Spitzer vs. Grasso: Unchartered Waters

New York's attorney general has based his suit against the former Big Board chief on an obscure, vaguely worded law

Lawyers aren't exactly known for their creativity. But Eliot Spitzer is not a typical attorney. Ignoring traditional regulatory boundaries, the politically ambitious New York attorney general has turned a little-known state statute, the Martin Act, into a surprisingly powerful tool for policing analysts, investment bankers, and mutual-fund managers.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.