Average American Investors Should Thank Eliot Spitzer

Those of us who are players in financial markets know very well that the system is rigged in favor of those at the top and against those at the bottom and in the middle.

Because of a substantial body of work over a career, the market is a little bit fairer.

Because of Eliot Spitzer, average American investors in the market are a little more protected. Those most corrupt forces in the market are a little more investigated.

The guilty are a little more prosecuted and the potentially corrupt are a little more deterred because of Eliot Spitzer.

Yes, what he did in this latest fiasco was shameful, and no doubt he will pay some price — and he should.

Yet watching the crowing and high-fiving on CNBC and from some on Wall Street, they are crowing and high-fiving not because they care about average investors, but because they have largely opposed reform and protection for average investors, and prosecutions of those who rip off average investors.

So: Let’s boo for his involvement with prostitution but give him a standing ovation for his defense of honest markets, his support for honorable investing, his advocacy of greater disclosure, and his prosecution of crooks.