Cuomo's Time

New York AG Andrew Cuomo reportedly has his sights set on Bank of America.

The New York Attorney General's office is preparing charges against several high-ranking Bank of America executives over the bank's alleged failure to disclose details about its acquisition of Merrill Lynch, according to a person familiar with the investigation.

Attorney General Andrew Cuomo's office is likely to file civil charges against the executives over their role in failing to alert shareholders to mounting losses as well as accelerated bonus payments at Merrill, said the person, who requested anonymity because no charges have been filed yet.

At least somebody's doing something about the Too Big To Fail folks, but in the end we're going to have to break up these banks before the inevitable happens. Perhaps civil charges on behalf of shareholders are the way to go here.