As far as the Bush Administration was concerned, his resignation came none too soon. Just four days after Spitzer’s emotional public notice to leave the governorship, the federal government was forced to underwrite $30 billion in toxic loans that had caused 86-year-old Bear Stearns to declare itself insolvent. The reason for their complete collapse? The toxic subprime loan paper they owned. But with Eliot Spitzer out of the picture, there was no one to connect the predatory practice dots of the banking community with the dots of millions of foreclosures and the toxic loans they produced. The Sheriff of Wall Street had been shot and mortally wounded, and the posse had run away. The growing, worldwide financial meltdown was now able to proceed unabated.
For twelve months the world has stood back and watched failed financial institute after failed financial institute crumble in prime time. Storied pillars of the banking and economic sectors of society have fallen like so many dominoes from a cheap, vaudeville sideshow complete with pictures of international villains and payments of sums of money that would make even Solomon blush. With Sheriff Spitzer gone, the Money Pilfers Gang has rode roughshod over the entire planet, destroying entire national economies, and creating a climate of doom and gloom that would rival even the best Hitchcock screenplay.
And then, only a few days ago, a single voice was heard in the distance echoing cries of justice for all that have been so absent these many months. While the latest absurd theft of the people’s money by the directing banksters of AIG is still fresh in our minds, a familiar yet haunting voice from the past has once again taken up the clarion plea from the masses that justice be served at last. As the cloud of dust made its way to the forefront of the world’s stage, we were witness once again to the crusader’s return to battle, our own Sheriff of Wall Street, Eliot Spitzer.
On March 18, the New York Times business section provided the grounds for the next battle between the people and the moneymasters. “[Mr. Spitzer’s] central point was that the millions of dollars in bonuses ought to be overshadowed by what he sees as the more flagrant offense by A.I.G., shepherding billions in bailout money to its trading partners. Despite his Democratic credentials, Mr. Spitzer in his latest views adds to criticism he has already directed at the economic policy of the Obama administration.”[5]
Has the Sheriff of Wall Street rode back into town just in time to save the poor, beleaguered townsfolk from the continued raping and pillaging of the dark warlords and their evil empire? Have we finally found our ships captain who will guide us past the onslaught of the waves of monetary ruin and start steering our ship towards the seas of solvency and economic calm? Only the future will answer these questions, but we can now, at least, hope that at long last a man for the people has risen once again and dares defy the aristocrats of annihilation and their evil plans.
[1] Spitzer resigns, capping stunning fall, AP, March 12, 2008.
[2] Wall Street’s Top Cop, Time-CNN, December 30, 2002.
[3] Gambinos to Quit Trucking Business in a Plea Bargain, NYTimes, February 27, 1992.
[4] Predatory Lenders' Partner in Crime: How the Bush Administration Stopped the States From Stepping In to Help Consumers, Washington Post, February 14, 2008.
[5] Spitzer Joins the Furor on Money for A.I.G., NYTimes, March 18, 2009.
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