New York — Gov. Eliot Spitzer, known throughout the insurance industry for his tireless and tough ethics reform as attorney general, announced his resignation, effective Monday, March 17. Quickly following Monday’s revelation of his involvement with a prostitution ring, Spitzer announced this morning that he will relinquish his position to Lt. Gov. David Paterson.

During his resignation speech, Spitzer said, "I am deeply sorry that I did not live up to what was expected of me," referring to his alleged involvement with a prostitution ring. "To every New Yorker, and to all those who believed in what I tried to stand for, I sincerely apologize."

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