Thursday, July 31, 2008

What is it with State AGs?

I recognize many of the names on this list of AGs from wiki, all of them for saying or doing something the average man would be too embarrassed to do. They are as out of touch as academics. Take (please) AG Blumenthal of Connecticut. Yesterday’s NY Post quoted a released statement saying, "We are holding the credit-rating agencies accountable for a secret Wall Street tax on Main Street." The gist of his complaint is that municipal bonds aren’t rated as high as corporate debt.

What puts this bureaucrat in a position to second guess the ratings experts? Nothing. But it’s a lot easier to bully around rating agencies than shore up a balance sheet. It’s classic Spitzer: Make the corporations the bad guys and himself the good guy. No matter what the outcome is, claim victory. Move on to the next shakedown.

While Spitzer the AG is no more, his tactics live on in the other wannabes. The grandstanding, the bullying, and the shameless pandering is all part of the job description. There is nothing noble about a public servant in the AG role. They all seem to be using it as a role to burnish their populist cred and move onto the next gig. So what is the solution? Recognizing that AGs are just like any other politician, but with too much power, is a good first step. The unfortunate catch-22 of AGs: The only people who would want the position aren’t the kind of people you would want to be in that position. The lap dog press doesn’t go any deeper into the AG phenomenon than cutesy grammar articles about Attorneys General. Disgraceful.

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