New York Attorney General Andrew Cuomo’s auction-rate securities settlements with Wall Street banks show that the man who bills himself as the ”people’s lawyer” favors savers over shareholders.

The almost $35 billion of frozen debt that Citigroup Inc., UBS AG, JPMorgan Chase & Co., Morgan Stanley and Wachovia Corp. agreed to repurchase covers less than 18 percent of the $200 billion Cuomo last week estimated was outstanding, and is targeted at individuals, charities and small businesses.

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