 New
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 Eliot
Spitzer
ELIOT SPITZER News:
20081116
 Obama
-  Government
-  Law
-  Enforcement
-  Markets
-  Accounting
-  History
-  Enron
- Eliot
Spitzer -  New
York -  US
-  Global
"How
to Ground The Street: The Former 'Enforcer' On the
Best Way to Keep Financial Markets in Check." ... "[Democratic] President-elect
Barack Obama will soon face the extraordinary task of saving capitalism
from its own excesses, much as [Democratic President] Franklin D. Roosevelt
had to do 76 years ago. Up until this point in the crisis, policymakers
have appropriately applied the rules of triage -- Band-Aids and tourniquets,
then radical surgery -- to keep the global financial system alive. Capital
infusions, bailouts, mega-mergers, government guarantees of unimaginable
proportions -- all have been sought and supported by officials and corporate
chief executives who had until now opposed any government participation
in the marketplace. But put aside for the moment the ideological cartwheel
we have seen and look at the big picture: The rules of modern capitalism
have been re-written before our eyes." ... "The new president's team must
soon get to the root causes of the mistakes that have brought us to the
economic precipice. Yes, we have all derided the explosion of leverage,
the failure to regulate derivatives, the flood of subprime lending that
was bound to default and the excesses of CEO [Chief Executive Officer]
compensation. But these are all mere manifestations of three deeper structural
problems that require greater attention: misconceptions about what a "free
market" really is, a continuing breakdown in corporate governance and an
antiquated and incoherent federal financial regulatory framework." ...
"First, we must confront head-on the pervasive misunderstanding of what
constitutes a "free market." For long stretches of the past 30 years, too
many Americans fell prey to the ideology that a free market requires nearly
complete deregulation of banks and other financial institutions and a government
with a hands-off approach to enforcement. "We can regulate ourselves,"
the mantra went." ... "Those of us who raised red flags about this were
scoffed at for failing to understand or even believe in "the market." During
my tenure as New York state attorney general, my colleagues and I sought
to require investment banking analysts to provide their clients with unbiased
recommendations, devoid of undisclosed and structural conflicts. But powerful
voices with heavily vested interests accused us of meddling in the market."
... "When my office, along with the Department of Justice, warned that
some of American International Group's reinsurance transactions were little
more than efforts to create the false impression of extra capital on the
company's balance sheet, we were jeered at for attacking one of the nation's
great insurance companies, which surely knew how to balance risk and reward."
... "And when the attorneys general of all 50 states sought to investigate
subprime lending, believing that some lending practices might be toxic,
we were blocked by a coalition of the major banks and the [Republican President]
Bush administration, which invoked a rarely used statute to preempt the
states' ability to probe." ... "No major market problem has been resolved
through self-regulation, because individual competitive behavior doesn't
concern itself with the larger market. Individual actors care only about
performing better than the next guy, doing whatever is permitted -- or
will go undetected. Look at the major bubbles and market crises. Long-Term
Capital Management, Enron, the subprime lending scandals: All are classic
demonstrations of the bitter reality that greed, not self-discipline, rules
where unfettered behavior is allowed." ... "Those who truly understand
economics, as did Adam Smith, do not preach an absence of government participation.
A market doesn't exist in a vacuum. Rather, a market is a product of laws,
rules and enforcement. It needs transparency, capital requirements and
fidelity to fiduciary duty. The alternative, as we are seeing, is anarchy."
(1, 2)
-By Eliot L. Spitzer -WashingtonPost
20050824
-
NY
- Eliot
Spitzer -
-
- "AOL
pays $1.25 million to settle cancellation complaint."
... "America Online, the world's largest Internet service provider, will
pay $1.25 million in penalties and change some customer-service practices
to settle an investigation by New York Attorney General Eliot Spitzer."
... "About 300 consumers had filed complaints with Spitzer's office accusing
AOL, a wholly owned subsidiary of Time Warner (TWX),
of ignoring their requests to cancel service and stop billing." -By
Mark Johnson -AP
via -USATODAY
20050531
-
AIG
- New
York
-
-
- Eliot
Spitzer - "AIG
Lowers Net Income By $3.9 Billion Over Five Years (Update2)."
... "American International Group Inc., the insurer accused by New York
Attorney General Eliot Spitzer of duping investors, reduced net income
by $3.9 billion over five years to correct improper accounting and increase
reserves for asbestos and environmental claims." ... "Spitzer's suit said
[CEO Maurice ``Hank''] Greenberg, 80, directed or had knowledge of at least
seven types of deceptive accounting designed to improve AIG's financial
results or stock, misleading investors and regulators. Spitzer also is
presenting evidence to a New York state grand jury, which will weigh possible
criminal indictments, people familiar with the matter said on May 20."
