Looks like he will take himself out:
He not expected to continue his term, multiple sources in the state Legislature tell CBS 2, setting off one of the largest scandals in modern New York state political history.
Wow, Wikipedia already has something up about it - though just a brief placeholder saying it is a “current event”
Involvement in a prostitution ring
This section documents a current event. Information may change rapidly as the event progresses.
On March 10, 2008, Spitzer’s cell phone records linked him as a client to the Emperor’s Room, a “high-class” prostitution ring operating out of Washington, D.C.[95] Spitzer was scheduled to address the public at 2:15 pm EST on the 10th. As of 3:00 pm, Spitzer has yet to speak.
See also
* WikiNews: New York Governor Eliot Spitzer is tied to prostitution ring