New York Attorney general candidate a former Spitzer no2

* Dinallo wants to tackle corruption in state legislature

* Claims more experience with Wall Street than rivals

By Basil Katz

NEW YORK, Sept 9 (BestGrowthStock) – One of five Democrats running
to be New York state’s top prosecutor, Eric Dinallo called
himself uniquely qualified on Thursday to enforce laws on Wall
Street as the battered financial industry adjusts to a post
credit-crunch world.

Dinallo, 47, told Reuters that as attorney general he would
use his experience working in state agencies to make Wall
Street more transparent in the long-term, and to put an end to
the “unending conflicts of interest” he says have paralyzed
state government.

Next Tuesday’s primary election will determine which of the
five Democrats will face Dan Donovan, the lone Republican in
the race, in the Nov. 2 general election.

The once relatively obscure attorney general post grew to
national prominence when Eliot Spitzer and then Andrew Cuomo
used the job to aggressively prosecute securities fraud,
insider trading and other Wall Street abuses.

Dinallo, a lawyer, served as Spitzer’s right hand man when
he was atttorney general. Dinallo later headed the state’s
Insurance Department. For a factbox on Dinallo double-click on
[ID:nN09187914]

Spitzer used the office to become governor in 2006 and
Cuomo, the current attorney general, is the front-runner for
governor. Dinallo doesn’t consider himself a politician and
said he would be satisfied to run what he called “the most
important enforcement agency in the country right now.”

When he worked for Spitzer, Dinallo said, federal
regulators were inattentive and missed monumental Wall Street
fraud, leaving room for the state attorney general to gain
national credibility by bringing cases against big companies.

DIFFERENT KIND OF WALL STREET

Dinallo said the attorney general’s role will evolve as
Wall Street companies “move from highly leveraged markets based
profiteering, to more of a fee-based culture.”

“That’s inevitably going to make the Attorney General’s
office even more important because the policing of the
interrelatedness of consumers on financial products and Wall
Street is where the money is going to be made,” he said.

“Washington will inevitably drift as regulators do,” he
warned, which is why the attorney general’s office needs to
“police those major issues.”

Watching Wall Street is not his sole priority, he said, and
if elected he would ask the governor to name him public
integrity prosecutor to attack outside business interests and
fraud that have crippled the legislature.

Dinallo describes himself as a “nerd, nerd, nerd,” having
studied philosophy in college before embarking on a legal
career in which the need for public speaking forced him to
overcome stuttering.

He said he has $1.6 million on hand to spend ahead of next
week’s primary, but some of the other candidates have raised
far more.
(Editing by Daniel Trotta)

New York Attorney general candidate a former Spitzer no2