Windows CMD.exe "The system cannot find the path specified."

The problem is that some program has been set to autorun when you run cmd.exe. In my case it was ANSICON that was installed... and then I moved the file without properly uninstalling.

I found a solution in this blog post:

http://carol-nichols.com/2011/03/17/the-system-cannot-find-the-path-specified/

The short version is to find

HKCU\Software\Microsoft\Command Processor\AutoRun

and clear the value.