Bank accused of fraud has links to Eric Cantor

Eric, you have some explaining to do, because this is a very curious sequence of events.

• April 2010: Bob McDonnell (R) appoints Diana Cantor (wife of Eric) to the Virginia Retirement System's Board
  
• May 2010: Bank of New York Mellon starts making the maximum allowable contribution to Eric Cantor's PAC
  
• June 2010: Diana Cantor becomes chair of the board
  

Oh, BTW, the Virginia Retirement System is a $4.5M / year client of Bank of New York Mellon.

The bank’s political action committee donated $5,000 to Cantor’s Every Republican is Crucial PAC Feb. 11, 2011. It sent Cantor’s reelection campaign $5,000 on May 21, 2010, and again June 22, 2010, and $5,000 to Eric PAC on May 21, 2010.

TPM
Washington Post

The state of Virginia sued NYM bank last Thursday for allegedly defrauding state and local pension funds out of $40M.

Attorney General Ken Cuccinelli II (R) sued the Bank of New York Mellon, claiming that the financial institution defrauded the VRS and the pension funds in Arlington and Fairfax counties 73,000 times.

... SNIP ...

Cuccinelli is seeking $120 million plus interest in damages and $811 million in civil penalties for what he alleges is $40 million in fraud.

Cuccinelli accuses currency traders for the bank of skimming profits of transactions conducted for six state and local public pension funds by falsely reporting the rate at which currency was exchanged.

Nice friends you've got there, Eric. Care to explain this association?