Why Spitzer’s Return Terrifies Big Finance

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Naked Capitalism

Why Spitzer’s Return Terrifies Big Finance

You didn’t have to be in New York to feel the shudder on Wall Street when Eliot Spitzer announced that he was running for New York City Comptroller. It was enough to read between the lines of just about any financial paper in the world.

Suddenly, the Masters of the Universe were staring at their worst nightmare: the prospect of a comeback by the only major politician in the U.S. whose deeds — and not simply words —prove that he does not think corporate titans are too big to jail.

Who, when the Justice Department, Congress, and the Securities and Exchange Commission all defaulted in the wake of a tidal wave of financial frauds, creatively used New York State’s Martin Act to go where they wouldn’t and subpoena emails and corporate records of the malefactors of great wealth, winning convictions and big settlements.

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Thomas Ferguson

Thomas Ferguson is a Professor of Political Science at the University of Massachusetts, in Boston and a Senior Fellow at the Roosevelt Institute.

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