Not Too Big to Jail
Why Eliot Spitzer Is Wall Street’s Worst Nightmare – Published on Dissident Voice, by Ellen Hodgson Brown, August 19, 2013.
Before Eliot Spitzer’s infamous resignation as governor of New York in March 2008, he was one of our fiercest champions against Wall Street corruption, in a state that had some of the toughest legislation for controlling the banks. It may not be a coincidence that the revelation of his indiscretions with a high-priced call girl came less than a month after he published a bold editorial in the Washington Post titled “Predatory Lenders’ Partner in Crime: How the Bush Administration Stopped the States from Stepping in to Help Consumers.”
The editorial exposed the collusion between the Treasury, the Federal Reserve and Wall Street in deregulating the banks in the guise of regulating them, by taking regulatory power away from the states. It was an issue of the federal government versus the states, with the Feds representing the banks and the states representing consumers.
Five years later, Spitzer has set out to take some of that local regulatory power back, in his run for New York City comptroller. Mounting the attack against him, however, are not just Wall Street banks but women’s groups opposed to this apparent endorsement of the exploitation of women. On August 17th, the New York Post endorsed Spitzer’s opponent and ran a scathing cover story attempting to embarrass Spitzer based on the single issue of his personal life.
Lynn Parramore, who considers herself a feminist, countered in an August 8th Huffington Post article that it is likely to be in the best interests of the very women who are opposing him to forgive and move on. His stand for women’s reproductive rights and other feminist issues is actually quite strong, and his role as Wall Street watchdog protected women from predatory financial practices. As New York Attorney General, he was known as the “Sheriff of Wall Street.” He is one of the few people with not only the insight and experience to expose Wall Street corruption but the courage to go after the perpetrators.
Targeted for Take-down: … //
… A Rooster to Guard the Hen House: … //
… The Issues that Matter to Women:
On July 10th, the head of the local chapter of a national women’s advocacy group asked a small gathering outside City Hall:
Do we want an elected official who has broken the law and who has participated in sustaining an industry that we all know has a long history of exploiting women and girls?
The speaker lumped Spitzer with Anthony Weiner, who is running for mayor after sending out sexually explicit tweets, and Vito Lopez, who is running for City Council after resigning from the Assembly over sexual harassment allegations. She asked whether these men would address the issues that matter to women, “or are they just going to see us as objects?”
Sexual exploitation is an issue that matters to women, but the best way to save women from the sort of desperation that leads to exploitation is to keep them out of ruinous debt. Wall Street fraud, corruption and abuse have caused millions of homeowners to lose their homes and have tipped cities toward bankruptcy; and Spitzer is one of the brave few who has exposed and attempted to prosecute those predatory practices. As comptroller, he could make more information available to the public concerning the companies in which public pension funds are invested, look out for exploitive fees, insist on plain English reporting of derivatives exposure, and take steps to ensure that nurses and teachers are not being financially exploited. He can monitor contracts and business dealings and help protect the city from the kinds of rip-off schemes that deplete city funds for education, infrastructure, and the social safety nets that women, particularly, rely on.
In a December 2011 article in Slate titled “We Own Wall Street,” Spitzer argued that bad corporate behavior could be stopped by a political movement uniting shareholders, pension funds and mutual funds – the actual owners of the corporations – who could then take coordinated action demanding transparency and accountability.
This is the sort of creative thinking that will be needed if we the people are to take back our power from Wall Street and the corporatocracy. We need a mass movement, coordinated action, and leaders who can organize it. Eliot Spitzer is one of the few people in a position to play that role who have the experience, vision and courage to carry it through.
(full text).
Links:
Eliot Spitzer on en wikipedia, including See also and with it’s External Links:
… (born June 10, 1959) is an American lawyer, political commentator, and Democratic Party politician. He is currently running as a candidate for New York City Comptroller. He served as the 54th Governor of New York from January 2007 until his resignation on March 17, 2008, which occurred in the aftermath of a prostitution scandal. Prior to being elected governor, Spitzer served as New York State Attorney General …;
Eliot Spitzer prostitution scandal on en.wikipedia, including See also and with it’s External Link;