spitzer-6.jpgNo doubt many in the insurance industry are dancing with glee over the demise of New York’s wayward governor, Eliot Spitzer, who announced his resignation today in the wake of a prostitution scandal. But no matter how far he has fallen from grace, it doesn’t change the fact that as attorney general Mr. Spitzer exposed a seamy side of the business, putting carriers and brokers on notice that misleading clients or investors won’t be tolerated. That will be his legacy.

Mr. Spitzer announced today that he would step down on Monday, March 17, and turn the office over to his lieutenant governor, David Paterson. As I said earlier this week, he had no choice but to resign after his criminal behavior was revealed. However, I do not celebrate his downfall. Any cheers you hear come from those in the peanut gallery who mistake arrogance for persecution.

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