American lawmakers have decided that keeping Wall Street on a short leash wasn't such a hot idea after all
Years from now, when historians look back and try to figure out when and why the great post-Enron corporate crackdown faded away, they'd do well to consider a speech delivered to little notice a few weeks ago in New York.
Up on stage was a figure well-known to all who've followed the crimes and punishment of corporate fat cats over the past few years. Eliot Spitzer, the firebrand attorney general of New York and leading crusader against Wall Street's many sins, rose from obscure state official to leading candidate for governor largely by declaring war on big business. He extracted billions in penalties and brought down some of Wall Street's biggest stars -- attacking tainted stock research, exorbitant pay, and insider trading among the $5,000-suit set. But on this day his tune was hardly recognizable as he confessed some misgivings about the whole reform agenda he helped champion.
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