Tuesday, August 30, 2005

Guilty Pleas in Spitzer Mutual Funds Investigation

Albany, N.Y.: The former CEO and president of an Arizona-based trust company each pleaded guilty to criminal charges in a mutual funds industry investigation. New York Attorney General Eliot Spitzer accused the former executives of facilitating and participating in fraudulent mutual fund late trading and market timing schemes by a group of related hedge funds. [MSNMoney]

Friday, August 26, 2005

The Nation: Fusion Politics

If Politics is your cup of tea, you will enjoy this Nation article about the "Power of Fusion Politics" by Alyssa Katz.

Attorney General Eliot Spitzer, running for governor in 2006, solicited Working Families as his first endorsement. "What this is about," said Spitzer as he accepted the party's support, "is embracing progressive politics. It's about embracing the ideas and the values that will change the lives of citizens across the state; being willing to challenge the status quo; being willing to say, If it's broken we will fix it.... You have proven that substance matters in politics."

It's also about Spitzer buying into the WFP's sophisticated organizing apparatus. In acknowledgment of his cash contributions--the Attorney General was a keynote speaker at a party fundraiser--Spitzer can expect Working Families canvassers to go door to door or hold rallies in key districts he needs to win. And it's understood that Spitzer will have an obligation to deliver on Working Families' demands.

Spitzer's a radical by Wall Street standards, but not by the WFP's. Items on the party's legislative agenda include universal healthcare, rent regulation, a living wage and closing the income gap through progressive taxation. Founded and led by a coalition of labor unions and community organizations--including the Northeast regions of the United Auto Workers and the Communications Workers of America (CWA), locals of the garment and hotel workers' union UNITE HERE and the service workers' SEIU, ACORN and Citizen Action--Working Families claims an organized bloc of voters committed to economic populism, and the party uses them to get major-party politicians to follow the Working Families agenda. Its organizers strive to appeal simultaneously to Nation-reading liberals, people of color alienated by the Democrats, and working-class whites.