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Spitzer was on top of the problem By: Tan Williams  |
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 Remember Eliot Spitzer? The former New York Governor who resigned in disgrace when it was discovered that he had been a regular customer of a prostitution website called the Emperors Club. Almost overnight, Spitzer who became known as client #9, lost all credibility and was all but forgotten about by a public that will never really know what he might have accomplished on behalf of the public.
Here’s a little something to chew on: Guess what Spitzer was investigating when he got busted over the prostitution thing. That’s right, Spitzer was busy investigating and putting pressure on companies like AIG. In fact, he issued an ultimatum to AIG telling them to replace their CEO or to face an indictment. And in fact he was able to force Greenburg, AIG’s CEO out. Some point to this as one of Spitzer’s biggest mistakes, but was it?
So should it surprise anyone that Spitzer went down just when he did? Some people we’re calling Spitzer’s efforts a witch hunt, but in reflection, it seems that Spitzer was the only one looking into the abuses on Wall St. that would eventually lead to the mess that we’re in today.
Think back to May 2005. At the time AIG was being accused of cooking their books in order to make it look like the company was doing much better than it actually was. Spitzer knew in 2005 what the rest of us are learning today. The executives at AIG and other companies were deliberately manipulating stock to their own financial gains.
What would have happened if there never was a client #9? What financial situation would the country be in if Spitzer had finished his work? The truth is we’ll never know, but we can make an educated guess. If Spitzer had continued to work, it’s a good bet that attention would have been put on Wall St. when there was still time to make a difference.
But that’s not what happened. Spitzer resigned from office, and Wall St. again went unchecked by anyone, until we get to where we are today. It’s a shame to think of how different things could be today if only there had never been a client #9. Imagine the possibilities.
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