Is Eliot Spitzer Wall Street's Worst Nightmare?

from the maybe...-maybe-not dept

I’m still not sure what to make of NY Attorney General Eliot Spitzer. I think he did an impressive job putting a lot of attention and pressure on Wall Street by being the first to aggressively go after Wall Street firms for their questionable practices during the boom years. However, I was a bit upset when he decided to settle the case with Merrill Lynch, making it seem just like “business as usual” – where these banks screw people out of money, until they get caught, deny any wrongdoing, pay a tiny fine, and keep doing the same thing. I also began to wonder if Spitzer’s moves were done simply for the publicity of it – since all of the various announcements out of his office would make nice soundbites about how tough he was on America’s oh-so-popular “corporate fraud” fad of the moment. Salon sat down with Spitzer for an interview that addresses many of these issues. He carefully sidesteps the more pointed questions dealing with the issues above, but it’s still a very interesting interview.

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Comments on “Is Eliot Spitzer Wall Street's Worst Nightmare?”

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Old Man Harris says:

No Subject Given

There can be absolutely positively no question that Spitzer’s primary motivation here is self-serving. The research/banking conflict has been common knowledge for well over a decade. Spitzer has known about it for years just like everyone else. There has been sufficient evidence to take legal action for years. Investors, both instituional and retail, have been losing money because of it for years. So why does he pick 2002 as the year to go after it? Your attempt to appear noble is pathetic, Elliot. Go work on your backhand.

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