-By Jesse Westbrook and David Plumb
-Bloomberg
20050526
-
-
- New
York
- Eliot
Spitzer -"Spitzer
files charges against Greenberg and AIG." ... "Eliot
Spitzer, New York attorney general, on Thursday filed civil charges against
Maurice "Hank" Greenberg and American International Group and accused AIG's
deposed chief executive of "manipulating" AIG's books to purposely deceive
shareholders." ... "The charges, filed jointly by Mr Spitzer and the New
York insurance department, are the first to be brought against AIG and
Mr Greenberg by US regulators. Mr Spitzer accuses Mr Greenberg and Howard
Smith, former chief financial officer, of "routinely engaging in misleading
accounting and financial reporting"." -FT.com
via -MSN
20031118
-
-
-
- "14
states fight EPA maneuver that weakens Clean Air Act."
... "More than a dozen state attorneys general yesterday sought to block
the federal government from implementing a rule change they argued would
lead to more air pollution from the nation's power plants." ... "They want
to block the EPA's loosening of Clean Air Act regulations that would allow
older power plants, refineries, and factories to modernize without having
to install expensive pollution controls. "If these rules go into effect
even temporarily," said New York state Attorney General Eliot Spitzer,
"utilities will get the green light to spew forth pollution and violate
the clear meaning of a statute that has for decades protected the quality
of the air that we breathe."" -By Devlin Barrett
-AP via -Boston/Globe
20021222
-
 
- Eliot
Spitzer -
- "TIME
2002 Crusader of the Year: Eliot Spitzer: ... "Wall Street's Top Cop:
In a year when business let so many down, Eliot Spitzer fought back. How
a rich kid from the Bronx became the people's champion." ... "Spitzer opened
an investigation that in just a few months began fundamentally reshaping
America's financial markets. Analysts, Spitzer would show, were doctoring
their reports—which the public relies on for stock information—to win business
for their banks' investment arms or to downgrade companies that didn't
play ball. Insiders knew the scam; folks in the heartland had no idea.
Spitzer's aggressive pursuit of Merrill Lynch and, subsequently, a dozen
other Wall Street firms turned the tables. The new ethics he championed
are touching in their simplicity: analysts' ratings should reflect what
they actually believe. There has not been such an affirmation of what's
right since Moses and the Ten Commandments. "The system was rotten, and
no one seemed interested in fixing it," says Spitzer. "So we moved in.""
(1,
2,
3,
4)
-By Adi Ignatius -TIME
- Person of the Year
- 2002
-
- OPINION
- "[New
York states Attorney General Eliot] Spitzer: Man Of The Year - Savior of
Capitalism?" ... "Using a New York state law, he
obtained some explosive internal emails from Merrill Lynch and secured
a $100m fine. This pushed a complacent Securities and Exchange Commission
into action, and finally yesterday Spitzer got the reward for his pursuit."
... "As part of the agreement forged with the Stock Exchange [full
details], the ten leading brokerages must pay $900 million in retrospective
relief, $450m to fund "independent" research and $85 million to "investor
education". The brokerages, including Solomon Smith and Barney, CSFB, Lehman,
Morgan Stanley and UBS Warburg, will not be allowed to reward CEOs with
IPO offerings, and must operate at arms length from no less than independent
analysts on each offering. (Since the brokers are still paying these independent
analysts' fees, it's hard to see how this cure will be truly effective.)"
... "But for the Bronx-born Spitzer, his legend is assured as a pugilist
populist attorney straight from central casting. He's taken on the mob,
the music pigopolists (for CD price fixing), low-paying employers, and
is currently suing President Bush for gutting the clean air act." -By
Andrew Orlowski -TheRegister.co.uk
20021209
-
- OPINION
- "Eliot
Spitzer vs. the Chicago Boys: Corporate crooks,
dirty air, pricey drugs -- they're all the doing of the University of Chicago's
free-marketeers, says N.Y.'s Attorney General." ... "As a voice of laissez-faire
economics, the University of Chicago has shaped much of the dialogue over
market regulation in recent years, starting with Ronald Reagan's Administration
in 1980. Free markets, the theory goes, will correct most excesses by making
it impossible for those guilty of bad behavior to survive. "They've said
that intervention by...government is wrong," Spitzer said. "But they haven't
taken into account that markets can have structural flaws."" ... "For example,
environmental polluters are not being punished by the market, he charged,
and that means all of society pays the price for pollution. Relying on
the market to fairly price prescription drugs has also failed, he insisted,
since some severely ill people rely so much on one particular drug that
they will pay anything to get it." -By Heather Timmons
-BusinessWeek/Daily
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