Following a failed bid for New York City comptroller last fall, Eliot Spitzer is returning to the spotlight with a new project that aims to hold Wall Street analysts accountable.
DealBook reports TipRanks is an Israeli startup that recently secured $3 million in funding. Spitzer has actually been involved with the website since 2012, but is now an "active" board member and "lead investor," according to The Wall Street Journal's MarketWatch.
During his CNBC appearance, Spitzer said the site is supported by 19 "wizards back in Israel" who analyze the records of professionals making stock recommendations in an attempt to provide investors with transparent, data-driven information.
When TipRanks CEO Uri Gruenbaum was asked why he would want Spitzer on the company's board, he answered, "Well, obviously he knows a lot and we share the same vision of empowering the retail investor."
The role will be quite familiar for Spitzer, who also served as New York attorney general. During his tenure, Spitzer earned a reputation as a fierce watchdog of Wall Street against conflicts of interest.
It was this corruption-busting character that Spitzer attempted to show voters as he campaigned for comptroller. Scott Stringer, the former Manhattan borough president, defeated Spitzer in the Democratic primary.
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