Given our society these days, should we really be surprised by crusading Governor Eliot Spitzer's prostitution scandal? These days it seems like all our heroes let us down, whether they be superstar athletes like Roger Clemens (steroids) and Michael Vick (animal cruelty), widely held technology stocks like Google (NASDAQ: GOOG) (less clicking, 40% drop in stock price) and Apple (NASDAQ: AAPL) (imperfect, 40% drop in stock price) and once-pillars of the finance industry Merrill Lynch (NYSE: MER), Citigroup (NYSE: C) and Bear Sterns (NYSE: BSC) (all had too much exposure to subprime mortgages and municipal bonds).

Mind you, in no way do I condone Spitzer's behavior -- the night before Valentine's Day no less -- but in the grand scheme of things, he's done a whole lot more good than he's done bad. You might even say it takes a criminal to know one! He'll probably be forced to resign and while sad, it should motivate him like never before to gain back the respect he once had.

For all the value and integrity we place on sports, it's really nothing more than entertainment. In no way can I defend Vick, but Clemens clearly loves his sport and simply could not let anything stop him from being the best. While it's sad that his career will be forever marred, it's a great lesson to teach kids to never cheat -- no matter what.

In case you missed it, Congressmen Henry Waxman of California and Tom Davis of Virginia, the Democratic and Republican leaders on the House Oversight Committee, have sent a letter to the Justice Department asking them to investigate whether Roger Clemens "committed perjury and made knowingly false statements" when he told the committee that he had never used steroids or human growth hormone.

The letter also said that "We are not in a position to reach a definitive judgment as to whether Mr. Clemens lied to the Committee. Our only conclusion is that significant questions have been raised about Mr. Clemens's truthfulness and that further investigation by the Department of Justice is warranted."

Newsday reports that the Justice Department "may already have decided to begin its own investigation prior to this recommendation, considering its continued involvement with this case."

Are you disgusted yet? This week MBIA (NYSE: MBI) testified -- no they lobbied, hmm, actually they complained -- well the truth is they whined to Congress that short-seller William Ackman had trashed its reputation, and its stock for personal gain -- gee, no kidding -- but the big problem is he seems to have been correct to a major extent. For more on this see MBIA asks Congress to fight its battles with Ackman by Peter Cohan or MBIA plays the spooky short-seller card by Zac Bissonnette.

I own MBIA shares and recently "adventured" into more, but it was not based on management crying foul and everything being just fine. I did it because I think the company will work through the mess over time and that it is oversold now based on fear. MBIA needs to focus on cleaning up its exposure to risk and underwriting standards and stop looking for scapegoats.

Others are in the same boat. There are times the squirming around the truth is painful to watch. This week we watched a baseball pitching icon, Roger Clemens, remind us once again of the first rule of holes: "If you're in one, stop digging." I'm afraid this truism that I often refer to will continue to be a recurring theme in my stories every so often, because some folks just don't get it.

Every time I see a "grown up" going through what Roger Clemens is going through with his own personal doping scandal and the incrimination of the Mitchell report, I cannot help but think of the first rule of holes: if you're in one, stop digging. Yesterday Hillary was crying, and Roger has been crying for a week. Neither one will be better off for it.

Roger Clemens is getting a lot of bad advice. Or maybe this is just a part of the Major League persona that does not allow one to back down. I have no idea who did what when, but the more I hear Clemens and his attorneys posturing, the more I think his credibility is shot and the likelihood that he is not being forthright with the facts is a higher probability.

If Pete Rose would have come clean quickly and admitted his failings he would already be in the Baseball Hall of Fame. It is much better to "man up," take the hit, and move on than to "keep digging". His Yankee team mate Andy Pettitte fessed up, said "my bad" and is moving on for better of worse.

What lessons can investors learn from the return of Roger Clemens to the Yankees next week, possibly against the Boston Red Sox? Plenty.

Like great investors, great baseball executives know where to find value. On the face of it, spending lots of money on a 44-year-old pitcher seems like a poor investment. But this isn't just any player. Clemens has already won 348 games, along with seven Cy Young Awards, making him one of the best to ever play the game.

The Yankees are going to pay him an astounding $4.5 million per month for four months work. That works out to about $9,000 per pitch regardless whether they are balls or strikes. Sure is nice work if you can get it, but is Yankee owner George Steinbrenner going to get his money's worth from Clemens? They have to reach the postseason, period.

The Bronx Bombers faced a double-digit deficit to the Red Sox last weekend, before rebounding slightly. They've been forced to start a record seven rookies in the team's first 42 games, so adding Clemens surely will be a welcome injection for the decimated starting staff.

He is turning 45 years of age in August, and yet Roger Clemens is returning to the New York Yankees pitching rotation. But is his 94-mile-per-hour fastball still intact? Can he still spot the location of his pitches? Is there some mileage left in those nearly 45-year-old-legs and Hall-of-Fame right arm? Watching a younger Clemens win seven Cy Young awards over his sterling 23 year Major League career reminds me of a great growth story that Cisco Systems (NASDAQ: CSCO) once was.

Well, is Cisco in the midst of a rebound? Maybe Cisco cannot post 40% to 50% year-over-year growth anymore, like Roger Clemens cannot win 20 games anymore, but don't count them out either. Clemens is in superb physical condition and will probably win 10 to 12 games before the October post-season begins (if the Yankees make the playoffs!). Cisco will probably beat its numbers when it reports after the close on Tuesday. Street consensus calls for revenues of $8.7 billion and earnings per share of $0.33. The whisper circuit has Cisco beating those numbers and probably guiding higher for the almighty fiscal 4th quarter. The 4th quarter ends July 31, 2007, and consensus calls for revenues of $9.2 billion and earnings per share of $0.35.

If Cisco beats the number for its 3rd quarter, the raising the bar -- beating the bar -- game will be resurrected for this once mega-growth company. Cisco is hitting on all cylinders and its distribution system is world-class as well as worldwide. A weak dollar will help Cisco as it prices its products in local currency. Cisco is benefiting from a technology spending rebound. Cisco has put up sequentially higher revenue numbers the past five quarters and, as a result, the stock has acted well these past five quarters.