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11/13/09

Reuters: Wall Street Under Attack: Ohio attorney general takes aim at Wall Street

For the complete report from Reuters click on this link

It is hard to believe that Ohio Attorney General Richard Cordray, with his state facing its own woes, would be hanging around Wall Street looking for a fight. But that is exactly what he has done since being elected Ohio's top lawyer a year ago. He's already knee-deep in litigation against major financial institutions, including Bank of America Corp (BAC.N), and recently told Reuters that his team of about 400 attorneys is looking for other opportunities to hold Wall Street's feet to the fire. "I believe that we create wealth and they organize it in a way that is beneficial to themselves," said Cordray, a former state treasurer, lawmaker and solicitor general.Ohio, for example, is leading a lawsuit on behalf of five pension funds claiming that Bank of America fraudulently concealed Merrill's losses even as it let Merrill award $3.6 billion of bonuses in 2008. The suit seeks to recover billions of dollars from the bank and others, including outgoing Chief Executive Kenneth Lewis and former Merrill Lynch CEO John Thain.

Note EU-Digest: Bravo to Mr.Cordray, who is doing what Government should be doing in protecting the taxpayers money.

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