Eliot Spitzer's prostitution travails engendered no sympathy from the money management community.
“The joke is that all the champagne is gone from lower Manhattan. You can't find a bottle anywhere as people in financial services have been very busy toasting his demise,” said Theodore L. Disabato, chief investment officer of consultant Stratford Advisory Group Inc., Chicago.
“For someone who was so vindictive, who made his allegations almost personal against money management executives, Mr. Spitzer's situation is being viewed with what you might call a very strong dose of irony by money managers. People who said at the time, "This guy has political aspirations and that's why he's going after us,' now are in the position of being able to say, "I told you so,'” said Benjamin Poor, director at mutual fund researcher Cerulli Associates Inc., Boston.
The New York Democrat resigned as governor March 12 after being linked to a prostitution ring in a federal investigation.
“My suspicion is that a lot of people are happy to see that there is karma in the world. I always felt that his overzealousness and grandstanding (clearly in the name of political ambition) caused punishment in many cases that did not befit the crime,” Kevin P. Quirk said in an e-mail.
“That's not to say that there weren't people doing things they shouldn't be doing. ... Rather, it's that a number of very good business leaders unfortunately got washed out of the industry and their companies, employees, and clients were hurt as a result,” said Mr. Quirk, a partner at strategy consultant Casey, Quirk & Associates LLC, Darien, Conn.