N.Y. Gov. Spitzer Resigns; Paterson to Assume Post

March 12, 2008

New York Governor Eliot Spitzer said he would resign his position amid reports linking him to a prostitution ring as a client.

The resignation is to be effective Monday, March 17.

Spitzer will be succeeded as governor by Lieutenant Governor David Paterson, a veteran Democratic politician.

Spitzer has not been charged with any crime.

In his resignation remarks with his wife at his side, Spitzer apologized to the people of New York and his family but never specified for what he was apologizing. He took no questions at his resignation.

"I can't allow my private failings to disrupt the work," he said.

He said he looks at his year in office with a "sense of what might have been."

"The remorse I feel will always be with me," he said.

Spitzer indicated he will serve the "common good" outside of politics in the future.

Republicans in Albany had threatened to begin impeachment proceedings if he did not resign.

Spitzer's political career was built largely on investigations involving some powerful Wall Street and insurance executives while he was state attorney general. His targets included Maurice "Hank" Greenberg, the former American International Group chairman;
Jeffrey Greenberg, who resigned as chief executive officer of Marsh & McLennan Companies; and Richard Grasso, CEO of the New York Stock Exchange.