(CNN)— The political world saw two resignations Wednesday. Eliot Spitzer announced he will resign as governor of New York effective Monday and former Democratic Party vice presidential nominee Geraldine Ferraro announced her resignation from the finance committee of Sen. Hillary Clinton's presidential campaign.
In the latest episode of CNN=Politics Daily, Mary Snow reports on Spitzer's resignation and CNN Justice Correspondent Kelli Arena explains the criminal penalties Spitzer may face if prosecuted in connection with his involvement with a high-priced prostitution ring.
Suzanne Malveaux reports from the campaign trail about Geraldine Ferraro's decision to sever her formal ties with the Clinton campaign after Ferraro's recent remarks about Sen. Barack Obama caused controversy within the Democratic Party.
Finally, Clinton, Obama and Sen. John McCain may disagree about many things but Kate Bouldan reports on one thing the three presidential contenders agree on - the need to curb Congressional earmarks in the federal budget.
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–CNN Associate Producer Martina Stewart
WASHINGTON (CNN) - Federal agents have determined New York Gov. Eliot Spitzer used a high-priced call-girl ring at least eight times in recent months, and agents had him under surveillance twice this year, sources familiar with the investigation said Wednesday.
Spitzer announced his resignation Wednesday, two days after reports of his connection to the Emperors Club VIP became public.
He has not been charged with a crime.
He told reporters Wednesday, "I cannot allow my private failings to disrupt the people's work."
The resignation will take effect Monday. Watch Spitzer resign »
The sources said the investigation began when New York's North Fork Bank notified the Treasury Department about suspicious transfers of money from Spitzer's bank accounts. That investigation led agents to the alleged organizers of the prostitution ring, four of whom were charged in a criminal complaint last week, the sources said.
A grand jury in New York is likely to hear evidence in the case soon, said Kathleen Mullin, an attorney who said she represents one of the ring's employees. Mullin would not identify her client, but said she was not the woman identified only as "Kristen" linked to Spitzer in court papers.
She said her client and other women who worked for the Emperors Club have been asked to testify before the grand jury.
Asked if her client had any encounters with Spitzer, Mullin said, "We have no information regarding the governor."
Wiretaps on suspected members of the ring, authorized in January, yielded more than 5,000 telephone calls and text messages and another 6,000-plus e-mails, according to court papers. In those intercepts, the organizers told clients how to arrange and pay for their trysts, a federal agent's affidavit states.
The affidavit identified clients by number, with Spitzer designated "Client 9," a source with knowledge of the investigation told CNN this week. Sources familiar with the investigation said federal authorities Wednesday were trying to clamp down on leaks of the investigation's details. See a timeline of the investigation »
The affidavit states "Client 9" paid $4,300 for 2½ hours with a call girl he arranged to meet at Washington's Mayflower Hotel, with some of that a deposit on a future session. Court papers state he also paid for train tickets, cab fare, mini-bar and room service charges for Kristen - a 5-foot-5, 105-pound brunette he arranged to meet the night of February 13.
Kristen is a 22-year-old would-be singer from New Jersey, The New York Times reported Wednesday.
The newspaper said Ashley Youmans - now known as Ashley Alexandra Dupre - was identified in court documents as Kristen.
(CNN) - Sources familiar with the investigation tell CNN investigators have identified at least eight instances in which Eliot Spitzer used the Emperors Club VIP over the past several years but are still examining the records to see if there are more.
They say Spitzer began using Emperors Club VIP about eight months ago.
A criminal investigation began when North Fork Bank notified the U.S. Treasury Department about suspicious activity regarding his bank accounts, the sources said. The suspicious activity involved the transfer of money to shell companies identified as having links to the prostitution ring, they said.
Related Video: Mayor Bloomberg urges the city to move forward
–CNN's Kelli Arena
ALBANY, New York (CNN) - Gov. Eliot Spitzer will resign Wednesday, his aides said, as the New York governor faces allegations - but no charges - that he is tied to an international high-dollar prostitution ring ensnared in a federal probe.
Spitzer is scheduled to speak at 11:30 a.m. ET. The news conference will be aired on CNN TV and CNN.com Live.
