Saturday, March 28, 2009

A Nod to Wisconsin

Attorney General J.B. Van Hollen, noted in the WSJ:

Then came the answer from Madison, Wisconsin. The state Attorney General J.B. Van Hollen -- let's call him the un-Cuomo -- was "troubled" by the Senator's missive. "Rest assured," he wrote Mr. Grassley, "we will evaluate . . . on a case-by-case basis and make appropriate prosecutorial determinations."

The closing paragraph of his January 6 letter, a public document that hasn't been previously published, offers a useful civics lesson for our political Torquemadas:

"However, I will not be initiating investigations through press releases, nor will I treat all corporate executive expenditures as presumptively wrongful. Wisconsin law certainly does not. Financial institutions (and other businesses) on the verge of insolvency are ill-advised to make unnecessary expenditures, whether to executives or otherwise. At the same time, contractual obligations are generally to be fulfilled, work should earn compensation, and there is no law in Wisconsin making a contract illegal simply because someone is well compensated. Absent specific information indicating a transaction is fraudulent as opposed to foolish, I will not use my office to threaten litigation in an attempt to micromanage Wisconsin's businesses. Corporate governance is generally a matter for shareholders, not public officeholders."

Hear, hear.

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