Albany District Attorney David Soares has done an about-face and has told New York Senate Majority Leader Joseph Bruno that ex-governor Eliot Spitzer’s alleged involvement in an investigation into Bruno’s whereabouts was absolutely, positively Spitzer’s orders, according to reports over the weekend.


Back over the summer, Spitzer originally named Darren Dopp as the fall guy (Dopp is a key Spitzer aide and served as the governor’s communications director when he was New York State Attorney General).


But now there are conflicting news reports, sources and editorials as to how much Spitzer, Dopp, the DA and Andrew Cuomo’s office of New York State Attorney General were told, by whom and when.


One particularly searing news article, in The New York Post, by State Editor Frederic U. Dicker (“Ripped on Spitzer-Probe Flip”) posits that there was a “second cover-up” by the DA.


And the article, in a paper whose front page reads: “DA Report Reveals Lies: Eliot’s First Dirty Trick,” March 29) goes even further to insinuate that the NYS Governor’s Office was involved in additional criminal activities that have yet to be reported.


The word on the street among the common New York working man has moved well beyond the original charges involving prostitution rings to fear that Spitzer is planning a comeback. There are many a union man and laborer who would like to see Eliot do some hard time in jail for all of the trouble he has caused, most notably putting their jobs at risk in a fragile economy. And now there is further word that another major investment bank other than Bear Stearns is at risk of a loan default upwards of $400M.


But back to Dicker’s point about passing the gubernatorial blame. One Democrat source tells the paper Soares is a “‘boob who was conned by Eliot [Spitzer],’ adding that the DA’s latest report “is part of a second cover-up [on] ‘Tricky Spitz.’”


Look for various Money Management Executive reader polls on the mutual fund industry and how it is responding to the subprime crisis in the days and weeks ahead. In the meanwhile, please feel free to send in a Letter to the Editor @:


The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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