Corporate America Revels in Spitzer's Fall

Schadenfreude strikes onetime targets of 'Sheriff of Wall Street'
By Jim O'Neill,  Newser Staff
Posted Mar 11, 2008 9:40 AM CDT
Corporate America Revels in Spitzer's Fall
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 10, 2008 in New York. (AP Photo/Mary Altaffer)   (Associated Press)

(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."

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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. (Read more Eliot Spitzer stories.)

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