06/21/2010 11:28 am ET | Updated May 25, 2011

Your State Can Sue Wall Street

Wall Street firms have harmed Texas and all of America. I've proposed a State Attorney General lawsuit and to work at no fee to help solve the problem.

Our people are unemployed. Our home values have plummeted. And, our state governments are making savage cuts to our schools, our kids' healthcare and more.

These facts give states, including Texas, the right to sue Goldman Sachs, Morgan Stanley, and other firms for wrongdoing.

It's time for state Attorneys General to file these law suits.

Today, I provided Texas Attorney General Abbott the $18 billion lawsuit which should be filed on an urgent basis, ahead of the approaching deadline. The right to sue for negligence will likely expire in September 2010 (due to a two year legal "Limitation" period in Texas) so time is of the essence. I offered Attorney General Abbott the Complaint for the lawsuit and offered my legal services at no fee to work on the case. The Legal Complaint and Legal Memo are available at explaining states suffering the harm have the right to go after the wrongdoers.

Years ago, state Attorneys General took on big tobacco, resulting in hundreds of billions of dollars in settlement. The law allowed states to sue the tobacco industry for misrepresentations and dangers of their product because the people of the state suffered. Sound familiar? The same arguments can and should be made by state Attorneys General today. But in this case, I and other counsel have offered to handle the case at no fee.

Every state, including Texas, has a right to protect the state's "Quasi Sovereign Interests" -- that's a fancy way of saying that the state has the right to protect the economic well being of its people. This argument is strengthened by the massive and widespread damages that of Americans have suffered as a result of the actions of a select few Wall Street firms.

Wall Street got the profits, the bonuses and the bailouts and the American people were left holding the bag. We are the ones dealing with massive unemployment, loss of tax revenues, huge budget shortfalls which result in savage cuts to education and healthcare for kids, wealth loss, eviscerated home values and much, much more.

Too many state Attorneys General -- including our tired incumbent here in Texas -- act like wholly owned subsidiaries of Goldman Sachs. It's time to step up the pressure.

Sign our petition at and let's build a grassroots movement that your state Attorney General can't ignore.

Do it now.