The New York Times reports that New York Governor Eliot Spitzer will give a press conference this afternoon to announce his involvement with a prostitution ring. This is something I would expect to see on the cover of a tabloid, not the Times.

Spitzer informed his most senior administration officials that he had been involved in a prostitution ring. Just last week, federal prosecutors arrested four people in connection with an expensive prostitution operation. Administration officials would not say that this was the ring with which the governor had become involved.

Stay tuned for Spitzer's press conference for word on whether any of those four people implicated Spitzer or whether Spitzer will resign. No word on how his wife and three children feel. In January, Vanity Fair wrote after reviewing Spitzer's tough first year in office "Ask Jim Cramer of CNBC's Mad Money, Spitzer's pal from Harvard Law School, about the guy [Spitzer] and he is uncharacteristically speechless." No doubt Cramer would also be speechless about Spitzer's latest news.