Spitzerization

Irwin Stelzer discusses the effects of the "Spitzerization" of AIG. Besides the shabby treatment of Hank Greenberg and the dilution of legal protections resulting from Spitzer's aggressiveness, Robert Rubin, a likely Spitzer supporter, may replace Greenberg. Also, Ben Bernanke's stock has risen, making the inflation hawk a likely successor to the more flexible Alan Greenspan as Fed Chairman; for Martin Feldstein, the previous favorite for Greenspan's job, appears to have been asleep as a board member of AIG.