about 6 hours ago
ignore this person
report abuse http://www.foxbusiness.com/video/index.html?playerId=videolandingpage&streamingFormat=FLASH&referralObject=6075711&referralPlaylistId=1292d14d0e3afdcf0b31500afefb92724c08f046
1) As attorney general he was correct on many of the issues that
related to the crisis. He can add to the discussion
2) Fox acted unprofessionally. Anyone see happy hour, where they
trashed him. How sophomoric.
How about we acknowlege the positive things Spitzer did. Condone
what he did wrong, but listen to arguments on the merits and not
who presents them.
about 5 hours ago
ignore this person
report abuse http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html
Maybe this is why they went after Spitzer...
Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers
In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules
Oct. 12 (Bloomberg) -- A U.S. judge stopped New York Attorney General Eliot Spitzer from investigating whether residential lending practices are discriminatory at national banks, including Citigroup Inc., JPMorgan Chase & Co. and HSBC Bank USA.
U.S. District Judge Sidney H. Stein today issued an order that blocks Spitzer from demanding information from the banks and from suing them to enforce state fair lending laws. The decision comes in a suit filed by the Office of the Comptroller of the Currency, which claims it has exclusive authority to regulate nationally chartered banks.
``This is a big legal victory for Citigroup, Wells Fargo, HSBC and JPMorgan Chase,'' Jaret Seiberg, an analyst with Stanford Washington Research Group, wrote in a note to clients today. ``These four banks no longer must worry that Spitzer will try to force them into fair-lending settlements.''
The decision stops Spitzer's investigation, which began earlier this year, and may discourage other attorneys general from trying to enforce their own states' laws against national banks.
first conversation isn't showing up properly.. this is a repost
[less]
Response by scoots
about 17 years ago
Posts: 327
Member since: Jan 2009
How does Spitzer investigating banks for not lending to minorities somehow translate to his predicting and trying to stop the financial crisis?? Ditto, how does Spitzer attacking the analyst rating culture on wall street somehow translate to his predicting and trying to stop the financial crisis??
I actually think both of those efforts were commendable. However they didn't have a fucking clue to do with the financial crisis.
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Response by Riversider
about 17 years ago
Posts: 13573
Member since: Apr 2009
Spitzer went after AIG for fraudulent reinsurance schemes that were used to reduce regulatory capital, the fore-runner to CDS
Also a good chunk of subprime targeted minorities. It's telling that their regulator prevented Sptizer and other Governors/Attorney Generals from ruining the party here.
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Response by scoots
about 17 years ago
Posts: 327
Member since: Jan 2009
Riverside - get your facts straight. Spitzer went after them for NOT lending to miniorities! Plus, the real problem was not the banks mentioned and the loans that they actually wrote ... it was the subprime lenders and the derivative products packaged around the loans that the subprimes wrote. Yes - the banks did structure and sell those products. But no, Spitzer wasn't involved.
Your intenions seem pure but the facts just don't back you up.
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Response by falcogold1
about 17 years ago
Posts: 4159
Member since: Sep 2008
The larger question is...
Would you prefer a Governor who is a seasoned, educated, indepently wealthy, dedicated public servant with a penchant for law and order with the obvious exception of high end whore mongering or are you happier with what you got now?
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Response by julia
about 17 years ago
Posts: 2841
Member since: Feb 2007
it wasn't only his pencant for "whatever"...it was Trooper Gate...this man enjoyed power too much.
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Response by scoots
about 17 years ago
Posts: 327
Member since: Jan 2009
I personally always liked Spitzer as our governor but – aside from the scandal – he is currently further falling from grace rapidly in my eyes. He’s trying to rewrite history and somehow redeem himself. And he’s doing it on weak lines and outright lies.
You want an independently wealthy, free from political quid pro quo crap politician who REALLY did see this coming? Elect Paulson. John Paulson.
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Response by Riversider
about 17 years ago
Posts: 13573
Member since: Apr 2009
Spitzer began his investigation after analyzing 2004 loan
data that he said showed differences in loan prices that may have
been based on the race of borrowers.
