Cuomo Investigates Eight Banks

New York Attorney General Andrew Cuomo is launching an investigation into eight banks to see whether they misled rating agencies, The New York Times reports Thursday. The agencies have been under attack since the financial crisis for over-rating the quality of mortgage investments offered by the banks. Cuomo's new inquiry suggests that he believes that error may be in part due to banks' chicanery. The attorney general is targeting Goldman Sachs, Morgan Stanley, UBS, Citigroup, Credit Suisse, Deutsche Bank, Crédit Agricole, and Merrill Lynch. It is a high-profile investigation for a politician who is said to have his heart set on New York's governor's seat.