Random quotes, images, and thoughts from Ed Ireson.
“Charles Schwab Corp was sued by New York Attorney General Andrew Cuomo, who accused the discount brokerage of fraudulently misleading investors about the safety of auction-rate securities.” (via Reuters.)
Schwab responds with essentially a big “fuck you” to Cuomo. Including this whole bit about his attempt at nationwide jurisdiction: “We are equally mystified by your Office’s assertion that it can assert jurisdiction over all of Schwab’s ARS transactions, regardless of whether they involve New York customers or New York representatives. […] That is a tenuous — and untenable — basis for asserting jurisdiction over transactions by an out-of-state corporation that did not involve either New York residents or New York sales representatives. Your Office has attempted, without success, to employ a nearly identical tactic before.”
