Manchin Weighing Wall Street Lawsuit

Gov. Joe Manchin tells The Associated Press that "West Virginia could end up suing investment firms at the center of the national financial crisis, and perhaps some of their former executives."

"Manchin says the firms should be held accountable if they breached their duties to shareholders," the article said. "He says the state may also target firm executives who pocketed hefty exit packages."

The state had holdings in all of the major firms that have been bought out, bailed out or bankrupted in the ongoing financial turmoil: Freddie Mac, Fannie Mae, Lehman Brothers, Merrill Lynch, AIG and Washington Mutual.

The article also notes that these investments amount to a fraction of a percent of the state's nearly $11 billion portfolio.

In advance of Friday's possible House vote on a revised bailout package, Public Broadcasting (with audio) and MetroNews (also with audio) each hear from different West Virginia University economics professors on that proposal and the roots of the crisis.

Update: Manchin tells the Charleston Daily Mail that the "Wall Street turmoil is hampering the state's ability to raise money for a variety of needs ranging from highway projects to improvements at community and technical colleges."