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Report: Spitzer To Resign
He's going to step down this morning, says The New York Times.
Meanwhile, The New York Post, a reliable Spitzer nemesis, reports:
Gov. Eliot Spitzer has decided to resign and will begin notifying top state officials of his decision just after 9 a.m., The Post has learned.Word began circulating of his decision in state political circles just minutes ago, which came after what one source called "an agonizing night," as the governor's wife, Silda Wall Spitzer, and the governor's lawyers went over a possible plea deal offered by federal prosecutors, sources told The Post.
A spectacular fall for a complex but enormously talented and voraciously ambitious figure -- and an indefinite postponement of the possibility of seeing the nation elect its first Jewish president.
Late Update: The Associated Press is reporting that Spitzer will resign effective Monday.
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Comments (10)
Something about glass houses....
March 12, 2008 9:54 AM | Reply | Permalink
I've got a question that I hope someone can answer for me. I now understand the tracking software used by financial institutions that ensnared Spitzer.
What I don't understand is how can billions and billions of dollars of drug money be successfully laundered every year through US banks and somehow these transactions are never flagged. Could it be that the larger the sums of money involved, the more willing banks and enforcement agencies are to look the other way? I don't see any other logical explanation if these tracking algorithms are as good as this instance indicates.
March 12, 2008 9:56 AM | Reply | Permalink
Nah, nobody does large cash dollar transactions unless they are a buffoon like spitzer. You use small increments. Also, I am not a money laundering expert, but as I understand it alot of money is laundered through businesses that take cash transactions, like restaurants for instance.
There is no way that a financial institution could "look the other way" concerning large dollar transactions. There are too many people involved in the chain and too much regulatory oversight. No way.
March 12, 2008 10:08 AM | Reply | Permalink
The software algorithms are designed to catch multiple small transactions that are intended to hide what becomes large transactions.
So even if there are no large transactions, how the hell can such large amounts of money, even in small chunks, be successfully hidden?
Is Ruby Tuesdays just a front for drug money laundering or something? :-)
How can businesses get away with laundering such sums of money continuously without getting flagged?
I ain't seeing it unless something fishy is involved. Remember Phil Gramm and how he manged to kill much of the bill to track money and who paid him to do it?
Combine that with the CIA getting caught with tons of coke in their plane in Mexico and we have a real, honest to goodness conspiracy!
March 12, 2008 11:23 AM | Reply | Permalink
By the way if you come back according to muckraker the investigation was generated by suspicious activity reports, the 10k reporting requirements. Spitzer is such an IDIOT!!!!!
March 12, 2008 2:30 PM | Reply | Permalink
Come on! Hurry up and resign already. This has got to be one of the most tedious stories since, well, the last tedious story of a politician getting caught with his pants down.
Go home, Spitzer. Do the right thing.
March 12, 2008 11:22 AM | Reply | Permalink
If you run the deposits through semi-legit businesses that include checks and other types of transactions in their accounts, such as small restaurants, convenience stores, dry cleaners, etc. Use your imagination.
By the way, I am not familiar with the tracking software that you are referencing. It's my understanding that they were large cash transactions, which have to be reported by the banks to the feds. There are all kinds of regulatory oversight with financial institutions to track cash transactions, not so much with checks. It's the cash issue and its really, really hard to launder money in the us. Again my understanding is that a lot of the cash that needs to be laundered is illegally taken out of the country and laundered elsewhere as well.
March 12, 2008 12:21 PM | Reply | Permalink
I'm one of the little people that use to like the governor because he was kicking the rich and most powerful behind.
I wish he wouldn't have let the people down.
WOW! What a mess?
WALL STREET is dancing in the street! DOW up 400 pts and he has resigned yet.
WAY TO SELL OUT THE LITTLE PEOPLE WITH PERSONAL VISES GOVERNOR!
March 12, 2008 2:32 PM | Reply | Permalink
That's "Vices". I'm the sprelling prorice.
March 12, 2008 6:57 PM | Reply | Permalink
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May 14, 2008 6:33 AM | Reply | Permalink