Spitzer’s Second Act

In line with F. Scott Fitzgerald’s famous quote, there seem to be no second acts in political lives. President Nixon, Rep. Barney Frank and Sen. John Edwards never recovered from their falls from grace.

Yet, Eliot Spitzer, former governor of New York, can and must return to public office.

Throughout his life, Spitzer has shown an independent streak and willingness to crack a couple of skulls to get things done. This is what America needs now.

As the son of a wealthy New York real-estate baron, Spitzer could have lived off the coattails of his family’s wealth for his entire life. Instead, he became a public servant and joined the Manhattan District Attorney’s office.

As a Democrat, Spitzer ran a successful campaign for attorney general of New York in 1988. From the very get-go, Spitzer established himself as the white knight of Wall Street, no matter how unpopular and unprecedented his actions were.

As attorney general, Spitzer flexed his office’s muscles like no one had before. Using the Martin Act, a powerful piece of state legislation that allows the attorney general extraordinary powers and discretion when pursuing financial fraud, he prosecuted notable crimes, such as stock price inflation, predatory lending practices by mortgage lenders and investment fraud.

Spitzer even fought AIG before anyone was critical of the company, ousting former chairman and CEO Hank Greenberg on allegations of fraudulent practices by the company.

As such, Spitzer won the public’s approval and garnered Wall Street’s contempt and disgust. Spitzer served as a beacon of justice and symbol of hope. Dubbed “the future of the Democratic party,” by New Mexico Governor Bill Richardson, Spitzer’s career rocketed as he overwhelmingly won the 2006 gubernatorial election.

Nearly two years later came Spitzer’s hamartia; he was caught with his pants down. Spitzer had been using a prostitution ring, and his hypocrisy was palpable in the Albany air. Upon resigning, the shamed former governor disappeared into obscurity.

However, two years later, Spitzer is back to making front-page news. Having charges against him dismissed, he has become a regular columnist for Slate magazineand a popular guest on TV shows such as “The Colbert Report,” “Real Time With Bill Maher” and “Hardball.”

Spitzer has also published editorials in the Washington Post and The New Republic, highlighting ways to improve regulation, prosecution and the bailout. He has even made political potshots at New York Attorney General Andrew Cuomo, a possible contender for governor in 2010.

Although scandal-fatigued, Spitzer is needed, not only by New York, but by the entire United States. If Spitzer returns to the office of attorney general, we’ll all see results.
 
Spitzer is not afraid to make waves and spar with opponents. He is going to get things done.

Although shamed, Spitzer still had the chutzpah to vocally criticize opponents.

He once said: “Listen, I’m a fucking steamroller, and I’ll roll over you and anybody else,” to a Republican assemblyman. 

If Spitzer can bring back this sort of ball-breaking attitude, he can truly be the sheriff of Wall Street that we need him to be in this time of financial uncertainty and insecurity.


E-mail: yzchaudh@indiana.edu