Super duper shout out today to the New York Times and their knockout front page business section story called (in the print edition, at least), The States vs. Wall St.
It’s all about how state Attorneys General, like Ohio’s Richard Cordray, are squaring off against Wall Street. They are using the civil justice system to help people when federal regulators, well, throw in the towel. Noting his “willingness to sue early and often,” the article talks about the hundreds of millions, even billions of dollars, Cordray has recovered for “investors, pension funds, schools and cities” in cases “against global financial houses, rating agencies, subprime lenders and foreclosure scammers."
And he’s not alone. Martha Coakley of Massachusetts, Lisa Madigan of Illinois, Andrew Cuomo of New York, Tom Miller of Iowa and Roy Cooper of North Carolina, are doing equally great work and are mentioned in the article. We’ve covered some of this before (like here, here).
Said Coakley, “We were the first to go after predatory loans — we’re not waiting for federal agencies to act.”
Thank goodness. It's The States vs. Wall St. – and the gloves are off!