Eliot Spitzer on Regulatory Reform (And His Own Future)

Thursday, June 18, 2009

Transcript

President Obama has proposed sweeping changes to the regulation of the country's financial system. But do these changes actually address the root causes of our financial crisis? For one view, we turn to Eliot Spitzer, former Attorney General and Governor of New York. When he was Attorney General he made a name for himself suing companies like AIG for deception, fraud and boosting the company’s stock price. He also discusses his personal feelings at having to watch the unfolding crisis as a bystander and not as political leader.

"Rearranging the deck chairs does not fundamentally alter the fact that the regulators had the power over the past few years."
— Eliot Spitzer on financial reform

Guests:

Eliot Spitzer

Hosted by:

Katherine Lanpher and Femi Oke

Comments [13]

kurt

Eliot, you have my support. What counts in politic is the impression. Fancy announcements supposedly tackling problems. As Eliot points out, regulators already have the legal means to reduce Banks leverage. If somebody have an device but does not know how to use it, repainting that device wont help.

Aug. 12 2009 04:39 PM
serena1313


PS:

The bottom line is who wins in the long run: the financial institutions or the consumers. Let's do this right, otherwise the former wins and that means no one is safe.

Jun. 19 2009 12:08 AM
serena1313

I agree with sambolina, Spitzer is not slamming Obama. He is simply pointing out what caused this crisis in the first place is being overlooked. However one thing Spitzer left out is the major part that the rating companies played in bringing down the economy -- they were hired by the same companies they were rating! That has to change, too. But no one is talking about it.

The insiders had Bush to protect them. When Spitzer opened an investigation on possible predatory lending and discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation. Now that he is gone the bankers are fighting tooth and nail lobbying Congress to stand against regulations and consumer protection laws.

I could care less about Spitzer's hookergate. However I do suspect that the big wigs in the financial sector may have been behind exposing Spitzer's indiscretions to bring him down. After all Spitzer was investigating them.

Jun. 19 2009 12:06 AM
Marie Gachelin

We can have regulations but if they're not enforced, what's the point of having them?
What should anyone expect when those that are being regulated pay for the salary of their regualators?
Now, we have quasigovernment organizations in which the regulated served as their own regulators. I say that's a lot of progress! With this financial crisis, it's the perfect time to create criminals and victims. Eventually, everyone will claim not to have a thing. Predictable.

Jun. 18 2009 07:17 PM
Steve

Look it up.
http://www.law.cornell.edu/uscode/

U.S. Code Title 18 Chapter 47 1005,1006,1010, and 1014 A broker or employee of a financial institution faces up to 1 million or 30 years imprisonment for defrauding or falsifying a financial doc. There is no law stating the home owner or called mortgagor to be procecuted for falsifying. Why? Because no home owner has the employment power to enforce a loan. You had my bank statements, taxes prepared by my acountant, and credit report. The ball was in your court.

Title 12 Chapter 29 Section 2803
Where is my mortgage application? I'd sure like to see it.

Title 12 Chapter 27 Section 2604 " Special Information Booklet"
Did you ever get one? Was there a picture on the cover? I don't know I never got one.

We have laws. Seems like everytime there is a crisis we ignore the rights, create new ones, and let the criminals get away.

Jun. 18 2009 06:04 PM
Music Lover

Sorry, Gov. You lost your bully pulpit. Now go away.

Jun. 18 2009 02:24 PM
sambolina

What a bunch of whack jobs -- Spitzer isn't "attacking" Obama, you morons. Spitzer's infidelity doesn't diminish his intellect and expertise in this area. Get with the program "Debrra" and "Jerry" -- Bulletin! That orb between your ears -- that is your HEAD and presumably you have a brain in there somewhere. USE IT!!

Jun. 18 2009 02:22 PM
georip

He's just saying what we all know to be true. If you haven't read "Shock Doctrine" yet you owe it to yourself. Those who stand up to power like Spitzer has done are few and far between. Without the few like him our country would be duck soup.

Forget the sex. We're all in the same bowl, or wish we were. How is it even relevant? We've got vastly worse problems to seriously confront that are in powerful leadership roles in this country. I am begining to think even Obama is not up to confronting the problems. I say everyone that is trying to do something to confront those who steal from the common wealth should be given sex. MoveOn.org got its start because a lot of other folks thought that Clinton's daliances were none of our business and that other matters were far more urgent. I agree. Now lets go get some public healthcare insurance. Single payer would be the best.

Jun. 18 2009 02:18 PM
10

jealousy

Jun. 18 2009 02:09 PM
Debrra

I wouldn't take advice from this opportunist for all the money in the world. If you listen to him, he's looking for a way back in the game. Slamming Obama seems to be his forte. Or perhaps he's jealous of Geithner. Under any circumstances, do something of merit to get back in the game, don't just shoot your convict mouth off.

Jun. 18 2009 01:44 PM
Robert Williams

Actually it what he did was between him, his wife, and the State of New York. Solicitation of prostitution and fraud (he used his expense account for the travel expenses) are crimes and should therefore eliminate him from holding office.

Jun. 18 2009 01:29 PM
A Supporter

I would love to see this man back as the AG. What he did that he lost this office should only concern his wife - she's still with him. It was two separate concerns. Not that it's right, but many married men and women have extra marital affairs - he just got caught. Doesn't mean you can't do your job - just means you need to or not work on your marriage - that's personal.

Jun. 18 2009 01:15 PM
Jerry

Why this man's on radio? is he doing it for free? is Madoff next to make some precious comments?, aren't you able to find anybody else? there's 8 milion folks in this hamlet.

Jun. 18 2009 08:09 AM

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