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Corporate America Revels in Spitzer's Fall

Posted Mar 11, 08 9:40 AM CDT in Business 

(Newser) – Wall Street is reveling in the fall of Eliot Spitzer, who as AG made exposing corruption highly personal, reports the Wall Street Journal. "He actually believes he's above the law," says ex-NYSE director Ken Langone, whom Spitzer sued for paying too much to the Big Board's CEO. "I have never had any doubt about his lack of character and integrity—and he's proven me correct."

In his 8 years as AG, Spitzer exposed misconduct at investment banks, mutual funds, and insurance companies, often using the threat of criminal charges to oust an executive or force an expensive settlement. Many considered him a self-righteous bully. "Wall Street is singing, 'Ding, dong, the witch is dead,'" says a corporate governance expert.

Source Wall Street Journal

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New York State Gov. Eliot Spitzer is joined by his wife Silda as he makes a statement to reporters during a news conference following a report that he was involved in a prostitution ring Monday, March...   (Associated Press)
New York State Gov. Eliot Spitzer makes a statement to reporters during a news conference Monday, March 10, 2008 in New York where he apologized to his family and the public after a report that he was...   (Associated Press)
New York Gov. Eliot Spitzer arrives at his Fifth Avenue apartment, Monday, March 10, 2008, in New York.   (Associated Press)
New York State Gov. Eliot Spitzer is joined by his wife Silda as he makes a statement to reporters during a news conference Monday, March 10, 2008 in New York. (AP Photo/Mary Altaffer)   (Associated Press)
Timeline shows some settlements arose from investigations initiated by AG Eliot Spitzer; 2c x 3 5/8 inches; 96.3 mm x 92.1 mm   (Associated Press)
New York Lt. Gov. David Paterson attends the opening night of "Cat On A Hot Tin Roof," in this March 6, 2008 photo, in New York. Attention turned to Paterson immediately after word surfaced, Monday, March...   (Associated Press)
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Wall Street • Eliot Spitzer • prostitution ring • New York Stock Exchange • Andrew Cuomo • attorney general • Dick Grasso


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