The Politics Of Financial Fraud, Florida-Style

We have frequently highlighted the efforts of numerous state attorneys general, including most prominently New York State Attorney General Andrew Cuomo, to combat financial fraud. Indeed, we have pointed out that an attorney general who aggressively seeks to protect his or her own state’s citizens from fraud may be a likely (and successful) candidate for higher political office; Cuomo, for example, is expected by many to be New York’s next governor.

Can allegations that an attorney general is not a true fraud fighter have the opposite effect, i.e., dooming a political race? We may find out soon.
 
Florida’s Chief Financial Officer Alex Sink (pictured), who is the likely Democratic candidate for governor later this year, has criticized the state’s current Attorney General, Bill McCollum, the likely Republican candidate for governor later this year, for not taking enough action to combat financial fraud – including by going after Bank of America, as Cuomo did last week.
 
Sink says, “Floridians have lost untold millions because of suspected financial fraud, and any financial institution that misled our citizens must be held accountable.  Though that seems obvious to every Floridian, so far the Attorney General, the Office of Financial Regulation, and the [State Board of Administration] have failed to take significant action on behalf of the people of Florida. Other states are taking the lead on going after wrongdoers and recovering money for their taxpayers – it’s high time for Florida to do the same.  Especially in times like these, Floridians won't tolerate delays or excuses when it comes to setting things right.”
 
McCollum rejects the criticism, of course.
 
Oh, one more thing: Sink’s official Web site bio points out that before her election in 2006, she was “a successful businesswoman, with 26 years of experience in the financial industry, culminating in her leadership of Florida's largest bank.”
 
What it doesn’t note is that the bank was Bank of America.