John McCain is right—the attorney general of New York is a perfectly ridiculous fit as his SEC chairman.

It’s no wonder McCain “admires” Cuomo. They both believe themselves to be staunchly pro-reform, anti-establishment figures. McCain, a congressman for 26 years, proudly boasts of his anti-pork-barrel, pro-sunlight legislative history. He’s passed campaign finance reform and moderate new ethics laws, and he’s angered many in Washington and on Capitol Hill by tacking against the party lines. Cuomo, the power-hungry son of a former governor, proudly chants his nobody-is-above-the-law mantra. Since becoming attorney general in 2007, he’s gone after many of the New York banks at the center of the mortgage crisis; tentatively investigated former Gov. Eliot Spitzer, a fellow Democrat; and bristled against many on Wall Street and in his own party.

Selecting Cuomo would also allow for McCain to continue his controversial choices for high-ranking members of his campaign. When Gov. Palin was introduced, many cried that her nomination was politically motivated and a shameful grab for the female vote. McCain countered that Palin was well-qualified for the job and that her unique experience in Alaska would offer insight on energy, Russia, and the National Guard.

Appointing Cuomo would be equally controversial, because he is a Democrat who served under President Clinton as secretary of housing and urban development. On its face, the early tease of a Cuomo pick could also be interpreted as a political ploy to hook in moderate Democrats who are skeptical about Wall Street shenanigans. But McCain would counter that Cuomo has more interaction with the markets than any other attorney general in the country. Cuomo’s tenure at the top of the law heap in New York has allowed him to influence markets by litigation. It shouldn’t be a big step to start affecting the markets by regulation.

Cuomo and McCain also share a back-door entry into economics. Cuomo’s brush with Wall Street is contextual—because so many banks operate in New York, he believes it’s the AG’s job to be the watchdog. (This is a legacy he inherited from Spitzer.) Cuomo has little to no actual economic training—his highest degree is in law from Albany Law School—but he has made the best of his situation. With Cox behaving like a featherweight SEC chairman, Cuomo has been forced to step in to the void. He has (often successfully) gone after short-sellers, subprime mortgage lenders, and the folks who packaged mortgage-backed assets.