Work As Attorney General
As Attorney General, Spitzer stepped up the profile of the office. Traditionally, state attorneys general have pursued consumer rights cases, concentrating on local fraud while deferring national issues to the United States Government. Breaking with this traditional deference, Spitzer took up civil actions and criminal prosecutions relating to corporate white-collar crime, securities fraud, Internet fraud, and environmental protection.
A number of economists, lawyers and political analysts have commented on Spitzer's active role in public policy debates. The New York Attorney General's office has Wall Street (and thus many leading corporate and financial institutions) within its jurisdiction. Also, the New York Attorney General wields greater than usual powers of investigation and prosecution of corporations under New York State's General Business Law. In particular, under the Martin Act of 1921, the New York Attorney General has the power to subpoena witnesses and company documents pertaining to investigations of fraud or illegal activity by a corporation. Spitzer used this statute to allow his office to prosecute cases which have been described as within federal jurisdiction. In January 2005, the president of the U.S. Chamber of Commerce described Spitzer's approach as "the most egregious and unacceptable form of intimidation we've seen in this country in modern times".
Spitzer used this authority in his civil actions against corporations and criminal prosecutions against their officers. It proved useful in the wake of several U.S. corporate scandals that began with the collapse of Enron in 2001. Several of these corporations, as well as the brokerage houses that sold their stock, were accused of having inflated stock values by unethical means throughout the 1990s. When inquiries into these allegations by the U.S. Securities and Exchange Commission (SEC) and Congress failed, Spitzer's office used its subpoena power to obtain corporate documents, building cases against the firms both in courtrooms and in public opinion.
Read more about this topic: Eliot Spitzer
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