Does disgraced former New York Governor Eliot Spitzer now have ulterior motives?
Would you trust Eliot Spitzer with your money?
At first, that question might seem a bit odd. After all, when most people think of monetary transactions and Spitzer, trust is not exactly the first word that comes to mind.
But that’s exactly what millions of New Yorkers are being asked to do. That’s because the man who rode a relentless crackdown on Wall Street all the way to the Governor’s mansion is now throwing his hat into the ring to be the next Comptroller of New York City. And should he win, he’ll be responsible for investing the billions that are in public employee’s pension funds.
So what kind of job will he do?
“It won’t be Corzine at MF Global,” offered Wall Street veteran and UBS’s director of floor trader Art Cashin. That’s pretty faint praise considering Corzine blew up a sleepy commodity firm and lost millions of dollars in protected customer funds and could face trial.
But Cashin says New Yorkers need not worry about their money should Spitzer win. That’s because Cashin, who’s knows more about the ways of Wall Street than just about anyone else, thinks Spitzer will likely outsource the heavy lifting of managing all that money to professional investors.
Instead, Cashin feels Spitzer will use his new platform to further rehabilitate his tarnished image.
So will Wall Street take him seriously? Watch the video to see Cashin’s response.