Former N.Y. Governor Eliot Spitzer, who has been on a campaign targeting Treasury Secretary Timothy Geithner, used his July 26 posting on slate.com to discuss former Citigroup CEO Sandy Weill's Damascus Road conversion to Glass-Steagall. Weill, Spitzer writes, was "the father of two horrendous ideas (megabanking and financial deregulation)," but now even he "has come around acknowledging that the premise of his repeal-Glass-Stegall ideology is wrong."
To be fair, Spitzer notes, Weill wasn't the first to come to this conclusion. Others got there first, but more importantly, there are "a couple of lessons we should all agree on: The so-called synergy that Weill and others claimed would result from merging commercial banking and investment banking often ended up being little more than the triumph of fraud and avarice over truth-telling and fiduciary duty. The notion of self-regulation is a pure canard. It is no more than a license to steal and a cover for corruption."
Spitzer then turned his fire on Mitt Romney, who has no answer to financial reform "other than repealing Dodd-Frank and letting the pieces fall where they may." When it comes to financial services, Spitzer wrote, "Romney is about where he is on most other matters: wandering aimlessly, doing little more than repeating the disastrous mantras of the past. He has shown not a moment of originality, independence, reflection, or leadership in this entire campaign. Instead, his is a spineless voice for tired, failed answers that are now even rejected by his former friends."
Unfortunately, Spitzer's blog entry ends here, without taking up Obama's views on the matter, which are even worse than Romney's.