Say That Again

by Mike Masnick




Spitzer Just A Shakedown Artist

from the you-tell-'em dept

Earlier today I complained about the Merrill Lynch settlement for being toothless and unlikely to change a thing. Dan Gillmor does a much better job trashing the agreement. He points out the most important point: out of this $100 million settlement, the people who got screwed by the lying and misleading analysts of Merrill Lynch get a grand total of $0. Nothing. Zip. Zilch. Gillmor says New York state Attorney General Eliot Spitzer is just another government shake-down artist, getting these firms to pay up a fine that goes directly into the government coffers - and not the people harmed by the actions. It was a weak move by Spitzer, who previously had indicated he really wanted to make a difference. Too bad he couldn't follow through.

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  1. identicon
    alternatives(), 22 May 2002 @ 12:12am

    Not shocked.

    Consider that companies are 'citizens', yet if you or I did what companies do (Bhopol, exploding pintos, Enron-style misrepresentation) we would be locked up 'till we died.

    At this time its more profitable to break the law and pay the fine. Look at SBC, Microsoft, and now this as examples.

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