Governor Spitzer?

Now that Eliot Spitzer has filed suit against American International Group and its former but still legendary leader, Maurice Greenberg, it's tempting to conclude New York's attorney general has fired the final shot from an arsenal that has blown away the insurance industry's status quo.

Such speculation is premature. It will only hold true if he fails in his bid to become governor of New York. Should Mr. Spitzer one day rule the domicile that many of the most powerful insurance entities call home, he will have an additional weapon at his disposal–perhaps more powerful than any he has wielded thus far.

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