Why is the Attorney General office even suing former NYSE boss Richard Grasso? We don’t mean “why” as in “what are charges?” We mean, why is the New York State Attorney General suing on behalf of the wealthy former owners of the exchange? Can’t these folks handle the case themselves?
It’s a good question, and one we haven’t heard anyone who is not GOP and Conservative Party candidate for governor ask.
"From day one, this whole case has been more of a taxpayer-funded public relations campaign for Mr. Spitzer than a lawsuit on behalf of the public interest," said Faso. "Taxpayers won't see a dime from this headline-grabber, but they will pay for years of legal maneuvering and litigation by the Attorney General's office."
Faso noted that although Spitzer unveiled his action to great fanfare at a press conference in May of 2004, many legal experts agree that it will be very difficult for Spitzer to prove that either of the men broke the law. Faso also said that the case is drawing resources from other issues that may be less sensational, but more important to taxpayers, like prosecuting Medicaid fraud.
"Taxpayers are funding a questionable case -- a debacle, really -- and the only ones that can benefit are Mr. Spitzer and the Stock Exchange, not the taxpayers," said Faso. "Meanwhile, Mr. Spitzer has recovered only a pittance from Medicaid fraud -- a main reason why property taxes are so high. Our families and businesses would have been far better served if he had focused his zeal on Medicaid fraud, which, obviously, he hasn't."