We have praised New York State Attorney General Eliot Spitzer, and we have criticized him. Public perception of him is split, with about half thinking he's full of baloney. But like a suit-and-tie-wearing Dennis Rodman, he knows how to keep his name in the news. Today, he's at it again, filing an amazing lawsuit against some of the telecom industry's top executives.

Spitzer is charging that the brokerage firm Salomon Smith Barney(AMEX: SSB) not only promised these execs favorable stock ratings in exchange for investment banking business, but also offered chances to buy hot IPO shares. When the shares typically leaped in value, they were often sold for large profits.

Spitzer is going after big names such as former CEOs Bernie Ebbers of WorldCom and Joseph Nacchio of Qwest Communications(NYSE: Q), as well as executives of Metromedia Fiber Network and McLeod Telecommunications(Nasdaq: MCLD). The suit seeks recovery of the IPO profits, as well as some $1.5 billion gained from the sale of stock in the managers' own companies.

"The executives received huge perks from a vendor who sought their business," says Spitzer. "This clearly was unjust enrichment, and it violated the disclosure requirements of state law. Uninformed shareholders, meanwhile, lost millions of dollars when the stocks in the defendants' companies crashed."

Spitzer's definitely not full of baloney on this issue. Two thumbs up for his bulldog prosecution of Wall Street corruption.