New York Attorney General Eliot Spitzer – for whom New York Governor George Pataki‘s press secretary once noted that “AG” stood for “Aspiring Governor” – confirmed today what everyone who has not lived the past few years on a deserted island already knew — that he will run for governor of New York in 2006.
Mr. Spitzer’s political agenda is downright frightening for anyone trying to make a living running a business, as his investigations into investment banking, mutual-fund trading, and business insurance have shaken those industries to their core. Indeed, those investigations have arguably made him a more powerful regulatory force than the federal and state agencies that are chartered to regulate those industries.
Consequently, Mr. Spitzer will likely portray himself in the governor’s race as the crusading protector of the common investor against the Republican-backed behomeths of Wall Street. However, it’s far from clear at this point that Governor Pataki will even seek a fourth term in 2006. Interestingly, early polls show that Mr. Spitzer would beat Governor Pataki in a head-to-head race, but that former New York City Mayor Rudolph Giuliani would beat Mr. Spitzer handily in head-to-head polls. Nevertheless, Mr. Giuliani may well not not run for governor in order to keep his options for higher political office open.
Meanwhile, as far as horse races go, I’m pulling for Dick Grasso to kick Mr. Spitzer’s ass in their upcoming lawsuit over Mr. Grasso’s compensation and severance from the New York Stock Exchange. In fact, I hope that Mr. Grasso kicks Mr Spitzer’s rear decisively.
For a particularly good archive of well-reasoned analysis of Mr. Spitzer’s damaging methods of regulation, check out Professor Bainbridge’s resources on the topic.
Finally, if you want a taste of how the fawning mainstream media naively views Mr. Spitzer, check out this ludicrous Loren Steffy column from the Houston Chronicle.