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Spitzer in line of fire for taking hard line on business

Spitzer in line of fire for taking hard line on business

by Rick Turoczy on January 6, 2005

The largest business group in the US launched a harsh attack on New York attorney-general Eliot Spitzer on Wednesday, the opening salvo in a campaign to curb what many companies say is overly aggressive enforcement of corporate governance and accounting rules.

Thomas Donohue, chief executive of the Chamber of Commerce, said in Washington that Mr Spitzer’s tactics in cracking down on the insurance and mutual fund industries were “the most egregious and unacceptable form of intimidation that we have seen in this country in modern times. And it’s going on in the application of a well-intended piece of legislation”.

In particular, he said, Mr Spitzer’s decision last October to force out the chief executive of Marsh & McLennan, the global insurer charged with bid-rigging, “is not the system that has been put in place in this country and that has protected our individual and institutional liberties”.

Mr Spitzer has become a prominent target for growing business concerns over the Sarbanes-Oxley legislation, which was passed by Congress following the accounting scandals that engulfed Enron, WorldCom and several other large companies.

Spitzer in line of fire for taking hard line on business

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