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Government, banks sue Eliot Spitzer
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Candidate
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| Contributor | RP |
| Last Edited | RP Jun 20, 2005 07:12pm |
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| Category | News |
| News Date | Saturday, June 18, 2005 01:00:00 AM UTC0:0 |
| Description | New York Attorney General Eliot Spitzer said Friday it is shameful that a federal regulator would join a legal effort that he says is aimed at shielding banks from scrutiny by state regulators.
Large banks including J.P. Morgan Chase & Co. (Research) and Wells Fargo & Co. (Research) sued Spitzer Thursday, challenging his authority to regulate their lending.
Spitzer was also sued Thursday by the U.S. Office of the Comptroller of the Currency, which is seeking an injunction to prevent New York's attorney general from "interfering" with its lending exams and supervision.
"This defies common sense and a century of joint state and federal oversight of the banking industry," he said, adding: "This position ... is another indication that the Bush administration sides with corporate interests over consumer interests." |
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