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October 14, 2005

Is Spitzer acting badly? Fri, Oct. 14, 2005, 12:04 PM

Ted David of CNBC was interviewing Christine Benz, a Morningstar editor, this morning. Benz commented that Eliot Spitzer has dropped his suit against a Bank of America broker. She says: I think this looks very bad for Spitzer actually." And rather than question her on what would be a real news item possibly, Gluckman says in reply, We broke that story here."

These people just don't get it.

It's not about being first; it's all about being informative, helpful, and accurate. That's what the public needs.

As to Spitzer, I have to think that after reviewing the facts, his withdrawal of a case that didn't have the merits to be winable is a great thing.

That's because the public needs to know there is objectivity and fairness among the authorities. That gives us confidence so that when we hear these Wall Street people scream about the regulators causing them so much grief, we can ignore their nonsense. We can continue to say: Stop doing the crime; and you won't be doing the time."

But for Wall Street to take shots at Spitzer is like hearing children in the playground say they don't need a supervisor. Grown-ups know better.

I tell you this anti-Spitzer dialog will continue. I'm apolitical but I can see politics at work here. Spitzer intends on running for NY Governor as a Democrat. He'll win, but in the process the Dirty Tricks played on him by the Republicans will be ugly. Then he'll run for President, and if he is well managed, he'll win there too (and the dirty tricks will be worse.)

As to my bias, you should know that for the most part I have voted Republican (Conservative in Canada), but that's just because we don't have a three-party system based on liberals, conservatives and libertarians. I happen to be the latter.

Which is to say I believe in myself, and the sovereign rights of individuals. I just hate politics, the way it's played today.

Posted by Posted by Bill Cara on October 14, 2005 12:06:48 PM | Category: Yada yada