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Wall St Cheers Spitzer's Scandal |
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Monday, 10 March 2008 |
then sells off more stocks at an accelerated rate anyway...
The markets traded down today on a mostly uneventful and low volume session. The DOW settled around 11,750, and oil tested the range between $107 - $108. Credit sector and financial stocks led declines. Reports from the trading floor suggest that traders literally cheered when the rumor started circulating that Spitzer was caught up in a scandal and expected to resign. This didn't stop traders from selling - and if anything - stock prices started dropping faster after the announcement went public. Spitzer, in his career, has both battled corporate & government corruption, but he has also gone "too far" in many cases according to a business point of view. Many times, the former NY attorney general and current (?) governor would prosecute individual corporate leaders or force people into unfavorable settlements with the threat of civil suits or revealing personal scandals. Yeah, the irony of his methods and his own crimes are not lost on Wall Street. I'll add my insignificant opinion to the mix: Good riddance to hypocritical moralizers. If Spitzer has one shred of the moral fibre that he's demanded of his prosecution targets, he will do the right thing and step down to spend time trying to make things right with his family. But honestly, I would be surprised.
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Last Updated ( Monday, 10 March 2008 )
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