Spitzer Plans to Turn Profit From Others' Misery

Former Gov. Eliot Spitzer seems to have turned the corner after resigning from his Albany office in the middle of a prostitution scandal. And instead of whiling away his summer at the beach, the Steamroller is planning on establishing an investment fund that will focus on turning people's failed dreams into cold hard cash for himself.

A vulture fund, as such vehicles are called, focuses on buying distressed properties and then flipping them for a profit. Always a man of the people, Spitzer called organized labor leaders to a meeting in his father's Manhattan offices to offer them a piece of the action if they'd put their funds up for the enterprise. In the middle of the real estate mortgage meltdown, there's lots of easy pickings out there for an ambitious entrepreneur such as Spitzer.

According to The New York Sun, the Governor seems to have gotten over the embarrassment of being drummed out of Albany for frequenting hookers, saying that Europeans in general were sympathetic for him losing his job for cheating on his wife with women the approximate age of his daughters.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Dave Hogarty in News on June 10, 2008 2:10 PM

Comments [rss]

jpeditor

He's a jino...

sonyactivision

And that's a cool LOLvulture.

sonyactivision

He's just there to pick the bones and we're just here to pick his bones. It's a beautiful ecology.

Anna_Merkin

There's nothing wrong with so-called vulture funds. They guarantee liquidity where none or little of it exists. In their way, they keep a segment of the markets functioning. Besides, it takes skill to spot a shiner amongst all the sh-t out there. I think it's a good move for him.

Bubba

west side:

I thought Spitzer's problems resulted from selective prostitution.

west side Michael

I thought he was working for his LL Daddy?

Vultures are an endangered species.

Meanwhile his hooker Dupre has

the most famous tattoo in the world

who writes her script?

I wonder how much i can get for

my "Spitzer-Patterson" bumper stickers on Ebay?

Feds are still trying to go after Spitzer but our

moral ex Gov.lawyer says if they do "it will be selective

Prosecution".

longacre

This is called capitalism. Spitzer is a dirtbag for all sorts of reasons, but this isn't one of them.

Steven

Happy Birthday Spitzer!

Tgirl

[2] no need to stick up for this creep, there are people on his payroll who do that for a living. He pays for that too, BTW.

And Gothemist and the rest of NY media have not dedicated themselves to a career in public service. With guys like Spitzer to work with, the stuff practically writes itself anyway.

Guest

Where's the story here? It's not news that a government official, in office or not, is trying to make money off of the misery of others. That's just SOP for them.

jenspellnogood

whoa, hold on there jterry, wtf did spitzer EVER do for nyc? he's a scumbag, and hopefully he'll make enough to pay for all the lawyers he'll need for the appeals he's going to lose before heading off to the pen.

Bubba

Spitzer's a real douche bag...

dbc

A vulture fund doesn't buy distressed "properties", it buys distressed debts.

Jen Chung

Hey, I don't remember Gothamist ever running for public office or getting elected for Governor. Sure, Spitzer tried to expose Wall Street's bad guys and wanted to reform Albany, but Troopergate was a bad idea, hookers or not.

Dave Hogarty

Good point there. But I'm still waiting for my hooker options to vest.

jterry121

The NY Media & pathetic blogs like Gothamist.com are 1000X more guilty of being Scumbags than Spitzer. At least he did some good for NYC- what has NYC media ever done than glorify murders, scandals, and peoples misery for their own profit?