Thursday, December 8, 2005

Langone to mount campaign against Spitzer-spokesman

Billionaire financier Kenneth Langone will on Friday announce he plans to mount a campaign to thwart New York Attorney General Eliot Spitzer's ambitions to be governor of New York state, his spokesman said on Thursday.

This has been an ugly fight since Spitzer sued Langone, but Langone has a point - exactly what did Spitzer do to help investors? As far as I can see, not a thing. He had the big firms in his grasp, got 1.4 billion dollars from them, and NOTHING for investors. He wacked up the money with the other States Attorneys General, got no concessions from the firms, and did nothing to help investors recover their losses.

And then he used taxpayer dollars to mount an expensive lawsuit against Grasso and Langone, to recover money for a private entity - the New York Stock Exchange.

Opposition to Spitzer might be a good idea, and Langone might just be the person to get that ball rolling.
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