Financial Regulatory Forum

SCENARIOS-Possible outcomes in NY attorney general race

By Basil Katz

NEW YORK, Sept 10 (Reuters) – As New York state prepares to elect its next attorney general, an office made nationally prominent for cracking down on Wall Street before the financial crisis erupted, five Democrats will face off in the primary on Tuesday to select who will run against the sole Republican.

Despite the powerful post’s “Sheriff of Wall Street” notoriety, voters are apathetic about the Democratic primary race. An August poll showed 81 percent of registered Democrats said they were undecided or not going to vote.

Following are possible scenarios as New Yorkers go the polls for the Sept. 14 primary and then the Nov. 2 election.


New York charges Bank of America, ex-CEO with fraud; SEC settles

By Jonathan Stempel and Joe Rauch

NEW YORK/ORLANDO, Fla., Feb 4 (Reuters) – New York’s attorney general charged Bank of America Corp former Chief Executive Kenneth Lewis and former Chief Financial Officer Joe Price with fraud for allegedly misleading shareholders about the acquisition of Merrill Lynch & Co.

The U.S. Securities and Exchange Commission separately said Bank of America agreed to pay a $150 million civil fine and bolster disclosure and governance practices to settle its two lawsuits alleging poor disclosure of Merrill’s losses and $3.6 billion of bonus payouts. That accord requires court approval.

Thursday’s civil lawsuit by New York Attorney General Andrew Cuomo could complicate efforts by new Bank of America CEO Brian Moynihan to revive the largest U.S. bank.