New
York
/ Eliot
Spitzer
ELIOT SPITZER News:
-
NY
- Eliot
Spitzer -
- 
- "AOL
pays $1.25 million to settle cancellation complaint."
... "America Online, the world's largest Internet service provider, will
pay $1.25 million in penalties and change some customer-service practices
to settle an investigation by New York Attorney General Eliot Spitzer."
... "About 300 consumers had filed complaints with Spitzer's office accusing
AOL, a wholly owned subsidiary of Time Warner (TWX),
of ignoring their requests to cancel service and stop billing." -By
Mark Johnson -AP
via -USATODAY
-
AIG
- New
York
-
- 
- Eliot
Spitzer - "AIG
Lowers Net Income By $3.9 Billion Over Five Years (Update2)."
... "American International Group Inc., the insurer accused by New York
Attorney General Eliot Spitzer of duping investors, reduced net income
by $3.9 billion over five years to correct improper accounting and increase
reserves for asbestos and environmental claims." ... "Spitzer's suit said
[CEO Maurice ``Hank''] Greenberg, 80, directed or had knowledge of at least
seven types of deceptive accounting designed to improve AIG's financial
results or stock, misleading investors and regulators. Spitzer also is
presenting evidence to a New York state grand jury, which will weigh possible
criminal indictments, people familiar with the matter said on May 20."
-By Jesse Westbrook and David Plumb
-Bloomberg
-
-
- New
York
- Eliot
Spitzer -"Spitzer
files charges against Greenberg and AIG." ... "Eliot
Spitzer, New York attorney general, on Thursday filed civil charges against
Maurice "Hank" Greenberg and American International Group and accused AIG's
deposed chief executive of "manipulating" AIG's books to purposely deceive
shareholders." ... "The charges, filed jointly by Mr Spitzer and the New
York insurance department, are the first to be brought against AIG and
Mr Greenberg by US regulators. Mr Spitzer accuses Mr Greenberg and Howard
Smith, former chief financial officer, of "routinely engaging in misleading
accounting and financial reporting"." -FT.com
via -MSN
-
- Eliot
Spitzer -
- "TIME
2002 Crusader of the Year: Eliot Spitzer: ... "Wall Street's Top Cop:
In a year when business let so many down, Eliot Spitzer fought back. How
a rich kid from the Bronx became the people's champion." ... "Spitzer opened
an investigation that in just a few months began fundamentally reshaping
America's financial markets. Analysts, Spitzer would show, were doctoring
their reports—which the public relies on for stock information—to win business
for their banks' investment arms or to downgrade companies that didn't
play ball. Insiders knew the scam; folks in the heartland had no idea.
Spitzer's aggressive pursuit of Merrill Lynch and, subsequently, a dozen
other Wall Street firms turned the tables. The new ethics he championed
are touching in their simplicity: analysts' ratings should reflect what
they actually believe. There has not been such an affirmation of what's
right since Moses and the Ten Commandments. "The system was rotten, and
no one seemed interested in fixing it," says Spitzer. "So we moved in.""
(1,
2,
3,
4)
-By Adi Ignatius -TIME
- Person of the Year
- 2002
-
- OPINION
- "[New
York states Attorney General Eliot] Spitzer: Man Of The Year - Savior of
Capitalism?" ... "Using a New York state law, he
obtained some explosive internal emails from Merrill Lynch and secured
a $100m fine. This pushed a complacent Securities and Exchange Commission
into action, and finally yesterday Spitzer got the reward for his pursuit."
... "As part of the agreement forged with the Stock Exchange [full
details], the ten leading brokerages must pay $900 million in retrospective
relief, $450m to fund "independent" research and $85 million to "investor
education". The brokerages, including Solomon Smith and Barney, CSFB, Lehman,
Morgan Stanley and UBS Warburg, will not be allowed to reward CEOs with
IPO offerings, and must operate at arms length from no less than independent
analysts on each offering. (Since the brokers are still paying these independent
analysts' fees, it's hard to see how this cure will be truly effective.)"
... "But for the Bronx-born Spitzer, his legend is assured as a pugilist
populist attorney straight from central casting. He's taken on the mob,
the music pigopolists (for CD price fixing), low-paying employers, and
is currently suing President Bush for gutting the clean air act." -By
Andrew Orlowski -TheRegister.co.uk
-
- OPINION
- "Eliot
Spitzer vs. the Chicago Boys: Corporate crooks,
dirty air, pricey drugs -- they're all the doing of the University of Chicago's
free-marketeers, says N.Y.'s Attorney General." ... "As a voice of laissez-faire
economics, the University of Chicago has shaped much of the dialogue over
market regulation in recent years, starting with Ronald Reagan's Administration
in 1980. Free markets, the theory goes, will correct most excesses by making
it impossible for those guilty of bad behavior to survive. "They've said
that intervention by...government is wrong," Spitzer said. "But they haven't
taken into account that markets can have structural flaws."" ... "For example,
environmental polluters are not being punished by the market, he charged,
and that means all of society pays the price for pollution. Relying on
the market to fairly price prescription drugs has also failed, he insisted,
since some severely ill people rely so much on one particular drug that
they will pay anything to get it." -By Heather Timmons
-BusinessWeek/Daily
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