He succeeded slick Henry Cisneros at HUD, and:

“In the August 5, 2008 issue of The Village Voice, Wayne Barrett argued that Andrew Cuomo made a series of decisions as Secretary of HUD between 1997 and 2001 that helped give birth to the country’s current credit crisis:
“He took actions that—in combination with many other factors—helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded “kickbacks” to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.”

http://en.wikipedia.org/wiki/Andrew_Cuom o

The foxes are sitting in a jacuzzi on the roof of the henhouse, smoking cigars and laughin’, just laughin’.

But let’s pretend like there are only two explanations here, “fishing expedition,” or “serious investigation.”

This is worse than Fox news.

It is very unlikely that the case against the banks is just a fishing expedition. It is more likely an outgrowth of an ongoing investigation into the ratings agencies. The ratings agencies investigation likely yielded documents or witnesses (or both) which pointed to the involvement of the banks. To make public the specifics of these findings would not only jeopardize the integrity of the investigation, but would also violate grand jury secrecy laws.

It is a very risky (and arguably illegal) strategy indeed to just issue subpoenas as part of a fishing expedition rather than as part of a developed case. I do not think Cuomo or his staff would take such a risk.