Spitzer "Disappointed" in Wall Street's Regulators

more+
less-
June 19 (Bloomberg Law) -- Eliot Spitzer, former Governor and Attorney General for the State of New York, talks with Bloomberg Law's Lee Pacchia about the so-called revolving door between the public and private spheres. While he doesn't think the entire concept requires regulatory change, he does feel particular examples have shown an enormous problem of individuals improperly internalizing defenses of the private sector when they go to work for the government. Spitzer feels the issue is more about a person's capacity to change with See more +
June 19 (Bloomberg Law) -- Eliot Spitzer, former Governor and Attorney General for the State of New York, talks with Bloomberg Law's Lee Pacchia about the so-called revolving door between the public and private spheres. While he doesn't think the entire concept requires regulatory change, he does feel particular examples have shown an enormous problem of individuals improperly internalizing defenses of the private sector when they go to work for the government. Spitzer feels the issue is more about a person's capacity to change with their given roles. "Can people separate, emotionally and intellectually, one job from the past job...that's a very hard thing to do," he says.

Asked whether the broad discrepancy in pay between private and public sector jobs is making the situation worse, Spitzer points to the non-monetary benefits of working in government. "[Government workers] are a lot happier...lawyers in the government tend to draw their joy and satisfaction not from their paycheck but from, theoretically, the existential joy of what they are doing", he says.

Spitzer adds that he is "disappointed" in the government's current slate of regulators, pointing to what he sees as an "overstated fear" of the economic consequences of prosecuting systemically important companies. Spitzer also gives his thoughts on the upcoming mayoral election in New York City. See less -

Embed Video

Copy

Topics:  Banking Crisis, Criminal Prosecution, DOJ, Eric Holder, Lehman Brothers, Lenny Breuer, Mary Jo White, Neither Admit Nor Deny Settlements, SEC, Too Big to Fail, Wall Street

Published In: Business Torts Updates, Criminal Law Updates, Elections & Politics Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Bloomberg Law | Attorney Advertising

CONNECT

Bloomberg Law® has revolutionized the legal research industry by providing the first system that... View Profile »


Follow Bloomberg Law:

Reporters on Deadline