In a potential career move unlikely to resuscitate his once proud reputation—fragments of which can be found floating in the Mohawk River—former New York Gov. Eliot Spitzer is reportedly considering a second act as an investor in distressed real estate. From Reuters:
Spitzer met with several former colleagues last month where they spoke about his interest in participating in his father's real estate business and in distressed assets created by the subprime crisis, among other things, the source said. An earlier report in The New York Sun on Tuesday cited a source claiming Spitzer had approached Washington, D.C.-based labor union officials to pitch his idea for a vulture fund and that he was looking to pursue distressed real estate projects valued between $100 million and $500 million. Vulture funds invest in distressed assets.
With the high-profile prostitution scandal that tossed him from office finally quieting down, Spitzer's decision to invest in properties that have been devalued by the nation's most terrifying housing crisis in a generation would do little to win back the hearts and minds of New Yorkers. It's tough to think of any profession that would be worse for his reputation. Parking enforcement officer? IRS agent? Knicks head coach?
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stephen smith of CA 1:22PM September 03, 2008