Thomas would offer aid in Wall Street probe

Maricopa County Attorney Andrew Thomas plans to offer his department's help to federal authorities investigating the financial meltdown on Wall Street should voters return him to office, he told reporters during a Sunday afternoon news conference.

"In addition to fighting identity theft, frauds on senior citizens and other financial crimes, I will use Arizona's fraudulent schemes and artifices statute and its long-arm statute to hold accountable those who may have committed crimes related to the recent financial scandals," he said.

Thomas noted the leaders of Lehman Bros., who gave a "rosy" picture to Congress just five days before the company collapsed.

Thomas is seeking re-election in a bitter fight with Democrat Tim Nelson with just a few weeks until Election Day.

Thomas outlined his future for the county attorney's office, which would include assisting an undermanned federal force looking into Lehman Bros. and other financial institutions if needed; launching an Arizona investigation should it be deemed appropriate; and helping to create laws that might lead to the prosecution of those "profiteers who lined their own pockets" while investors lost more than $2 trillion over the last few weeks.

"Somebody has to step up in Arizona to prevent this from happening again," he said.

He compared the battle cry to that of his fight against illegal immigration, which "naysayers said couldn't be done" when he ran for office four years ago. He remarked on the success of that fight in Maricopa County during his term to prove that the call to enter the fight against financial fraud is achievable. "There was a lot of skepticism about my ability to fight illegal immigration," he said. "I believe I've done my utmost."

Part of Thomas' statement included a promise to continue that battle against illegal immigration. "Illegal immigration and human smuggling are increasingly linked to frightening, Latin American-style violence in the Valley, such as kidnappings and home invasions," he said.

His opponent said the Arizona Attorney General's Office already has a financial crimes unit to address Wall Street-type crimes "and does those well."

"It seems to me we're going to be facing very serious budget restraints in the upcoming budget and his budget in particular has been poorly spent for a long time," Nelson said. "I think we need to be prosecuting the most serious crimes, the most violent crimes. I think we should be doing that well and getting the best prosecutors possible and giving them the tools needed. I think that has to be the first and foremost priority."

Nelson said Thomas should look at his own backyard to address financial issues in Arizona. Thomas needs to stop development around Luke Air Force Base's crash zones, Nelson said.

"If we lose Luke Air Force Base, that's a $2.2 billion investment in Arizona and that's a much greater threat to our financial security," Nelson said.