Training Wheels for Adults...

Interesting story in the NY Times on Thursday entitled "Cuomo Sues Bank of America, Even as It Settles With S.E.C." Here's the link... http://www.nytimes.com/2010/02/05/business/05cuomo.html

So let me get this straight...NY Attorney General Andrew Cuomo is suing Bank of America for the effect that their acquisition of Merrill Lynch had on BofA stock prices as well as BofA’s silence about the deal—this is after BofA had decided they didn't want to acquire Merrill based on what they saw in Merrill’s books but were told BY HANK PAULSEN “acquire Merrill…or ELSE (AND keep your mouth shut about it).”

Not only that, Cuomo is suing them under the Martin Act which means that he doesn’t even have to prove that BofA had any intent to defraud their customers (basically, Cuomo doesn’t have the chops, so he sues ‘em under a statute that says he doesn’t have to DO HIS JOB and prove malfeasance on their part)—not that he could prove it anyhow.

So, Paulsen told BofA to acquire Merrill (which they didn’t want to do) and to shut up about it, BofA begrudgingly does what Paulsen tells ‘em to, and now Cuomo’s suing ‘em for doing what Paulsen told ‘em to do. Shouldn’t Cuomo be suing Paulsen? Of course not, doing that won’t get him in the NY governor’s chair he’s so desperate to get into…Mr. Cuomo is nothing but a transparent, vacuous, political hack. Sorry Mr. Cuomo, the AG post doesn't come with training wheels...you're supposed to be able to put on your big boy pants and do the job all by yourself. Next time, perhaps you should concentrate on someone who wasn't doing what the government told 'em to do...