Monday, March 10, 2008

There Are Some Very Happy People on Wall Street Today

From the New York Times:

ALBANY - Gov. Eliot Spitzer has been caught on a federal wiretap arranging to meet with a high-priced prostitute at a Washington hotel last month, according to a person briefed on the federal investigation.

The wiretap recording, made during an investigation of a prostitution ring called Emperors Club VIP, captured a man identified as Client 9 on a telephone call confirming plans to have a woman travel from New York to Washington, where he had reserved a room. The person briefed on the case identified Mr. Spitzer as Client 9.

(For those who don't recall, Spitzer won election to the governorship of New York after making his reputation as a crusader against the alleged malfeasance of corporate officers in some high-profile cases.)


From an AP story today (Tuesday):

On Wall Street, where Spitzer built his reputation as a crusader against shady practices and overly generous compensation, cheers and laughter erupted Monday from the trading floor when news broke of his potential ruin.

Many in the financial industry had long complained that the man known as "Mr. Clean" and the "Sheriff of Wall Street" was abusive and insulting, that he went after them with holier-than-thou zeal, and that he was just trying to make headlines and advance his political career.

"The irony and the hypocrisy is almost too good to be true," said Bryn Dolan, a fundraiser who works with many Wall Street employees. "If he had any shame, he would've already resigned."

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