AG Andrew Cuomo is investigating eight banks to see if they misled rating agencies to inflate the grades of mortgage securities in the years before the collapse of the housing market.

GOP gubernatorial hopeful Rick Lazio says Cuomo has “the personality of Eliot Spitzer” and “an ambition that’s out of control.”

Talk about bad timing: President Obama is due in NYC today – just as news broke about his administration’s decision to cut anti-terror funding for the city’s mass transit system and port security.

The reduction adds up to $53.2 million and comes two weeks after the failed Times Square car bombing.

A White House spokeswoman insisted the reports of funding cuts are “wrong,” adding: “When all federal funding is totaled, NYC has received a net increase of $47 million for port and transit security over the previous year’s budget.” (No link).

Obama will be raising campaign cash off the same Wall Streeters he was chastising not long ago.

Buffalonians are eager to get a glimpse of the president, who has no scheduled public events in their city.

Obama will meet privately with 10 people who lost family members in the February 2009 crash of Continental Connection Flight 3407.

There will be no state worker furloughs until at least May 26, thanks to US District Court Judge Lawrence Kahn.

Gov. David Paterson called the ruling “unfortunate,” while CSEA President Danny Donohue deemed it a “major victory for working people.”

The governor would not commit to LG Richard Ravitch’s threat that the death of the furlough plan would lead to layoffs.

Paterson spokesman Morgan Hook said the five staffers who gave up their rases did so “voluntarily.”

The TU wonders why Paterson OKed the raises in the first place.

“The guy is missing in action,” Assemblyman Al Stirpe said of Paterson after participating in a legislative sit-in at the governor’s office.

The three faces of David Paterson (as per the Post): Good, Evil and “Dumb.”

A picture of Elena Kagan playing softball has further fanned the “is she gay?” speculation.

Mayor Bloomberg suggested the Charter Revision Commission consider doing away with the post of public advocate.

Bloomberg’s budget cut funding for the public advocate’s office by 11 percent, which comes on top of last year’s 40 percent reduction.

Blacks and Latinos are nine times as likely as whites to be stopped and frisked by the NYPD, but no more likely to be arrested.

There is political unrest in the Brooklyn Democratic Party.

While at the Brooklyn GOP last night, Bloomberg touted the fact that his new deputy mayor is a Republican.

The NYC Council wants New Yorkers to boycott Arizona and its products.

Assemblyman Mike Fitzpatrick is hedging his bets.

Jimmy Vielkind tries to make sense of the NY-29 special election, which even Paterson himself is confused about.

Republicans aren’t happy about the Nov. 2 special.

The Times has high hopes for the High Bridge.

CUNY adjuncts protested layoffs.

A retired Long Island school superintendent receives an annual pension payment of $316,245.

The Legislature wants to require parental consent for teen indoor tanning.

The Utica Observer-Dispatch would like to see some action in Albany on ethics reform.

Jonathan Tasini will run against Rep. Charlie Rangel instead of Sen. Kirsten Gillibrand.

The Syracuse Post-Standard approves of Paterson’s pardon panel.

Details are emerging on the Rochester mayoral control bill.

State Conservative Party Chairman Mike Long said NY-23 hopeful Matt Doheny “failed at a defining moment” last year.

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