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Bad Day For Honest Capitalism?

Non-campaign related post (on what else?):

I'm told CNBC's coverage of SpitzerGate is worth watching to see all the Wall Streeters doing victory dances over their nemesis' downfall.  It's an old cliche but the losers here are probably ordinary people.

Along those lines, here's none other than Noam on Spitzer in the NYT from 2005:

Spitzer, of course, isn't simply the beneficiary of this prosecutorial model; he helped create it. The attention surrounding his investigations of Wall Street revealed a popular hunger for taking on corporate fraud. Perhaps more important, the investigations highlighted the appeal of standing up for the ordinary investor - the middle-class person saving for retirement or for a child's education - against entrenched business interests....

Another measure of Spitzer's influence is the virulence of his critics. The Wall Street Journal editorial page, which frequently rails against "the Lord High New York Executioner," has complained that Spitzer "attacks entire businesses and business practices, whether or not he can prove any individual culpability in court." Grover Norquist, the anti-tax activist, views Spitzer as little more than a shakedown artist who extorts settlements from companies under the threat of indictment - more Alabama sheriff than New York prosecutor. This also accurately describes the sentiment in some corners of Wall Street, which could end up funneling tens of millions of dollars toward Spitzer's likely opponent next year, William Weld, the former Massachusetts governor who now lives in New York.

P.S. As the Senator from New York I'm sure Hillary is going to be asked for her response to this. That won't be awkward or anything.

--Michael Crowley