Former New York Governor Eliot Spitzer has had criminal charges against him dropped.
Federal prosecutors have said that their investigation found no evidence that he or his office misused public or campaign funds for prostitution.
On May 25th 2003, on 60 minutes, correspondent Steve Kroft reported, after years of greed and questionable practices that duped small investors, 10 of the largest investment firms on Wall Street have agreed to pay the piper: $1.4 billion dollars in fines, plus some tough new rules that are supposed to keep it from happening again.
Much of the credit has to go to Eliot Spitzer, the aggressive, ambitious attorney general of New York state.
After 90 million Americans lost $7 trillion in the stock market collapse, Spitzer deputized himself the Sheriff of Wall street and began a crusade for retribution, restitution and reform.
In February of this year, the Washington Post had this:
Predatory Lenders' Partner in Crime
How the Bush Administration Stopped the States From Stepping In to Help Consumers
Links to this article
By Eliot SpitzerThursday, February 14, 2008; Page A25
Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.
Was Eliot Spitzer set up by the powers that be? Did he know too much? Would he still be Governor if he had looked the other way instead of trying to get the states to do what the FED's wouldn't do? One thing is for sure, Wall Street did need a Sheriff