Governor Spitzer led the fight against the excesses of Corporate America. While some of his pursuits may have been overzealous, on the whole his efforts as New York’s AG were undeniably a good thing. Much has been made in the past week of Wall Street’s delight at Spitzer’s downfall. The question for Wall Street is what comes next?        

Will the pendulum swing in the other direction, giving corporations less oversight and greater freedom? Or will government take further regulatory/legal measures to ensure that there are no more Enrons or WorldComs in the country’s future? Which is better for our country, for the economy, for investors? There are good arguments on all sides of this issue and I won’t pretend to have a crystal ball telling me how it’s all going to shake out. But if I had to hazard a guess, I would say that the push for additional oversight and regulation will settle down for a while. It’s going to be tough going for proponents of additional regulation after their figurehead, the supposed Elliot Ness of our time, was exposed for such extraordinary hypocrisy.