It’s Deja Vu: Eliot Spitzer Has His Eye on a Bigger Prize

So New York Atty. Gen. Eliot Spitzer stands up for the little guy by making the big shots of corporate capitalism pay big bucks for their sins (“Dudley Do-Right in the Valley of Death,” by Josh Getlin, May 8). I remember 15 years ago when another New York prosecutor got a felony plea, a 10-year prison sentence and a $600-million fine from a noted investment banker for infractions that were minor compared to the recent scandals. Of course, Michael Milken was a California target, so future political fundraising efforts within the New York investment banking community were not threatened by strong action against him. Those fundraising efforts were, in fact, enhanced because of the elimination of a market-dominating competitor.

Merrill Lynch, Citigroup and several others should have paid billion-dollar fines and had upper management executives spend time in jail. Spitzer should be commended for doing the job of the Securities and Exchange Commission, but don’t be lulled into thinking he is doing it for the little guy.

He has his eye on a different prize, and it shows in the results. You missed the real story. Maybe you should take a look at the contributors list for that former New York prosecutor. Who was that anyway?

Douglas B. Swets

Rancho Palos Verdes

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To compare New York gubernatorial hopeful Eliot Spitzer with Gov. Arnold Schwarzenegger is ludicrous. Spitzer is a lawyer. He understands law and government. Schwarzenegger is a movie actor with no background in government whatsoever. Spitzer is a true hero. Schwarzenegger just plays one in the movies.

Paula Berinstein

Thousand Oaks