Make smart financial decisions with DailyFinance

AOL Money & Finance

Spitzer falling fast, resignation expected

More

After the news Monday that he was involved in a prostitution ring, the pressure on New York Gov. Elliot Spitzer to resign began to mount. This morning The New York Times is reporting that he will do so this morning. An official announcement is expected at 11:30.

Yesterday, it was reported that his spectacular failure in judgment to engage the services of a 'prominent' prostitution enterprise was not just a one time affair! Spitzer spent $80,000 on prostitutes and met with them in Santa Monica and Las Vegas, not just the originally reported Washington, D.C., according to new media reports.

After betraying his wife and kids, the public trust, not to mention the law, this former Attorney General, who won office by a landslide as a zealous prosecutor now finds that he is among the 'evil wrong doers'. He has gone over to the dark side!

Now while the Times is reporting on his imminent resignation from office humiliated and shamed, in the next few minutes perhaps, some are wondering what held up the announcement this long. The Times is reporting that his wife, whom he publicly humiliated, is urging him to stay in office. Lt. Gov. David A. Patterson would assume Spitzer's job upon his departure.

Spitzer is now like an ace pilot who finds that all of the sudden one of his engines is on fire and knows his time is limited and his life is in jeopardy. He is searching desperately for any clearing below where he might be able to land the plane without hurting anyone more and without crashing and bursting into flames. He knows the mission is over, and that this story will not end pretty (or soon), but he cannot bring himself to bail out of the plane.

Regardless of what happens to Spitzer in terms of his legal trouble, his shame could not be greater and there is no escaping that; there is nowhere to hide from the suspicious and disapproving eyes of people who will hold him in contempt wherever he goes. He will pay a very high price for his unfortunate misdeeds.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money.

Reader Comments (Page 1 of 1)

Symbol Lookup
IndexesChangePrice
DJIA+44.138,324.87
NASDAQ-9.121,787.40
S&P 500+2.30898.72

Last updated: July 06, 2009: 09:44 PM

BloggingStocks Exclusives

Hot Stocks

DailyFinance Headlines

Latest from BloggingBuyouts

TheFlyOnTheWall.com Headlines

BioHealth Investor Headlines

WalletPop Headlines

My Portfolios

Track your stocks here!

Find out why more people track their portfolios on AOL Money & Finance then anywhere else.

BloggingStocks Partners

More from AOL Money & Finance

WalletPop Headlines