Next: The Lawyers
December 8, 2003
For those growing bored by the interminable inquisition focused on the securities and mutual fund industries, hang in there. We hear and read that the SEC and New York prosecutor Elliot Spitzer are looking at possible complicity involving several large law firms involved in preparing documents for securities deals and mutual funds. While the lawyers generally avoid scrutiny for the role they play in suspect stock deals, now that the meat grinder has already torn through Wall Street and the accounting field, legal practitioners are the next logical target � especially given Spitzer�s larger ambitions. One Democratic Senate candidate tells us that Spitzer is clearly focused on a run for governor in New York in 2006 and is raising �big money� from downstate contributors to preclude a meaningful challenge in the Democratic primary. Donations from lawyers and investment bankers are sure to figure prominently in the Spitzer war chest.
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