Spitzer Moves On to Dad's Real Estate Firm

Disgraced governor pitches vulture fund for distressed properties
By Jonas Oransky,  Newser Staff
Posted Jun 10, 2008 4:41 PM CDT
Then Attorney General Eliot Spitzer in 2004.    (Magnum Photos)
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(Newser) – Having laid low for two months after exiting in disgrace from the New York governorship, Eliot Spitzer is back in business. He’s recently been shopping a plan to start a vulture fund that would flip distressed real estate assets, the New York Sun reports. Spitzer gathered labor union officials in his dad's Manhattan real estate office, presenting a decidedly more nonchalant view of his indiscretions than he did in his farewell speech. 

Those at the meeting said Spitzer seemed to be relieved that he's no longer strapped with the frustrations of his previous job. He's been buoyed by the view of well-wishers that his prostitution scandal was much overblown, the Sun notes. His business venture, meanwhile, could mean big money. Vulture funds snatch up assets that banks won’t touch and promise returns of 20% or more.