New York attorney general

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Paterson Out, Spotlight Turns to Cuomo

But AG says he's not ready to commit to seemingly inevitable run

(Newser) - As David Paterson officially deep-sixed his non-existent chances of a second term in New York yesterday, all eyes swung around to Andrew Cuomo. But the state's AG and former gubernatorial candidate was cagey, issuing a statement calling for Albany's continued function "through this difficult time" and noting that "...

Feds Probe BofA-Merrill Deal

FBI, Justice Department investigate timing of bonus payments: source

(Newser) - Bank of America's acquisition of Merrill Lynch is the focus of an ongoing investigation by the FBI and Justice Department, sources tell the Charlotte Observer, the bank's hometown paper. The SEC and the AGs of New York and North Carolina have already launched civil probes of the timing of huge...

Cuomo Hits 5 BofA Directors With Subpoenas

Bank's board may have hid Merrill losses from shareholders

(Newser) - Andrew Cuomo subpoenaed five members of Bank of America’s board of directors today in his probe to uncover whether the bank was truthful to shareholders about losses at Merrill Lynch, the Wall Street Journal reports. The New York Attorney General suspects that the board was fully informed of the...

Madoff Money Man Steps Down
 Madoff Money Man Steps Down 
May 19, 2009 10:45 AM CDT

Madoff Money Man Steps Down

Cuomo pushes Merkin out

(Newser) - 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...

Spitzer Eyes 2010 Run for AG

(Newser) - 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...

Cuomo Could Capitalize on Wall St. Crisis

Will he reveal AIG names?

(Newser) - 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...

NY Probes AIG's Golden Parachutes, Spending

Attorney general charges insurer with 'unwarranted and outrageous expenditures'

(Newser) - 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...

Citigroup Will Buy Back $7B of Bad Debt, Pay $100M Fine

Deal with SEC, NY state seen as 'face-saving,' could mean more ahead

(Newser) - 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...

Corporate America Revels in Spitzer's Fall

Schadenfreude strikes onetime targets of 'Sheriff of Wall Street'

(Newser) - Wall Street is reveling in the fall of Eliot Spitzer, who as AG made exposing corruption highly personal, reports the Wall Street Journal. "He actually believes he's above the law," says ex-NYSE director Ken Langone, whom Spitzer sued for paying too much to the Big Board's CEO. "...

Investigators Ask: Did Banks Withhold Info?

Banks hid risk of bundled 'exception' loans, insiders say

(Newser) - 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...

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