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Eliot Spitzer's monumental fall from grace
In the post-dot-com, post-Enron era, the attorney general of New York landed some uppercuts on the high and mighty. But now he's the one lying on the mat. By his own hand.
Andrew Leonard [2008-03-10]

  • I cheered Spitzer on too...

    ...until he essentially let the corrupt corporations off the hook by recommending a series of inconsequential fines as "punishment." A combined $1.4 billion in fines for the likes of Merrill Lynch, Morgan Stanley, et al amounts to a slight cost-of-business fee. They were not, in fact, forced to "disgorge" their "ill-gotten gains," as Spitzer claimed he would make them. They merely paid pennies-on-the-dollar fines for the privilege of ripping off investors and taxpayers. Then Spitzer turned around and took humongous campaign contributions from a lot of these same firms.

    So his downfall is no great loss, as far as I'm concerned. In light of the lenient punishments he recommended for these clowns, we all paid for the privilege of getting screwed by Corporate America. So it's kind of comforting to know Spitzer paid for the privilege too.

    -- gradysu
    [Read gradysu's other letters]
    Tuesday, March 11, 2008 06:55 AM
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