He sent inquiry letters in April to Citigroup, JPMorgan
Chase, HSBC, Wells Fargo & Co. and other national banks, telling
them that racial disparities in the loan rates ``might indicate a
U.S. Judge Stops Spitzer Probe of Mortgage Loans (Update3)
violation of state and federal laws prohibiting discrimination in
lending,'' Stein said.
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Response by Riversider
about 17 years ago
Posts: 13573
Member since: Apr 2009
There's Spitzer the attorney general that did good
There's Spitzer the disaster governor
and spitzer the john
I liked much of what he did as A.G.
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Response by Riversider
about 17 years ago
Posts: 13573
Member since: Apr 2009
Spitzer went after them for NOT lending to miniorities
WRONG!!
Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers
Yet in a quite remarkable editorial on Friday, the Wall Street Journal editorial board, in another of its apologias for boardroom fraud, once again tried to clear Greenberg of all blame, asserting that I began the destruction of AIG by demanding Greenberg's removal as part of a misguided effort to ensure accuracy and integrity in AIG's financials.
While it's nothing new for the Wall Street Journal editorial page to make such a claim, one sentence in the editorial is rather startling, even for them: "AIG shareholders appear to have been hurt far more by the company's 2005 Spitzer-driven earnings restatement than by Mr. Greenberg's alleged failures. …"
Excuse me? Weren't Bernie Madoff's investors better off before he was forced to "restate" income as well? Of course they were! That is the nature of fraud that benefits investors! So is it better to leave the fraud undetected and unprosecuted? If one buys the Wall Street Journal's logic, integrity in the marketplace is merely a utilitarian calculus: If remedying the fraud costs shareholders more than the fraud generated in value, then the fraud was permissible and even desirable. The Journal's total lack of interest in the integrity of the market as a fundamental principle is finally but tellingly revealed.
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Response by dashielle
almost 17 years ago
Posts: 3
Member since: Aug 2009
Spitzer was a fucking steamroller. His "good" is for his own ego.
I remember when he first won for AG, I thought he was an ugly egotistical pig. Also remember that election he ILLEGALLY used his father's money.
After 4 years, I thought he had done some good, and I voted for him. And I voted for him for Governor. Soon after, it was clear he truly was the egotistical pig I thought he was from the start. My lesson - trust your instincts. Also, although too late now, trust my grandmother's instincts. She looked at Spitzer the early days and had the same feeling I did originally.
Anyone can have good points. Character counts too because character outlives all.
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Response by dashielle
almost 17 years ago
Posts: 3
Member since: Aug 2009
Also I contributed to his campaign. Since he's independently wealthy, I think I should be repaid. If he was committing a felony while in office as the AG, he was running for Governor knowing he was disqualifiable, in which he committed fraud against me as a contributor, let along as a voter.
rsder--im on board with all you say--spitzer carried an intelligent difficult admirable torch as da--and current events support that
tragic that spitzer had his flaw: gave the foxies and thieves plenty to disarm him
also tragic when anybody supports an industry as awful as prostitution
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Response by Ubottom
almost 17 years ago
Posts: 740
Member since: Apr 2009
i differ on one item--liz claman??? are you blinded by her breasts??
Global Settlement (2002): Spitzer sued several investment banks for inflating stock prices, using affiliated brokerage firms to give biased investment advice and "spin" initial public offerings of stock by offering them to CEOs and other influential members of the business community. In 2002, a settlement of these lawsuits was negotiated by Spitzer, federal regulatory bodies, stock exchanges, and the investment banks and brokerage houses in question. The result was $1.4 billion in compensation and fines paid by the brokerages and investment banks, new rules and enforcement bodies created to govern stock analysts and IPOs, and the insulation of brokerage firms from pressures by investment banks. Ten firms paid fines to settle the case: Bear Stearns, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, J.P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Salomon Smith Barney, UBS Warburg.
