From the Village Voice...» Runnin' Scared «.
SPITZER EMBROILED IN PROSTITUTION SCANDAL
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Embroiled in a prostitution scandal, Gov. Eliot Spitzer said he needed time to dedicate himself to his family, but the first-term Democrat did not indicate that he would resign amids reports linking him to a high-end prostitution ring.
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Spitzer apologizes to public, family; future uncertain
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The news comes after the first-term Democrat had pledged to bring ethics reform to New York's capital of Albany.
Spitzer has been New York's governor for little more than year, assuming office after spending eight years as the state's attorney general. During his time as the state's top law-enforcement official, he fashioned a reputation for taking on corruption in all places, particularly in the nation's financial markets.
One of Spitzer's more notable cases was taking on New York Stock Exchange Chairman Richard Grasso, alleging that Grasso received excessive compensation as the chairman of a nonprofit organization. Grasso in turn charged Spitzer with attacking him solely to boost his image in the press in advance of his gubernatorial effort. Grasso already had resigned before the Spitzer prosecution. The case remains in the courts.
Spitzer also sued a slew of major Wall Street brokerages, alleging they inflated stock prices and used brokerages to give biased investment advice.
News of Spitzer's apparent troubles did little to change an already down market on Wall Street.
"Everyone is watching television. If anything, it stopped the market from going down further," said Dave Rovelli, managing director of equity trading at Canaccord Adams.