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Rating:Spitzer Veteran Done Chopping, but Keeps Wall Street Ties Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, May 18, 2007

Spitzer Veteran Done Chopping, but Keeps Wall Street Ties

by: Sean Hanna, Editor in Chief

While he never landed in the headlines like his boss Eliot Spitzer, the name of David D. Brown should be a familiar one to mutual fund industry insiders. It was Brown, after all, who first heard from one of Canary Capital's employees and subsequently formulated the strategy Spitzer's use of the Martin Act to go after mutual funds that tolerated market-timing trades.

So with Eliot Spitzer in the New York governor's mansion, where is Brown now?

The New York Times reports that the former head of the NYAG's investment management division took a three-month sabbatical during which he "basically chopped wood and cleared out my head." Finished chopping, he once again works for Spitzer, this time as head of the New York State Dormitory Authority. The new job means that he continues to work with Wall Street, though this time on more friendly terms. So, mutual fund insiders can breathe a sigh of relief.

The Dormitory Authority is the nation's largest issuer of municipal bonds nationwide. 

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