Somewhere, Jack Grubman is smiling

Actually, that somewhere is probably in or around Grubman's Upper East Side town house, a few blocks away from the apartment where Eliot Spitzer spent the morning explaining to his advisers exactly what kind of trouble he's in. But wow, what a story! I don't think I've ever seen a politician travel from Shining Ethical Beacon to pile o' dirt as quickly as Spitzer has. Mainly that's just been the complications of governing as opposed to crusading. But getting caught up in a prostitution ring takes it to a new level. So much for the Spitzer presidency. And what a happy day this must be for America's CEOs and investment bankers.

And yes, I'm feeling much better today, too. Not from Schadenfreude, but because I seem to have somewhat less snot in my head.

Update: Spitzer has made his statement ("...I have acted in a way that violated the obligations to my family and that violates my — or any — sense of right and wrong..."). CNN keeps describing it as a "news conference," but there was nothing conferencey about it. He didn't say he's resigning or anything. And why should he? This was embarrassing, and stupid, and his wife oughtta punch him out. But unless he's charged with a crime I can't see why he shouldn't stay on as governor.

What "Client 9" has entirely lost, though, is that remarkable moral authority he established in his years as New York's attorney general. At a time when the SEC and the White House didn't want to do anything, Spitzer was able to establish that some Wall Street practices that had been widely accepted in the late 1990s were just plain wrong. He was far less successful in establishing that they were illegal, but I think he changed the investment banking business for the better.

For a while it looked like this was the foundation of a spectacular political career. Now it's looking like the high point. Although you never know ...

Update 2: As always, The Smoking Gun has the details. Way more details than you ever wanted.