Monday

Governor Spitzer on Prostitution Shock

Make Money Online for Beginners - Eliott Spitzer Prostitution Claims

New York Governor Eliott Spitzer has been linked with claims of an expensive prositution ring. Spitzer was elected Governor of New York last year on a ticket of fighting sleaze and corruption.

On Monday, accompanied by his wife, Mr Spitzer gave no details about what it was he was alleged to have done and did not say if he intended staying in office. He answered questions.

“I have acted in ways that violated my obligation to my family, that violates my, or any, standards of right or wrong,” Mr Spitzer said. “I apologise first, and most importantly, to my family. I apologise to the public.”

"I do not believe that politics in the long run is about individuals. It is about ideas, the public good and doing what is best for the state of New York. I must now dedicate some time to regaining the trust of my family...I will report back to you in short order.”

Mr Spitzer, himself prosecuted several prostitution rings while he was New York attorney general.

Last week federal prosecutors charged four people for organising an international prostitution and money laundering ring known as 'The Emperors Club VIP', which prosecutors said was intended for wealthy men.

The ring is alleged to have operated in Washington, New York, Miami, Los Angeles, Paris and London, and elsewhere.

The New York Times report claims that Mr Spitzer was one of the unnamed “clients”.

Mr Spitzer became an internationally know figure in 2002 when he started probes into so-called conflicts of interest in equity research. He won more than $1.5bn in settlements from a dozen banks and set up guidelines designed to separate investment banking from research.

He also launched a probe into late trading and market timing by mutual fund companies, winning $3bn in settlements.

Wall Street apparently cheered when they heard the news of his downfall. How on earth did he let himself get mixed up with such a ring ?

He was elected Governor of New York last year on the promise that he would 'clean up' a 'seamy and unethical culture' in the state capital Albany.

There are already calls for his resignation and it is difficult to see how he can survive.

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