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Spitzer, in a Shift, Will Yield Inquiries to U.S. Regulators

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NVMojo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-25-04 01:18 AM
Original message
Spitzer, in a Shift, Will Yield Inquiries to U.S. Regulators
the future Governor of New York?? I hate to see him turn cases over to the fed, they didn't do anything about these in the first place ....


snip...

After nearly three years of high-profile prosecutions of investment banks, mutual funds and insurance companies, Attorney General Eliot Spitzer of New York said yesterday that he is ready to cede those investigations to federal regulators.

Mr. Spitzer said he believed the era of state attorneys general crusading against misdeeds on Wall Street was ending. He said he was concerned that 50 different investigations would balkanize regulations, and added that once-lax federal agencies had become more aggressive about rooting out fraud and wrongdoing.

The shift, first reported in The Financial Times, represents a remarkable turnabout for Mr. Spitzer, who has built a reputation as a giant-killer with his investigations of Merrill Lynch, one of the country's largest brokerage firms; Marsh & McLennan, the world's largest insurance broker; and Richard A. Grasso, the former chairman of the New York Stock Exchange.

His decision comes just two weeks after he declared his candidacy for governor of New York in 2006, a campaign in which he will need to raise large sums to be competitive. Traditionally, many of those donations in a governor's race come from Wall Street, but Mr. Spitzer said his move away from big-business investigations was not related to his campaign.

more...

http://www.nytimes.com/2004/12/25/nyregion/25spitzer.ht...
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Dancing_Dave Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-25-04 01:44 AM
Response to Original message
1. So, will he now investigate 9/11 and the fraud behind it?
That would make this a very happy New Year for all true friends of Justice!

An article like this is a rather ambiguous sign. Ever since 9/11, the New York Times doesn't seem quite up to telling the straight truth about anything of importance. But it could be a very cool thing that Spitzer is shifting his priorities now.

Merry Christmas!
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w4rma Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-25-04 01:53 AM
Response to Original message
2. The Democratic Party is gaining some really honest and hard working
people.
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InvisibleBallots Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-25-04 11:16 AM
Response to Original message
3. Spitzer is great
This is a bit troubling. In deference to Spitzer's awesome, wonderful, kick-ass record and reputation, I'll suspend judgement until I know more.
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foo_bar Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-25-04 01:24 PM
Response to Reply #3
4. he's running for Governor
Edited on Sat Dec-25-04 01:24 PM by foo_bar
It's either cover-your-ass or he needs more time for baby kissing.
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