The self-proclaimed crusader of Wall Street has taken one on the chin from himself.
As New York Attorney General, Elliot Spitzer made a name for himself by bringing high-profile cases against many giants of business, including Samsung, Infineon Technologies (for price fixing) and Bear Stearns, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, J.P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Salomon Smith Barney and UBS Warburg (for inflating stock prices and using affiliated brokerage firms to give biased investment advice).
His cases also included a few criminal prosecutions of prostitution rings and tourists soliciting prostitutes.
Now Spitzer has been uncovered as Client #9 of a prostitution ring.
He is likely to be prosecuted under a statute called "structuring," according to a Justice Department official. Structuring involves creating a series of financial movements designed to obscure the true purpose of the payments. There is no current talk of charging him with soliciting a prostitute.
Elliot Spitzer promised when campaigning for governor he'd keep corruption and scandal out of Albany. Apparently, for all his crusading ways, Spitzer, in the end, is nothing more than a two-faced, double-talking politician.
He needs to resign now. Unfortunately, his arrogance probably won't allow it.
No comments:
Post a Comment