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
ALSO GOOD
Late Trading & Market Timing Investigations (2003): Investigations by the office of Eliot Spitzer beginning in 2003 uncovered mutual fund brokers allowing select clients privileges deprived to ordinary customers. Spitzer targeted two practices in particular: "late trading", which allows hedge fund investors to file trades at the previous day's price after the market close, something ordinary customers cannot do; and "market timing", an investment strategy involving frequent trading, which was allowed by some funds for privileged investors in contravention of the fund's rules. Late trading was clearly illegal and allowed a small number of investors profit at the expense of other fund shareholders. In essence, by placing winning trades the privileged investors diluted the profit pool available to all fund shareholders while they sidestepped their share of the pool's losses. Market timing is still permissible provided a fund discloses that it permits it, and can both harm and benefit funds; the problem prior to 2003 was that some investors and brokers were permitted to engage in timing while others were not, and that fact was not disclosed to other investors. Both late trading and market timing can increase fund expenses and administrative fees borne by other customers and caused fund managers to increase the cash they held to meet liquidity needs. Through a number of prosecutions and lawsuits, joined in many instances by the U.S. Securities and Exchange Commission (SEC), Spitzer secured more than one billion dollars in fines and remuneration for investors as well as forcing reforms to further enforce pre-existing bans on late trading.
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
NOT BAD..
Richard Grasso (Chairman of the NYSE): Eliot Spitzer charged that Dick Grasso, when chairman of the New York Stock Exchange violated his position as chairman of a non-profit organization (the NYSE was at that time a mutually owned not-for-profit exchange) by receiving excessive compensation. Dick Grasso argued that his compensation was openly declared at board meetings and was fully legal and that the lawsuit was an attack on him solely intended to raise Spitzer's image in the press as he went into his gubernatorial campaign. He vowed to fight the action in the courts and, despite losing the initial stages, on July 1, 2008, the New York State Court of Appeals dismissed all claims against Grasso. The majority opinion stated that since the NYSE was now a subsidiary of a for profit multi-national corporation that the State of New York had no oversight over the affairs of the company in this matter and that prosecution was "not in the public interest." Current Attorney General, Andrew Cuomo stated that he had no intention to appeal this decision any further and that the case was effectively over. The court ruled that Grasso was entitled to the entirety of his compensation.
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Response by Riversider
almost 17 years ago
Posts: 13573
Member since: Apr 2009
THIS COULD USE AN ENTIRE CHAPTER... THE FRAUD RELATED TO REINSURANCE AGREEMENTS, CDS SWAPS, POG'S AND, SETTING UP A BANK IN CONNECTICUT TO HAVE AIG FINANCIAL PRODUCTS OF LONDON REGULATED BY OTS... UGH..
American International Group (2005): On May 26, 2005, Spitzer filed a civil complaint against Maurice R. "Hank" Greenberg (Chairman and CEO) and Howard I. Smith (ex-CFO of AIG), alleging fraudulent business practice, securities fraud, common law fraud, and other violations of insurance and securities laws. Despite tough talk on a television news show, Spitzer declined to bring any criminal charges against Greenberg, and two of the civil charges were dropped in September 2006.[1] Four civil charges, 'the heart of the case', remain outstanding.[2][3]
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Response by LICComment
almost 17 years ago
Posts: 3610
Member since: Dec 2007
Spitzer did some good things as AG but was a disaster as Gov even before the prostitution scandal. His first budget raised spending by double the rate of inflation! The power trip was too much for him.
How does Spitzer investigating banks for not lending to minorities somehow translate to his predicting and trying to stop the financial crisis?? Ditto, how does Spitzer attacking the analyst rating culture on wall street somehow translate to his predicting and trying to stop the financial crisis??
I actually think both of those efforts were commendable. However they didn't have a fucking clue to do with the financial crisis.
Spitzer went after AIG for fraudulent reinsurance schemes that were used to reduce regulatory capital, the fore-runner to CDS
Also a good chunk of subprime targeted minorities. It's telling that their regulator prevented Sptizer and other Governors/Attorney Generals from ruining the party here.
Riverside - get your facts straight. Spitzer went after them for NOT lending to miniorities! Plus, the real problem was not the banks mentioned and the loans that they actually wrote ... it was the subprime lenders and the derivative products packaged around the loans that the subprimes wrote. Yes - the banks did structure and sell those products. But no, Spitzer wasn't involved.
