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Retired Morgan Stanley counsel testifies for Eliot Spitzer's gubernatorial run on the op-ed page of the Wall Street Journal.

My political heroes are Ronald Reagan, Newt Gingrich and George Bush -- W., not H.W. So it came as something of a surprise to me that, the more I dealt with Eliot Spitzer, the higher I came to regard him and the more respect I had for him as a public servant. I guess, as they say, the proof of the pudding is in the eating.

Who, exactly, got eaten? Here's the "proof" --

Mr. Spitzer has been accused of overreaching as New York's attorney general, operating outside of his areas of expertise when dealing with federal securities laws and such. That's not what I saw as the general counsel of a large New York financial institution. Mr. Spitzer often had a better grasp of the underlying facts, legal implications and policy considerations than many from the federal regulatory agencies.

So, uh, just because Spitzer had a "better grasp," that entitled him to usurp the powers of federal regulators? Sigh...

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