A nationally known insurance industry watchdog spoke to Twin Cities business leaders Tuesday about the importance of government regulation in a capitalist market.

New York Attorney General Eliot Spitzer has made a name for himself by exposing questionable activity in the financial services, insurance and health care industries. He was introduced as a man cut from the same cloth as former Republican President Theodore Roosevelt. After making his own political affiliations clear -- he is an unapologetic Democrat who will run for governor of New York in 2006 -- Spitzer highlighted a handful of the high-profile cases he's investigated since he took office in 1999.

"This is my first visit to the Twin Cities, which is probably a good thing for many businesses here," Spitzer said, poking fun at his reputation for being a bulldog in regulating the private sector.

In particular, Spitzer spoke of his role in exposing conflicts of interest by investment banks and illegal trading practices by mutual funds.

"Since 1976 ... the general public ... has accepted as a premise that the less government intervention there is, the better," he said. "Only government can enforce the rules of integrity and transparency that are so essential to the marketplace."

About 250 people gathered at the University of St. Thomas School of Law in Minneapolis to listen to Spitzer, including business people fromcompanies like Cargill Inc., Thrivent Financial for Lutherans and UnitedHealth Group. The event was sponsored by The Center for Ethical Business Cultures, the University of Minnesota Humphrey Institute of Public Affairs and the University of St. Thomas School of Law.