Posted By: ColetteDD@ @ 03/23/2008 1:51:02 PM
Comment: Spitzer had the guts to go after Wall Street executives and firms who were behaving as if all that money were thier's instead of the shareholders or personal investors. The author's portrayal of the insider trading, favored access and outright bribing reminds me of the rigged bidding scandal that occurred in NYC in the 70's. Defendant after Defendant repeating "its just the way it is" basiclly arguing thier behavior was only technically illegal because it was an embedded industry practice and since "everyone" was aware no fraud was committed. It didn't work, especially where government was involved, because general public wasn't part of the 'everyone'.
If you give someone choice or access to one that you don't give everyone it's not fair, right or legal. Spitzer was right and brave to go prosecute them and fine them for such behavior. It's sad that his personal morals weren't as strict as his professional standards.
Wall Street Traders, Executives and Firms may be joyfully celebrating Spitzer's downfall but its a business sector facing/dealing with the costs and irritations of greater, in depth regulatory attention. All because they got confused, forgot or just plain didn't care who's money they were handling. Some got prosecuted, fined or banned for life or all three. That's fair.


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