No doubt many in the insurance industry are dancing with glee over the demise of New York’s wayward governor, Eliot Spitzer, who resigned in the wake of a prostitution scandal. But no matter how far he has fallen, it doesn’t change the fact that as attorney general Mr. Spitzer exposed a seamy side of the business, putting carriers and brokers on notice that misleading policyholders or investors won’t be tolerated. That will be his legacy.

In my blog, I called on Gov. Spitzer to step down right after his criminal behavior was revealed, but I do not celebrate his downfall. Any cheers you hear come from those in the peanut gallery who mistake his reformer’s zeal for persecution.

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