From The NY Times:
Gov. Eliot Spitzer, reeling from revelations that he had been a client of a prostitution ring, will resign today, some of his staff members said they have been told.Mr. Spitzer is scheduled to speak today at 11:30 a.m. at his Manhattan office, and the resignation is to be effective Monday, aides to the governor said.
Lt. Gov. David A. Paterson would likely be sworn in to replace him at some point after that.
The Albany Project puts the whole thing pretty succinctly:
We just wasted the biggest electoral victory in the history of the state of New York. It's totally okay to begin throwing up right about now.
Gov. Spitzer is speaking now.
Update [2008-3-12 11:52:26 by Todd Beeton]:The remorse I feel will always be with me...
From those to whom much is given, much is expected...
I am deeply sorry that I did not live up to what was expected of me. To every New Yorker and to all those who believed in what I tried to stand for, I sincerely apologize...
I look at my time as governor with a sense of what might have been...
There is much more to be done and I can not allow my private failings to disrupt the people's work...
I am resigning from the office of governor. At Lt. Governor Patterson's request, the resignation will be effective Monday, March 17, a date that he believes will permit an orderly transition...
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