Even More State Auditor Activism

Once one starts looking for something, one can find it everyhere! Yesterday, I made light of California's potential lawsuit against AIG.  Today, Walter Olson notes this story of NY state auditor who sued banks for losses in the state retirement fund due to the Worldcom scandal.  The retirement fund owned Worldcom stock as well as stock in the banks which lost value due to NY's lawsuits.  It looks like the loss in value of the bank stock was greater than the share of the recouped losses in Worldcom.  NY should have sold short!