Spitzer Must be Saved

Eliot Spitzer is a hypocrite of the highest order whose stupidity and hubris rival Greek and Shakespearean actors, but he must be saved to send a countervailing message to the Bear Stearns, ne Wall Street, bail-out.

Without the redemption of Mr. Spitzer, Wall Street will be doubly emboldened to rape and pillage both the American Taxpayer and the American Investor for years to come.

Hypocrisy and self aggrandizing behavior must be tolerated in this case precisely because the main target of Spitzer’s behavior was not the weak but, as evidenced by his swift downfall, the powerful.

Despite the dislike both Democrats and Republicans (the rich ones of both parties that is) have for him and his heavy handed prosecutorial methods, his public persona as a champion of the little guy must trump his other foibles and petty crimes.

Even though his attacks on Wall Street may have been motivated by electoral self-interest and, evidently his prosecution of prostitution was steeped in hypocrisy, his attacks on financial con games were still grounded in real, costly, and long-standing Wall Street malfeasance.

The dual encouragement of bailing out Wall Street stupidity at taxpayer expense and punishing the Sheriff of Wall Street for not towing the party line must not be allowed to stand. Make no mistake, he is no longer Governor because of he refused to follow standard operating procedure when dealing with the sacred NY cow of Wall Street.


Former Senator Phil Gramm, one of the architects of the deregulation that led to our current “credit crunch”, is now making millions as a Vice Chairmen of the Union Bank of Switzerland (UBS) while Elliot Spitzer is being crucified for sex.

Structuring” may be a crime but so is treason. Senator Phil Gramm championed legislation for yeas that allowed an agent of a foreign government, UBS, to profit enormously for years and which is now threatening the collapse of the American Economy (according to the Federal Reserve).

Of course, we don’t know for sure that Senator Phil Gramm committed treason and the constitution does require overt acts, but has the FBI dedicated the same effort to the investigation of $10 billion in losses that are now being covered by the American taxpayer as they did towards the movement of less the $100 thousand in unseemly commerce.

Add to UBS all the Caymen Island hedge funds that have reaped disgusting profits since both deregulation and the elimination of Glass-Steagall Act. These same tax dodging entities are now threatening our financial security and, if the Bear Stearns model is followed, will cost US taxpayers billions, and maybe trillions, of dollars.

Any prosecutor with high office aspirations could make a career out of attacking these tax dodging, tax bailout, millionaire hedge fund enterprises just like Spitzer did following the Dot Com bubble. But, with the seemingly perfect timing of Spitzer’s comeuppance, these potential prosecutors have been sent a none too subtle message; make your bones attacking the defenseless and handle the powerful with kid gloves .

Eliot Spitzer, like still serving Senators Larry Craig and David Vitter, is a high ranking hypocrite, but that is not the reason for his downfall. He attacked the status quo; attacking long standing Wall Street practices and applying intimidation techniques usually reserved for the defenseless defendant and not the well healed, influence peddlers of Wall Street.

Now I like an abusive prosecutor even less then I like a philanderer, but this country and it halls of of government are full of both. The truly rare thing is someone who attacks the status quo.

Is it any coincidence that the only other high profile disgraced prosecutor also tried to attack some rich kids, Mike Nifong? The “Duke Lacrosse” prosecutor’s downfall, considered on it’s own in a vacuum, is a triumph for defendant’s rights and a rebuke of an abusive prosecutor’s reprehensible behavior. But we don’t live in a vacuum.

What happened to the prosecutor in the Central Park Jogger Case, that, unlike the Duke case which resulted in no undeserved jail time, saw five innocent young boys serve sentences ranging from five to thirteen years.? Oh yeah, that prosecutor recently ran for President of the United States. See a pattern here?

Eliot deserves a “Get out of Infamy Free” card to send the message that while we bail-out Wall Street for the “Greater Good” we must also bail out the nemesis of Wall Street for the Greater Good.


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