attorney general today called on AIG's directors to recover millions in “outrageous expenditures,” including golden parachutes to executives even as it neared the collapse that brought an $85 billion federal intervention, the Wall Street Journal reports. Andrew Cuomo is investigating whether the insurer broke state law by making such decisions without consulting its creditor—the state, in this case.
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Deal with SEC, NY state seen as 'face-saving,' could mean more ahead
Reuters Aug 7, 08 2:12 PM CDT
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Citigroup has agreed to buy back $7 billion in risky debt it marketed to consumers as safe and equivalent to cash, Reuters reports. Today’s deal, struck with New York's attorney general and the SEC, also requires the bank to pay fines totaling $100 million, and reimburse customers who took a loss on auction-rate debt.
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Banks hid risk of bundled 'exception' loans, insiders say
New York Times Jan 12, 08 4:35 PM CST
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Prosecutors are probing Wall Street banks to see if they ever revealed the risky nature of certain subprime mortgage investments, the New York Times reports. Industry experts are accusing the banks of turning high-risk loans, called exceptions, into investments without divulging details to investors and credit-rating agencies. One probe, led by New York Attorney General Andrew M. Cuomo, could lead to charges within weeks.
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