How Eliot Spitzer became the most powerful man on Wall Street (2004)

Slate ^ | 10/21/04 | Daniel Gross

[txnuke]

Eliot Spitzer, who is temperamentally unable to stay out of the headlines for more than 72 hours, is back in them again. Last week, the New York state attorney general accused commercial insurance companies of bid-rigging. In response, the stocks of the biggest players implicated, Marsh & McLennan and AIG, have tanked, losing a combined $38 billion in market capitalization. More alarming for the insurers, Spitzer signaled this was just the beginning of an industry-wide investigation. For when he finds a few bad eggs, Eliot Spitzer cleans out the entire coop and changes the way it is run, as Wall Street's investment banks and mutual funds have learned to their dismay.

In the past two years, in a state filled with big egos—Gov. George Pataki and New York City Mayor Michael Bloomberg on the right, Sens. Hillary Clinton and Charles Schumer on the left—Spitzer has emerged as the most consequential political figure. He may be America's most powerful politician outside Washington. He has transformed a sleepy office into the nation's dominant regulator and re-engineer of the financial services industry—all in the name of protecting consumers.

Spitzer isn't a scalp-taker, as Rudy Giuliani was when he was a prosecutor. Spitzer doesn't like taking cases to trial. Instead, he has devised a more powerful tactic: He exploits the threat of stock declines and business losses to force industries to change.

[txnuke]

Pertinent to current events.

[Doogle]

For when he finds a few bad eggs, Eliot Spitzer cleans out the entire coop and changes the way it is run, as Wall Street's investment banks and mutual funds have learned to their dismay.

...funny how the hookermate just by-passed the biggest coop of all...Fannie and Fredie. I don't remember the perv combing over their dealings

[SECURE AMERICA]

He exploits the threat of stock declines and business losses to force industries to change.

Yeah after he causes the value to decline he goes to them and offers a deal. Used to be called BLACKMAIL back in the day.......

[xcamel]

Unlimited Government, Unlimited Power, Unlimited Ego, Unlimited Funds, Any questions?

[decimon]

...funny how the hookermate just by-passed the biggest coop of all...Fannie and Fredie. I don't remember the perv combing over their dealings

F @ F were outside his purview.

[Doogle]

there were a lot of things outside his purview that he threaten to act on through false allegations and unwarranted investigations to ruin people lives.

[Scotswife]

“there were a lot of things outside his purview that he threaten to act on through false allegations and unwarranted investigations to ruin people lives.”

yup...targeting older successful men.
I swear the guy has a daddy complex.
Reminds me of Obama.

[PissAndVinegar]

[tangent rant]
But Mike Savage (Weiner) puts him on a pedestal and says he’s the greatest thing to happen to wall street! It was a conspiracy that he was taken out!

That was the last day I listened to that toolbag...I always knew he was a fake conservative kook but had a high entertainment value but with that (and pushing his lame book) the barf factor has outweighed the entertainment value.

/rant

[Scotswife]

Whenever I hear that macho voice say SAVAGE! I think WEINER!

Well...at least poor ‘ole Eliot enjoyed his little conspiracy :)