UPDATE - 11:47 AM: It's over, he's outta here. Eliot Spitzer emerged from his upper east side hideout home for the first time since Monday to hand over his office to David Paterson, who will take over beginning Monday.
Facing mounting pressure to resign or face impeachment for his alleged involvement in an embarrassing, costly, and illegal sex scandal, Governor Elliot Spitzer will (finally) resign today, despite his wife's urging to remain at the helm. From CBS News:
Eliot Spitzer, the 54th governor of the state of New York, will resign Wednesday morning, high-ranking officials tell CBS 2. Lt. Gov. David Paterson will be sworn in later in the day in Albany.Sources tell CBS 2 HD the governor hoped to use the resignation as a bargaining chip with federal prosecutors to avoid jail time. An announcement was expected some time Wednesday morning.
Despite Spitzer doesn't have the luxury of playing deal or no deal. Experts agree that his involvement in a prostitution ring makes him damaged goods.
"I think his career is politically at an end," noted criminal defense attorney Ronald Fischetti told CBS 2 HD.Sources tell CBS 2 HD the governor knows this and is using his defense team, led by Michele Hirshman, to leverage his resignation against potential charges he may face.
When asked what the best-case scenario is for Spitzer, Fischetti said, "No charges, absolute resignation and contrition. I think the worst that could happen is a felony plea on a number of charges they could lodge against him."






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Spitzer called me late last night seeking advice. Here are excerpts from our conversation:
Eliot: What should I do, walleroo?
walleroo: I don't think you have much choice, Jelly-ot.
Eliot: Really? Should I use my resignation as a bargaining chip?
walleroo: Not a bad idea, Jelly Man. Hey, hold on, I've got another call coming in....
((dial tone))