Former Attorney General and current New York Governor Eliot Spitzer has resigned. Proof positive that what goes around, comes around.
While attorney general, Eliot Spitzer made a name for himself with his aggressive pursuit of some of the largest insurance companies and agencies that represented them. Wikipedia provides a nice summation of Mr. Spitzer’s prosecutions. While I won’t address the innocence or guilt of the alleged-offending companies, I will say that it was Mr. Spitzer’s reported intimidation of company principals that gave me pause. Among the casualties were Marsh & McLennan, AON, Maurice Greenberg of AIG, and John Whitehead of the Lower Manhattan Development Commission. Mr. Whitehead alleged that Spitzer threatened him with, “Mr. Whitehead, it’s now a war between us and you’ve fired the first shot. 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.” Several colleagues and I remarked that making a name for himself seemed the greater motive of Mr. Spitzer, overriding pursuit of the truth and the public good.
I won’t disagree that insurance companies can be self-serving. After all, they are in the business to make a profit. However, the great majority respect first the public they serve. There is little incentive to cheat the average person as such a business model fails in the long run; bad press and violating the public trust only weakens their ability to consistently show a profit to shareholders.
Call it Karma, or divine retribution. Eliot Spitzer may have believed privately that he was above the law. The good people of New York will now ensure that he is judged by the same laws that the rest of us would be. Mr. Spitzer can’t bully his way out of this one.
