Spitzer: Reforms Needed to Corral Wall St.

(CBS)  Former New York Governor Eliot Spitzer, who crusaded against Wall Street greed before a prostitution scandal forced him to resign from office, said the system that led to last year's economic disaster hasn't been changed and that President Obama needs to push for a larger reform effort.

Maggie Rodriguez, co-anchor of CBS' "The Early Show," interviewed Spitzer on the one-year anniversary of investment banking giant Lehman Brothers' declaration of bankruptcy. Mr. Obama gave a speech Monday afternoon from Federal Hall near the New York Stock Exchange calling on Congress to pass more financial regulatory reforms.

Spitzer gave a blunt assessment of the financial system one year after the collapse of Lehman.

"We are not doing well," Spitzer said. "We have not reformed the system. We still have a system based upon institutions that are too big to fail, institutions that have received billions - indeed one could argue trillions - of taxpayer dollars and are not investing that money back this to the system to create jobs for the future."

While Spitzer acknowledged that the Obama administration was doing everything it could, he criticized the various regulatory agencies tasked with overseeing Wall Street.

"We have a regulatory system that is utterly in disarray," Spitzer said. "They're squabbling among themselves over power, and yet these are the very institutions often with the same people in charge who failed us before."

However, the former governor and once state attorney general who was called "the sheriff of Wall Street" said the government initially reacted well to the financial crisis.

"Those in positions of authority did what they needed to do, which was to put an enormous amount of money into the system," Spitzer said. "But as I've said repeatedly, that was easy part. The easy part was printing money, taking taxpayer money and giving it to institutions, institutions that had failed terribly."

Spitzer also talked about his personal and political life after resigning from office. His successor, Gov. David Paterson, heads into an early election season with low approval ratings, causing some to question whether Spitzer will return to politics.

"I've said I'm not getting back into politics," Spitzer said. "There are many ways in this life to contribute, many ways to be part of a community, to participate whether it is teaching, which is what I'm doing now. I'm thrilled."

Spitzer is teaching a class at the City College of New York. He also writes a column for the online magazine Slate.

As for his personal life, Spitzer said he's "learned a sense of caring again" thanks to support from his wife and daughters.

"I am fortunate to have an angel for a wife who has been spectacular and three daughters likewise who are wonderful and the center of our lives," Spitzer said. "What more can one ask for?"

[pepperwood2]

Spitzer: Reforms Needed to Corral Wall St...... Disgraced Former Gov. and "Sheriff of Wall Street" Insists He's Not Returning to Politics.

With all the Crooks, Tax Cheats, Liars, Thieves that Obama appointed to run This Country ( Spitzer Included) into Record Debt, he should look into cleaning up his own Act and get back to doing the Work of the American People. Spitzer "The Sheriff of Nottingham" the latest member of Obama's Cast. Robbing & cheating the poor of this Country to to pay off The Obama Elite.

GW is expecting this Winter to be The Coldest on Record. Heating Oil & Energy continues to rise with record increases & profits for the Corportations. From Day 1 The People have had no help with this gouging. The only thing to expect is THE rising CHARGEs we can count on.

While they were on Watch & With no questions asked Obama quickly bailed out Wall Street, Auto, Banking, & Energy. Here we go again, as he goes around saying - Trust Me - Would I lie. This is all Bushes, Clintons, Reagans, Eisenhower's, Trumans & Madison's Fault. So Sad!

[pigsinlipstick]

THIS GUY HAS DONE MORE FOR AMERICA THEN ANY REPUBLI'CON; SENATOR I CAN REMEMBER,

HE NEED TO GET BACK INTO THE GOVERNMENT, WE NEED HIS HELP TO

CLEAN OUT THE STABLE OF PIG DUNG LEFT BY BUSH/CHENEY

[stundbyfluff]

Maggie is interviewing Spitzer, one of the brightest minds in the country, on the anniversary of Lehman Bros. and she spends 3/4 of the interview digging into his personal failure? Walter Cronkite must be spinning in his grave at the state of CBS news.

[stgenesius]

Why would anyone listen to this hypocrite who should be in jail. If Hypocrisy was a crime, Spitzer would have multiple life sentences. Make no mistake, I don't care that he cavorted with hookers or cheated on his wife. That is his private life. But this scumbag sent people to jail for doing exactly what he was doing. The fact is, someone like that cannot be trusted...EVER. He clearly put his political ambitions ahead of the LIVES OF PEOPLE! I am a Democrat and a liberal, and to me Elliot Spitzer is the lowest person in America today.

CBS News, stop talking to this DB, he destroys your credibility. I don't care what he did on Wall Street and neither does anyone else. In fact, I am now suspicious of what he did regarding the financial markets because of his unmitigated hypocrisy.

[pigsinlipstick]

why a hypocrite?

he owned up, apologized (that works for you republi'con' friends)

was punished and is moving on , try it sometime.

[michaelm07]

Ha, like this guy has any credibility. I don't care that he was messing with the hooker as much as it bothers m that he was going after others for the same stuff and acted holier than thou. Perfect to be a shill for Obama, "do as I say, not as I do". Seems there is a lot of that is this administration. VOTE THEM ALL OUT

[pigsinlipstick]

start with your republi'con's from the church at "C" Street

[josephp5]

I believe Eliot Spitzer is a very credible source on Wall Street corruption, whatever his personal shortcomings. And he is right---we still have not reformed the system. The huge financial firms that are "too big to fail" are ready to extort the US taxpayer yet again. I hope that we can ignore those that yell insults at Spitzer and listen to his very sound warnings.

[stn_sage]

Expletive deleted! I need him to tell me that nothing has really changed on Wall St. and reform is needed?! Ha-ha-ha-ha-ha! LMAO!

He's wrong on this assessment that the government responded well to the "crisis", too!

So much for his 'great advice' or alleged expertise!

[pigsinlipstick]

only a total fool, or a republi'con; would not see that the government has slowed the pace of the second great republi'con' depression in the country,

you should thank god for obama, and be ashamed of being a republi'con'

[Hosheen]

Rather than focus on his trysts with hookers, did he misbehave as governor? That is, did he use public money for any of that. If so, trash him. If not, then how did he do as a governor? Should he get another chance?

[pigsinlipstick]

he should never have resigned, but his resignation only shows that

he has integrity. his love life should be private, lets take a great

example the our beloved republicon's still in office,

david vitter, '***********'; larry 'wide stance' craig; mark sanford,

what a crock they are.