Eliot Spitzer: A Crusader of Corporate Reform
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Code : GOV0011
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Region : USA |
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The Making of a Crusader Eliot Spitzer, the son of Bernard Spitzer, a self-made businessman whose parents were Jewish immigrants toAmerica, had a privileged childhood.He grewup inRiverdale, attending an elite private school before going to Princeton University (theWoodrowWilson School of Public and InternationalAffairs) and later, Harvard LawSchool.At Harvard, he served as the editor of the prestigious Harvard Law Review. Spitzer’s later success as a crusader brought to light an anecdote of his Law School days that demonstrated his intolerance to corruption and respect for the system. James Cramer, a financial commentator and Spitzer’s classmate revealed how, during the third year of Law School, when many of the students were already placed with big law firms, a group of friends including Cramer decided to skip classes... Taking on the Wall Street Heavyweights In 2001, the dotcombubble burst resulted in the Nasdaq StockMarket plummeting almost 72%fromitsMarch 2000 high. Spitzer was intrigued by investment bankers’ high ratings of certain dotcom stocks that crashed later. Spitzer began to have doubts about the genuineness of analysts’ ratings.... Spitzer’s Method Spitzer says that he is not against companies making money, but when they damage the interests of ordinary people, he gets into action. “The issues we’ve raised clearly have a populist air to thembecause they’re designed to guarantee that there is equity and fairness, regardless of who you are—the small investor, the low-wage worker. But the resolutions aren’t designed to tear down the institutions. The effortwas tomake themwork properly.”16 Over the years, Spitzer’s methodology has evolved into a distinct form... |
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