What makes this history all the more unfortunate is that the warning signs about Mr. Spitzer were many and manifest. In the final days of Mr. Spitzer's run for attorney general in 1998, the news broke that he'd twisted campaign-finance laws so that his father could fund his unsuccessful 1994 run. Mr. Spitzer won anyway, and the story was largely forgotten.
New York Stock Exchange caretaker CEO John Reed suggested Mr. Spitzer hadn't told the truth when he said that it was Mr. Reed who wanted him to investigate Mr. Grasso's pay. The press never investigated.
On the substance, his court record speaks for itself. Most of Mr. Spitzer's high-profile charges have gone up in smoke. A New York state judge threw out his case against tax firm H&R Block. He lost his prosecution against Bank of America broker Ted Sihpol (whom Mr. Spitzer threatened to arrest in front of his child and pregnant wife). Mr. Spitzer was stopped by a federal judge from prying confidential information out of mortgage companies. Another New York judge blocked the heart of his suit against Mr. Grasso. Mr. Greenberg continues to fight his civil charges. The press was foursquare behind Mr. Spitzer in all these cases, and in a better world they'd share some of his humiliation.
Instead, remarkably, they continue to defend him. Ms. Masters, his biographer, was on CNN the day Mr. Spitzer's prostitution news broke, reassuring viewers that the governor really was a "lovely" guy. Other news reporters were reporting what a "tragedy" it was that such a leading light in the Democratic Party could come to such an ignoble end.
There's little that's tragic about Mr. Spitzer, unless you consider his victims (which would appear to include his own family). The press would do well to meditate on that, and consider how many violations they winked at and validated over the years. Politicians don't exist to be idolized by the press, at least not by any press corps doing its job.
Originally from the pit at Tradesports(TM) (RIP 2008) ... on trading, risk, economics, politics, policy, sports, culture, entertainment, and whatever else might increase awareness, interest and liquidity of prediction markets
Wednesday, March 12, 2008
Kimberly Strassel on Spitzer's warning signs, ignored by duped accessories (otherwise known as the media)
She zings:
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