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Thread: New York governor resigns for involving in "prostitution ring"

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[quote=MARRIE,275896]Former high ranked Chinese communist party members, Chen Xi Tong (former mayor of Beijing) and Chen Liang Yu (former vice mayor of Shanghai) fell for the same charge-   money laundering and being caught in prostitution ring -- and they are sitting in prison for the rest of their life.

Spitzer, the son of a billionaire, is being investigated in if he’s touched public funds in doing such things.  If he’s lucky enough, he still has his comfortable private life although his public life has been totally finished.

Here is another detailed report:

Toppling of the Luv Guv is ‘Wall Street revenge’
Eliot Spitzer’s downfall as governor last week may have roots in pursuit of wealthy bankers while state attorney-general

Tony Allen-Mills in New York

IN early 2004 Eliot Spitzer was at the height of his powers as the sheriff of Wall Street, the highflying New York prosecutor who had set his sights on the cosy corporate kleptocracy that was pocketing millions from insider deals while ordinary investors went bankrupt.

His latest victim was Richard Grasso, the chief executive of the New York Stock Exchange, who had made headlines around the world by negotiating himself a $140m (£69m) retirement package that Spitzer alleged was illegal.

Grasso claimed he had done nothing wrong and when it became clear he was prepared for a fight, Spitzer’s investigators went to work. What happened next helps to explain why much of Wall Street cheered – and the rest of America gasped – when Spitzer, who was later elected governor of New York state, became enmeshed in a call-girl scandal that cost him his political career last week.

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