Thanks, while I was aware of his article, I wasn't aware of the proximity to the sting.
Originally Posted by iguanaman
Disgraced ex-Gov Spitzer could be gunning for Wall St again - NBC News.com
Wall Street should probably worry about Spitzer's return. As city comptroller he would be able to issue subpoenas once again, giving him the ability to haul Wall Streeters into the public eye once more. He'd almost certainly use the position as a bully pulpit, holding press conferences castigating those he considers wrong-doers. Spitzer's office also made a lot of use of the New York press to anonymously attack opponents and reveal information about cases it was pursuing.
Perhaps the most potentially powerful part of the comptroller's office is its oversight of the city's $140 billion of pension assets. The comptroller sits on a board that controls four of the five city pension funds and is the investment adviser and custodian of all of them. The comptroller's bureau of asset management pays Wall Street money managers $360 million a year in fees.
A portfolio of that size gives the comptroller a potentially far-reaching perch from which to watch over Wall Street. The funds are large shareholders and customers for Wall Street. It won't be hard for Spitzer, if he were elected comptroller, to find a reason to poke around on anything he wants. Hedge funds, private equity funds and investment advisory firms will scramble for a piece of that $140 billion. Spitzer could become one of the most powerful activist investors on Earth.