Your intenions seem pure but the facts just don't back you up.
The larger question is...
Would you prefer a Governor who is a seasoned, educated, indepently wealthy, dedicated public servant with a penchant for law and order with the obvious exception of high end whore mongering or are you happier with what you got now?
it wasn't only his pencant for "whatever"...it was Trooper Gate...this man enjoyed power too much.
I personally always liked Spitzer as our governor but – aside from the scandal – he is currently further falling from grace rapidly in my eyes. He’s trying to rewrite history and somehow redeem himself. And he’s doing it on weak lines and outright lies.
You want an independently wealthy, free from political quid pro quo crap politician who REALLY did see this coming? Elect Paulson. John Paulson.
Spitzer began his investigation after analyzing 2004 loan
data that he said showed differences in loan prices that may have
been based on the race of borrowers.
He sent inquiry letters in April to Citigroup, JPMorgan
Chase, HSBC, Wells Fargo & Co. and other national banks, telling
them that racial disparities in the loan rates ``might indicate a
U.S. Judge Stops Spitzer Probe of Mortgage Loans (Update3)
violation of state and federal laws prohibiting discrimination in
lending,'' Stein said.
There's Spitzer the attorney general that did good
There's Spitzer the disaster governor
and spitzer the john
I liked much of what he did as A.G.
Spitzer went after them for NOT lending to miniorities
WRONG!!
http://www.cjr.org/the_audit/spitzers_ghost.php?page=all&print=true
"spitzer on fox " isn't that what got him in trouble to begin with?
I like Liz Claman , she's cute, but she got her facts wrong.
http://nymag.com/daily/intel/2009/06/eliot_spitzer_what_are_you_thi.html
Spitzer talks
Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html
Bring back Spitzer
http://www.slate.com/id/2224792/
Yet in a quite remarkable editorial on Friday, the Wall Street Journal editorial board, in another of its apologias for boardroom fraud, once again tried to clear Greenberg of all blame, asserting that I began the destruction of AIG by demanding Greenberg's removal as part of a misguided effort to ensure accuracy and integrity in AIG's financials.
While it's nothing new for the Wall Street Journal editorial page to make such a claim, one sentence in the editorial is rather startling, even for them: "AIG shareholders appear to have been hurt far more by the company's 2005 Spitzer-driven earnings restatement than by Mr. Greenberg's alleged failures. …"
Excuse me? Weren't Bernie Madoff's investors better off before he was forced to "restate" income as well? Of course they were! That is the nature of fraud that benefits investors! So is it better to leave the fraud undetected and unprosecuted? If one buys the Wall Street Journal's logic, integrity in the marketplace is merely a utilitarian calculus: If remedying the fraud costs shareholders more than the fraud generated in value, then the fraud was permissible and even desirable. The Journal's total lack of interest in the integrity of the market as a fundamental principle is finally but tellingly revealed.
Spitzer was a fucking steamroller. His "good" is for his own ego.
I remember when he first won for AG, I thought he was an ugly egotistical pig. Also remember that election he ILLEGALLY used his father's money.
After 4 years, I thought he had done some good, and I voted for him. And I voted for him for Governor. Soon after, it was clear he truly was the egotistical pig I thought he was from the start. My lesson - trust your instincts. Also, although too late now, trust my grandmother's instincts. She looked at Spitzer the early days and had the same feeling I did originally.
Anyone can have good points. Character counts too because character outlives all.
Also I contributed to his campaign. Since he's independently wealthy, I think I should be repaid. If he was committing a felony while in office as the AG, he was running for Governor knowing he was disqualifiable, in which he committed fraud against me as a contributor, let along as a voter.
