To the People

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or TO THE PEOPLE.

Tuesday, March 11, 2008

Client #9 Was a Bully

My view of Eliot before this scandal was that he was a major aggressive asshole. He didn't only seek to prosecute individuals, he seeked to ruin them. He shook down Wall Street and never took a case to court and never won a single case in court but exacted fees so the firms could avoid indictment. He famously told the former head of highly respected Goldman Sachs, who dared to write an op-ed opposing his policies,
"I will be coming after you. You will pay the price. This is only the beginning and you will pay dearly for what you have done. You will wish you had never written that letter,"
This guy is a bad guy and I have total schadenfreude in his demise. His interference in capital markets firms, and his requirement that they separate investment banking from research has killed the US IPO market. Remember when the US had an IPO market? Well we don't anymore, thanks to Spitzer. The lack of an IPO market has significantly devalued most private companies, leading to a massive loss of wealth.

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