A top legislative staffer said Tuesday that aides to Spitzer and the state's lieutenant governor had begun planning for a possible transition.
(CNN) – As the political world comes to grips with revelations of New York Gov. Eliot Spitzer's involvement in a high-priced prostitution ring, former New York City Mayor Ed Koch told CNN's Wolf Blitzer that he thought Spitzer's behavior was "irrational."
"I think there's a screw loose," says Koch. "I believe that his behavior, beginning with his becoming governor, has been irrational. And, what he did is to indicate that he doesn't play by the regular rules, that regular rules don't apply," Koch adds.
Koch also shares his thoughts on Spitzer's political future and whether he thinks Spitzer was targeted by political enemies in New York.
–CNN Associate Producer Martina Stewart
(CNN) - If New York Gov. Eliot Spitzer resigns, Lt. Gov. David Paterson stands to become the first African-American governor of the state and the fourth in U.S. history.
Paterson, 53, is legally blind, and although documentation is scarce, it is widely believed that he would be the nation's first blind governor.
Paterson was first elected to the New York State Senate in 1985, where he represented the 30th District, encompassing Harlem, East Harlem and the Upper West Side.
Related: New York Minority Leader James Tedisco urges Spitzer to make a hasty decision.
WASHINGTON (CNN) - The allegations bearing down on New York's governor didn't start with a prostitute - despite lurid details in a federal affidavit detailing an alleged tryst with a "very pretty brunette" named Kristen last month.
Rather, sources familiar with the investigation said Tuesday that Gov. Eliot Spitzer's troubles began with a federal money-laundering probe.
Prosecutors unsealed an affidavit that details a rendezvous in a Washington hotel room between a prostitute and "Client 9," who a source with knowledge of the case said Monday was Spitzer.
Related: New York Congressman Peter King urges Spitzer to take responsibility for his actions
CNN's Jason Carroll reports New York Gov. Eliot Spitzer is on the hot seat. (Getty Images)
NEW YORK (CNN) - Before Monday, Eliot Spitzer was a rising star in the Democratic Party - his squeaky-clean image as a corruption buster led to his being mentioned as a potential vice-presidential candidate and possibly even a future White House contender.
Now, after federal investigators have linked the New York governor to a top-dollar prostitution ring, political advisers are split over whether Spitzer has any political future at all.
"There's no way he can survive it," said Ed Rollins, a Republican political consultant and adviser to former presidential candidate Mike Huckabee. "All the facts aren't out there, but as they're being reported, there's no way you can survive.
(CNN)— The political world - inside and outside New York, Republican and Democratic - was rocked Monday by reports of New York Gov. Eliot Spitzer's involvement in a prostitution ring.
In the latest episode of CNN=Politics Daily, Mary Snow reports on the Spitzer scandal and Kelli Arena reports on the ongoing criminal investigation into the prostitution ring that has ensnared Spitzer and his political career.
Senior Political Correspondent Candy Crowley is on the campaign trail in Jackson, Mississippi and reports on how Sen. Barack Obama has responded to the Clinton campaign's repeated suggestions that he would make a suitable vice presidential running mate to Sen. Clinton.
Suzanne Malveaux is also out on the trail in Pennsylvania - the next big delegate prize in the Democratic race. But, before Pennsylvania's primaries, the Democratic Party is looking back to past primaries in Florida and Michigan. Malveaux explains what the party may do to allow delegates from both states to participate in the convention and play a role in deciding whether Clinton or Obama will face off against Sen. John McCain.
Finally, Dana Bash reports on McCain's comments Monday about his health.
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–CNN Associate Producer Martina Stewart
(CNN) – Gov. Eliot Spitzer said he "acted in way that violates his obligation to his family," speaking hours after the New York Times reported he told senior administration officials he had been involved in a prostitution ring.
"I apologize first and most importantly to my family. I apologize to the public, to whom I promised better," he said.
He did not elaborate on the paper's claims and did not take any questions after making his statement.
"I am disappointed that I failed to live up to the standard I expected of myself," he said
From CNN Politics
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