Speculation he may be next Eliot Spitzer as attorney general
New York state insurance superintendent Eric Dinallo is resigning to become a visiting finance professor at New York University's Stern School of Business, amid speculation he may run for state attorney general, Reuters reports.
Dinallo was a top aide to former Democratic governor Eliot Spitzer when he was state attorney general.
Dinallo's profile has been particularly high because of his role in the AIG scandal.
"He has been superintendent during one of the most turbulent times ever, and he has done an exceptional job," said Howard Mills, who was New York's insurance regulator before Dinallo.
Dinallo, in a statement, said: "Our efforts aimed at financial fairness and economic protection for policy-holders of all kinds, from new homeowners to the largest employers, are vitally important for New York's future."
The FT added:
“Last year he denied accusations that he was too focused on protecting municipal bond issuers at the expense of Wall Street institutions and investors. He has also argued that state regulators were not responsible for the failure of AIG since the insurer chose to be regulated by the Office of Thrift Supervision, the federal agency that oversees savings and loan associations.”
Bloomberg added:
“Dinallo, 45, spoke out about the need for cooperation between state and federal regulators in the aftermath of the US bailout of AIG. He testified in Congress about efforts to protect policyholders of AIG, once the world’s biggest carrier. When bond insurers faltered, he engineered the entrance of Warren Buffett’s Berkshire Hathaway to bolster the market.”
