New York Governor Busted in Prostitution Ring

New York Gov. Eliot Spitzer spoke out Monday, admitting to a shocking story which reported that he's been linked to a prostitution ring.

"I have acted in a way that violates my obligation to my family ... I apologize first, most importantly, to my family, I apologize to the public," said Spitzer.

"I must now dedicate some time to regain the trust of my family," he also said, adding he would not be taking any questions.

Spitzer did not state whether he would step down as governor, but said he would be "reporting back in short order" on what he intended to do.

The Democratic Governor of New York, Eliot Spitzer (with wife Slida), had aspirations of being president one day, many thought. Now his career is in peril.

The New York Times reported that Spitzer informed his most senior officials that he had been involved in a prostitution ring, as was determined by a wiretap.

CNN, said that Spitzer was identified as a client of the ring, which is upscale and expensive. CNN quoted a price of $3,000 an hour.

The 48-year-old has been married since 1987 to Silda Wall. They have three children: Alyssa, 18, Sarabeth, 15, and Jenna, 13.

Spitzer graduated from Harvard Law and became an assistant district attorney before entering private practice. He was elected attorney general in 1998.

Elected governor in 2006, Spitzer promised sweeping reforms. One of the rising stars of the Democratic party, his aspirations may have just evaporated.

This bombshell was just about the only thing that could pry the nation away from the race between Hillary Clinton and Barack Obama - and make it seem tame.