New York Gov. Eliot Spitzer, who crusaded against corporate malfeasance, apparently lived in a glass house. He should immediately resign in the wake of his near-admission that he was caught up in a reported prostitution scandal.Spitzer made a somewhat perfunctory televised mea culpa, saying, "I apologize first and most importantly to my family. I apologize to the public, to whom I promised better... I am disappointed that I failed to live up to the standard I expected of myself."
That's just not good enough.
Spitzer, who reports allege is AKA Client 9, was captured on a federal wiretap, "confirming plans to have a woman travel from New York to Washington, where he had reserved a room," according to the New York Times, which broke the story. He was no passive victim here.
The irony here is inescapable. Spitzer made a national name for himself crusading against the evils of Wall Street. He had a knack for getting some of the biggest companies in the world including Merrill Lynch & Co. (NYSE: MER), American International Group Inc. (NYSE: AIG) to knuckle under to his demands without having to try his case in court.
To be sure, Spitzer did a lot of good, including ending the cozy relationship between investment bankers and Wall Street analysts, but he caused a lot of collateral damage to people who maintain their innocence. These people include, as CNBC's Charles Gasparino notes, former NYSE Chairman Richard Grasso and former AIG Chief Executive Maurice "Hank" Greenberg.
If he resigns, Lt. Governor David A. Paterson would assume the job. Spitzer's mortal enemy Joseph L. Bruno would get the job if Paterson doesn't want it. Democrats in Albany are no doubt encouraging Paterson to take the job.
Meanwhile, current New York Attorney General Andrew Cuomo is a crusader in the Spitzer mode and harbors gubernatorial aspirations. Anyone applauding Spitzer's downfall should realize that things are probably not going to change that much.
The week in preview: No turkey earnings from Tyson, Hormel, Cracker Barrel ...
Comfort Zone Investing: Intel is saying something ... can you hear it?
Twitter finally reveals revenue ambition, wants to be Google -- but not yet
Reader Comments (Page 1 of 2)
3-10-2008 @ 5:58PM
David Huston said...
From Elliott Ness to Eliot's Mess. Too bad, but don't forget all of those Republican hypocrits out there, in jail, etc.
3-10-2008 @ 5:46PM
James R. Jones said...
You would think Spitzer would have become suspicious when Jack Abramoff gave him the phone number.
3-10-2008 @ 6:31PM
Gramps said...
Sorry, I feel no pain for this SELF RIGHTEOUS glory seeking Lawmaker . "What comes round , goes round "! He went after people with a vengance and showed no mercy. he slaughtered Ms. Stewart of K-Mart fame , He seemed to glory in the search and destroy tactics of an "Head Hunter" ! Need I say anything more ?
gramps
3-10-2008 @ 6:32PM
Gramps said...
Where do I find my pass word and link
3-10-2008 @ 6:45PM
mel said...
E. Spitzer is just another in a long line of our elected officials who speaks out of both sides of his mouth. Absolute power corrupts absolutely. I would feel he needs to make amends with his family, and excuse himself from public life. Nobody is "perfect" , but he is too imperfect to lead.
3-10-2008 @ 6:48PM
robert snow said...
What did he get a little nookie? If that is the case half the pols in Washington and around the country would be guilty.
3-10-2008 @ 6:49PM
vanmanlocal110 said...
breakng the law is breaking the law. how can a lawmaker expect me as a disenfranchised black male to obey the law when they don't?
3-10-2008 @ 7:16PM
tim said...
Not so bad, he's supporting the oldest profession in the world and think about what the girl will buy with the money--Chanel sunglasses, minibar booze, hotel dining...indirectly, he's supporting the economy!
Tim
http://www.timothysykes.com
3-10-2008 @ 7:43PM
Eileen Jalet said...
Last time i checked prostitution was illegal in this country.
So, you break the law - you pay the price - it's simple get some backbone legal system and do your job!
3-10-2008 @ 8:37PM
DonnaM said...
He broke the law and should pay just like any other riminal. Just because he is Governor does not allow him carte blanche! He should be ashamed of what he did to his Family and to his supporters. He should resign or be impeached and then serve time for breaking thelaw.
RUDY for GOVERNOR!!!!
3-11-2008 @ 9:31AM
Bob Rocklin said...
Spitzer has been the consummate mean spirited jerk and now he will face the same music. He apology was not about sorrow, but rather getting caught. I hope his wife files for divorce and gets her 50% - he is a sleaze bag personfied. His comments at his press conference had tinges of ' these laws do no apply to me - I am a Jewish God.
Dirt Bag.
3-11-2008 @ 4:02AM
Sue said...
He is a phony democrat, what do you expect,
his wife should kick him out.
Sue
3-11-2008 @ 4:04AM
adsfis said...
He is undoubtedly a hypocritical jerk! But thats why prostitution should be legal. Its a dumb law to begin with, and if we just realized that you can't legislate morals, a s s e s like this could enjoy life with all this scrutiny. I applaud his use of prostitution, he should have never been prosecuting others for it.
3-10-2008 @ 11:12PM
adsfis said...
He is undoubtely a hypocritical p r i c k! But thats why prostitution should be legal. Its a dumb law to begin with, and if we just realized that you can't legislate morals, a s s e s like this could enjoy life with all this scrutiny. I applaud his use of prostitution, he should have never been prosecuting others for it.
3-11-2008 @ 4:02AM
Sam said...
If Bill didn't have to resign for holding Monica's ears, and then lying about it, why should this guy have to resign?
3-11-2008 @ 4:00AM
otrpu said...
What was that about living in glass houses and stones?
3-11-2008 @ 8:52AM
Fran said...
Spitzer needs to resign NOW. His destruction of our faith in democratic ( and Democratic!) government is unforgivable. His violence against women is appalling. The example he sets for the young is horrific. Any worthy cause he touches he on out is smutty as a result of his fingerprints.
Back to his Daddy to learn lessons of life he missed at Princeton and Harvard.
3-11-2008 @ 10:56AM
Carol said...
No wonder our taxes are high. $5,500 an hour. Hope she was worth it.
Thruway will always be a toll road if people like him are in office. And.......I voted for him.
3-11-2008 @ 1:05PM
wei koo said...
The man ruled by the sword will die by the sword!! No one escapes the final judgment!!
3-11-2008 @ 8:23PM
TLS said...
He should be forced to resign as he is not likely to step down on his own. He probably learned of the prostitution ring from Anthony Watson CEO of HIP Health Plan of NY whom has been backing Spitzer with HIP funds so that he could approve the HIP & GHI for profit conversion. Those guys at HIP are dogs they have both in house and outside hookers they patronize. Someone should do a full investigation on that company and see how many whores surface!!