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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
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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.

Then Attorney General Eliot Spitzer in 2004.
Then Attorney General Eliot Spitzer in 2004.   (Magnum Photos)
In this March 31, 2007 file photo, former New York Gov. Eliot Spitzer is shown at the Capitol in Albany.
In this March 31, 2007 file photo, former New York Gov. Eliot Spitzer is shown at the Capitol in Albany.   (AP Photo/Tim Roske, file)
New York Gov. Eliot Spitzer.
New York Gov. Eliot Spitzer.   (AP Photo/Stephen Chernin, FILE)
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Also, happy birthday, Spitzer
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US • Politics

 
real estate • Eliot Spitzer • labor unions • vulture funds • Bernard Spitzer

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