Monday, March 10, 2008

Uh-oh, Client 9! You got Hook-Winked!

We won’t beat the dead horse by recapping one of the ‘most glorious days on Wall Street’ (according to one floor broker), but the hypocrisy of the Client 9 scandal is deserving of its own definition.

How does a guy who tears down Dick Grasso by tearing apart his personal life (affairs, lovechild, whatnot) get off saying things like, “I do not believe that politics in the long run is about individuals, it is about ideas, public good, and doing what is best for the state of New York.” My how the rules do shift when people suddenly find themselves under fire.

Grasso’s likely throwing himself a party, as he now gets to play the role of the helpless victim who was unjustly taken down by a corrupt politician. Hats off to you, and your turn of luck, Mr. Grasso. We can’t wait to see the 60 Minutes exclusive interview we’re sure you’re already working on.

From a business perspective, we have to wonder what this will mean for the Global Research settlement, which is set to end in ’09. Will Spitzer’s fingerprints undermine the importance of the original causes behind the settlement?

We certainly hope not, but in the meantime, plenty of Wall Street types are going to pull up a front row seat to watch him squirm.