Eliot Spitzer’s Attack on the Securities Industry

by | Nov 10, 2002

Whatever you may think of Microsoft, the decision last Friday by federal judge Colleen Kollar-Kottely to approve the company’s settlement with the Department of Justice was a much needed rebuke to the scorched-earth prosecutorial mindset of today’s state attorneys general — many of whom tried to block the settlement, holding out for draconian punishments and […]

Whatever you may think of Microsoft, the decision last Friday by federal judge Colleen Kollar-Kottely to approve the company’s settlement with the Department of Justice was a much needed rebuke to the scorched-earth prosecutorial mindset of today’s state attorneys general — many of whom tried to block the settlement, holding out for draconian punishments and elaborate structural remedies.

In today’s prosecutorial, legislative and regulatory war on capitalism, the battle on this particular front was a victory for capitalism. But now to another battlefront in the same war — the attack on the securities industry led by New York attorney general Eliot Spitzer. We can only hope that some of Kollar-Kottely’s intellectual ammunition can be aimed at Spitzer, before he carpet-bombs the firms that are at the very center of free global capitalism.

Kollar-Kettely told the hold-out states attorneys general in the Microsoft case that it was unjust for them to drag in “all existing allegations

Don Luskin is Chief Investment Officer for Trend Macrolytics, an economics research and consulting service providing exclusive market-focused, real-time analysis to the institutional investment community. You can visit the weblog of his forthcoming book ‘The Conspiracy to Keep You Poor and Stupid’ at www.poorandstupid.com. He is also a contributing writer to SmartMoney.com.

The views expressed above represent those of the author and do not necessarily represent the views of the editors and publishers of Capitalism Magazine. Capitalism Magazine sometimes publishes articles we disagree with because we think the article provides information, or a contrasting point of view, that may be of value to our readers.

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