CNBC: Pimping for State Street Bank?
By Attorney General Jerry Brown October 21, 2009
When the suit was filed, we notified the media and held a press conference – to bring the fraud to light and to deter other financial traders from considering similar action. This is a routine part of prosecuting important corporate fraud cases.
But, in a commentary post today, CNBC anchor Michelle Caruso-Cabrera sneered at California’s effort to recover $200 million in damages and penalties, using a made-up quote from Elliot Spitzer to call it “quaint.”
This follows an interview Tuesday that was straight out of the Daily Show. CNBC invited me on to talk about the case, and then Caruso-Cabrera asked why I would come on the air to talk about it.
Her co-anchors seemed to have no problem with the rip-off (“as long as they quoted you a dollar and you paid the dollar, what do you care what they got it for”) and questioned the integrity of the whistleblowers (“that whistleblower – is that a private law firm that you guys have hired to do this for you?”) Unbelievable . And for the record, the whistleblowers are industry insiders who have yet to be named.
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