Posted on 10/14/2005 6:00:41 AM PDT by OESY
Some readers might think that Eliot Spitzer's decision this week to drop his attempt to retry former Bank of America broker Ted Sihpol for after hours mutual-fund trading is an act of prosecutorial compassion.... Mr. Spitzer is belatedly cutting his losses.
Mr. Sihpol, remember, played a bit role in the "late trading" case surrounding hedge fund Canary Capital. A jury in June repudiated Mr. Spitzer's case by clearing Mr. Sihpol of 29 of 33 criminal counts, with just one juror holding out for a mistrial on the remaining four. Mr. Spitzer vowed to re-fight those counts -- that is, until the SEC moved in this week and reached a civil settlement with Mr. Sihpol to pay a $200,000 fine and stay out of the business for five years. Mr. Spitzer said he was satisfied with this outcome and dropped his reindictment.
It's also true that this example of prosecutorial overkill wasn't doing Mr. Spitzer any good in his current campaign for governor. The New York AG has portrayed himself as a champion of the little guy against Wall Street and big business. Yet Mr. Sihpol was the little guy, an average broker who said he'd taken his actions in full view of his superiors and believed they were legal.
His treatment by Mr. Spitzer also stood in vivid contrast to that of Canary's top officer, Edward Stern, a member of one of America's wealthiest families, who wrote Mr. Spitzer a $40 million settlement check and walked away. Mr. Sihpol had no such riches to buy his way out, and because he resisted a guilty plea Mr. Spitzer threw the book at him.
Mr. Sihpol's settlement, in which he neither admitted nor denied guilt, is best understood as a way to put this entire episode behind him....
(Excerpt) Read more at online.wsj.com ...
I just got to wonder when Spitzer will go after Cramer of Mad Money ?
(Denny Crane: "I like nature. Don't talk to me about the environment".)
My money is on Danny Crane, he's pure genius if not mystical.
(Denny Crane: "I like nature. Don't talk to me about the environment".)
Or his reaction when Alan Shore mentioned Klingons.
I know, remember seeing it! He fits the role perfectly, with a great cast to boot!
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