Sunday, July 10, 2005

Assemblyman Sam Hoyt Blogs at Spitzer 2006

"Eliot Spitzer has what it takes to lead New York State back to prosperity, provide hope for our young people, and protect the life-style our senior citizens worked a life-time to achieve. I hope you'll join me in making sure that he gets that chance."
NYS Assemblyman Sam Hoyt
From his post as guest-blogger at Spitzer 2006

Spitzer's Made A Real Difference

New York Atty. Gen. Eliot Spitzer has been on a tear since taking office in 1998, going after fraud in the brokerage, mutual fund and insurance industries. He got results and is seeking the governorship of New York in 2006. Donaldson, Spitzer and Greenspan are brutally logical individuals who spent a lot of time worrying about what was happening to your money. However you feel about their personalities, politics or accomplishments, these three have made a difference. It's up to you to continue the process. [Chicago Tribune July 10, 2005]

Friday, July 08, 2005

Spitzer To Retry Sihpol

New York Attorney General Eliot Spitzer plans to retry ex-Bank of America Corp. broker Theodore Sihpol III unless he settles a suit with U.S. regulators by admitting wrongdoing about late trading and agrees to sanctions.

On June 9, a jury acquitted Sihpol of 29 charges related to late trading of mutual fund shares. The jury, favoring acquittal 11-1, deadlocked on four charges: securities fraud, scheming to defraud and two counts of falsifying business records. The judge declared a mistrial on the four counts, giving Spitzer the option of retrying Sihpol or dropping the charges. [San Antonio Express News]

Wednesday, July 06, 2005

Spitzer in the Headlines

- New York Attorney General Eliot Spitzer said DHL – one of the world’s largest package delivery companies – has agreed to cease all deliveries of cigarettes to individual consumers throughout the United States. [Consumer Affairs]

- A reservist in the New York National Guard has received more than $4,500 in military leave pay he was entitled to while deployed on active duty in the War Against Terror. Gillis complained to state Assemblyman Roy McDonald, whose office referred the case to state Attorney General Eliot Spitzer. Gillis said the matter was resolved after Spitzer aides inquired about the guard's salary to Washington County officials. [The Business Review, Albany NY]

NOTE: Spitzer said his office has established a telephone information line, 1-800-996-4630, to answer questions from employers and reservists about state law regarding workers called to active military duty.

- Maurice ``Hank'' Greenberg, the ousted chief executive officer of American International Group Inc., may be willing to negotiate with New York Attorney General Eliot Spitzer to settle a fraud lawsuit, one of Greenberg's lawyers said. [Bloomberg]

- [Eliot] Spitzer expressed outrage at legal efforts by the OCC and several banks, including HSBC, Wells Fargo and J.P. Morgan Chase, to block his investigation. Never one to spare fellow regulators at the best of times, he described the OCC's action as “shameful” and “unconscionable”. Rather than bow to Mr Spitzer, they took him to court, seeking an injunction halting his inquiry. On June 20th, in a convoluted decision, Sidney Stein, a federal district judge, declined to stop Mr Spitzer but did the next best thing: threatening to stop the inquiry should the attorney-general issue subpoenas demanding information. Regulators who have tussled with Mr Spitzer in the past have usually come out badly bruised, after choosing the course of reason over litigation. [Economist]

- Internet software firm Intermix has reached a tentative settlement with New York Attorney General Eliot Spitzer after being accused of bundling together spyware with its downloadable software offerings. Under the preliminary agreement reached with Spitzer, Intermix will pay $7.5 million over three years to New York State. The company will also permanently stop distributing unwanted software programs that automatically redirect users' Web browsers to Internet sites. {Corante]

Gung-ho Governor Pataki's Son Opts for Sunshine Patriot Deferment

"At the Republican National Convention last year, Gov. Pataki praised President George W. Bush for having the courage to invade Iraq and overthrow Saddam Hussein. And just as Bush did in his speech Tuesday night, the governor strove mightily to link Hussein to the Sept. 11, 2001, attacks."

At Newsday, Sheryl McCarthy would like to know why NY State governor George Pataki, who was so gung-ho about the Iraq War, is not counseling his son, a U.S. Marine, to go and support his country in a time of need? Why, instead, is Teddy Pataki opting for a student deferment?

Beware Sunshine Patriots.

Spitzer Cares About Poverty

In New York State, our economy is abysmal...especially in Upstate NY. Not only do we have lower incomes Upstate, but we pay far higher taxes. In 2002, NY State had the highest state and local taxes onpersonal income of all 50 states. State and local taxes were $4,645 per capita in NYS and $3,149 on average across the country.

Too long under Republican government; too long without a decent budget being passed; too long without a decent plan for growth of new business, especially in Upstate New York. New York was rated rock-bottom - #50 (out of 50) on the 2004 U.S. Economic Freedom Index. []

As upstate farmer Mark Bitz [] has said, "If leading the Upstate economy was an athletic competition among the 50 states, Governor Pataki’s, Senator Bruno’s, and Assemblyman Silver’s record would be 0-49."

The very recent raise to $6 minimum wage is not enough to keep New York's working poor from slipping below the poverty line, and I see other states doing so much better.

Last March, there was a groundbreaking Conference on Minimum Wage Enforcement sponsored by the Brennan Center for Justice at NYU School of Law, where diverse groups from across the country gathered to combat Labor violations. While the minimum wage needed to be raised, lack of enforcement is an equally serious problem for working families, especially in our nation’s immigrant communities. Successful and creative community-government collaboration models as well as legislative and industry-based initiatives to protect and enforce minimum wage standards were highlighted, and Attorney General Eliot Spitzer was the keynote speaker.

Spitzer (aka "The Spitz") is a great enforcer, as many of us know. Feared by errant corporate types, he recently admitted that even his own father is afraid to take the call when he hears that 'Eliot Spitzer's on line-one'! *wink*

Eliot Spitzer's running for Governor of New York State in 2006, and I wholeheartedly support his candidacy because he shows, every day, that he truly cares about the issue of Poverty.

I recommend that you listen to this speech given by Spitzer at the National Press Club [] last January. He discusses "values" in the context that only government can enforce corporate behavior which is naturally resistant toward minimum wage. He says, "..the marketplace alone can't get us there.....Democrats believe in the market and we understand the market, but it will not survive if we do not understand it's flaws and government does not enforce the rules of integrity."