Congratulations to the US Chamber of Commerce for showing that they have the cojones to expose Eliot Spitzer for what he really is: a vicious bully in the mold of Rudolph Giuliani, who started his career by destroying Michael Milken. As reported in today's TIA Daily:
New York State's economic dictator, attorney general Eliot Spitzer, has so intimidated New York corporations that he faces little home-grown opposition in his bid for the governorship. Fortunately, the US Chamber of Commerce has decided to launch a campaign against him, exposing his shakedown tactics against American businesses. The Chamber is also launching a welcome (but rather timid) campaign to roll back some of the draconian controls passed during the Enron hysteria. Thanks to TIA Daily reader Josh Aaron for recommending this link.
"US Group Is Taking on Spitzer," Bloomberg via International Herald Tribune, January 5"
'Spitzer's approach is to walk in and say, "we're going to make a deal, and you're going to pay $600 million to the state, and you're going to get rid of this person and that person, and if you don't do it by tonight, we're going to indict the company." ' Donohue said. 'It is the most egregious and unacceptable form of intimidation we've seen in this country in modern times.' The New York regulator's initiative against trading abuses within the mutual fund industry led to settlements totaling more than $3 billion in penalties, restitution, and fee cuts. Spitzer's office is now investigating allegations of collusion among insurers. The chamber also plans to fight efforts by institutional investors and labor unions to allow shareholder nominees on corporate proxy ballots, and will encourage Congress to amend the 2002 Sarbanes-Oxley corporate governance law, Donohue said."
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