In Greek tragedies, there's a concept called hubris. An arrogant protagonist is felled by his own wrongdoing.
(CBS/The Early Show)
A year ago today, New York Governor Eliot Spitzer was identified as Client Number Nine in a federal investigation of a call girl ring. He left office by St. Patrick's Day and has assumed his place in the pantheon of disgraced politicians.
Spitzer spent his career prosecuting white collar criminals and urging stricter regulations on the financial sector.
He warned that AIG was creating a false sense of capital long before the insurance giant needed a bailout. He called on the Bush administration to investigate subprime lending and advocated better controls on risk.
One month before he had to resign from office, Eliot Spitzer warned Congress that a financial tsunami was coming, and urged immediate action on the credit crisis.
Unfortunately it was Spitzer who would drown ... in the flood of his own bad judgment.
That's a page from my notebook.