I'm voting for Thompson for Mayor:
http://www.youtube.com/watch?v=ojqf5PyuHcU
and Leslie Crocker Snyder for DA
rsder--im on board with all you say--spitzer carried an intelligent difficult admirable torch as da--and current events support that
tragic that spitzer had his flaw: gave the foxies and thieves plenty to disarm him
also tragic when anybody supports an industry as awful as prostitution
i differ on one item--liz claman??? are you blinded by her breasts??
http://en.wikipedia.org/wiki/List_of_cases_of_Attorney_General_Eliot_Spitzer
GOOD
Global Settlement (2002): Spitzer sued several investment banks for inflating stock prices, using affiliated brokerage firms to give biased investment advice and "spin" initial public offerings of stock by offering them to CEOs and other influential members of the business community. In 2002, a settlement of these lawsuits was negotiated by Spitzer, federal regulatory bodies, stock exchanges, and the investment banks and brokerage houses in question. The result was $1.4 billion in compensation and fines paid by the brokerages and investment banks, new rules and enforcement bodies created to govern stock analysts and IPOs, and the insulation of brokerage firms from pressures by investment banks. Ten firms paid fines to settle the case: Bear Stearns, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, J.P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Salomon Smith Barney, UBS Warburg.
ALSO GOOD
Late Trading & Market Timing Investigations (2003): Investigations by the office of Eliot Spitzer beginning in 2003 uncovered mutual fund brokers allowing select clients privileges deprived to ordinary customers. Spitzer targeted two practices in particular: "late trading", which allows hedge fund investors to file trades at the previous day's price after the market close, something ordinary customers cannot do; and "market timing", an investment strategy involving frequent trading, which was allowed by some funds for privileged investors in contravention of the fund's rules. Late trading was clearly illegal and allowed a small number of investors profit at the expense of other fund shareholders. In essence, by placing winning trades the privileged investors diluted the profit pool available to all fund shareholders while they sidestepped their share of the pool's losses. Market timing is still permissible provided a fund discloses that it permits it, and can both harm and benefit funds; the problem prior to 2003 was that some investors and brokers were permitted to engage in timing while others were not, and that fact was not disclosed to other investors. Both late trading and market timing can increase fund expenses and administrative fees borne by other customers and caused fund managers to increase the cash they held to meet liquidity needs. Through a number of prosecutions and lawsuits, joined in many instances by the U.S. Securities and Exchange Commission (SEC), Spitzer secured more than one billion dollars in fines and remuneration for investors as well as forcing reforms to further enforce pre-existing bans on late trading.
NOT BAD..
Richard Grasso (Chairman of the NYSE): Eliot Spitzer charged that Dick Grasso, when chairman of the New York Stock Exchange violated his position as chairman of a non-profit organization (the NYSE was at that time a mutually owned not-for-profit exchange) by receiving excessive compensation. Dick Grasso argued that his compensation was openly declared at board meetings and was fully legal and that the lawsuit was an attack on him solely intended to raise Spitzer's image in the press as he went into his gubernatorial campaign. He vowed to fight the action in the courts and, despite losing the initial stages, on July 1, 2008, the New York State Court of Appeals dismissed all claims against Grasso. The majority opinion stated that since the NYSE was now a subsidiary of a for profit multi-national corporation that the State of New York had no oversight over the affairs of the company in this matter and that prosecution was "not in the public interest." Current Attorney General, Andrew Cuomo stated that he had no intention to appeal this decision any further and that the case was effectively over. The court ruled that Grasso was entitled to the entirety of his compensation.
THIS COULD USE AN ENTIRE CHAPTER... THE FRAUD RELATED TO REINSURANCE AGREEMENTS, CDS SWAPS, POG'S AND, SETTING UP A BANK IN CONNECTICUT TO HAVE AIG FINANCIAL PRODUCTS OF LONDON REGULATED BY OTS... UGH..
American International Group (2005): On May 26, 2005, Spitzer filed a civil complaint against Maurice R. "Hank" Greenberg (Chairman and CEO) and Howard I. Smith (ex-CFO of AIG), alleging fraudulent business practice, securities fraud, common law fraud, and other violations of insurance and securities laws. Despite tough talk on a television news show, Spitzer declined to bring any criminal charges against Greenberg, and two of the civil charges were dropped in September 2006.[1] Four civil charges, 'the heart of the case', remain outstanding.[2][3]
Spitzer did some good things as AG but was a disaster as Gov even before the prostitution scandal. His first budget raised spending by double the rate of inflation! The power trip was too much for him.