Photo of Eliot Spitzer and wife Silda Wall Spitzer during press conference by AP/Stephen Chernin

Two days after news that he patronized an international prostitution ring, Governor Eliot Spitzer announced his resignation. With wife Silda Wall Spitzer at his side, he spoke for about three minutes at the Governor's office in Manhattan, at approximately 11:40 a.m. Here's a transcription:

In the past few days, I've begun to atone for my private failings with my wife Silda, my children, and my entire family. The remorse I feel will always be with me. Words cannot describe how grateful I am for the love and compassion they have shown me.

From those to whom much is given, much is expected. I have been given much: the love of my family, the faith and trust of the people of New York, and the chance to lead the state. I am deeply sorry that I did not live up to what was expected of me. To every New Yorker and to all those who believed in what I tried to stand for, I sincerely apologize. I look at my time as Governor with a sense of what might have been, but I also know that as a public servant I, and the remarkable people with whom I worked, have accomplished a great deal. There is much more to be done, and I cannot allow my private failings to disrupt the people’s work.

Over the course of my public life I have insisted – I believe correctly – that people, regardless of their position or power take responsibility for their conduct. I can and will ask no less of myself. For this reason I am resigning from the office of governor. At Lieutenant Governor Patterson’s request, the resignation will be effective Monday, March 17, a date that he believes will permit an orderly transition. I go forward with the belief, as others have said, that as human beings, our greatest glory consists not in never falling but in rising every time we fall.

As I leave public life I will first do what I need to do to help and heal myself and my family. Then I will try once again, outside of politics, to serve the common good and to move toward the ideals and solutions which I believe can build a future of hope and opportunity for us and for our children. I hope all of New York will join my prayers for my friend David Paterson as he embarks on his new mission. And I thank the public once again for the privilege of service. Thank you very much.

WNBC's Melissa Russo said one reporter asked Silda Wall Spitzer if she was going to leave him. No answer. Russo added that Wall Spitzer still seemed stricken.

Former Governor George Pataki told WNBC it's a "tragedy" - an "avoidable tragedy" at that. He also calls Paterson a person of "integrity" and "intelligence." He notes that Paterson is facing difficulties: only five days for a transition (versus months under normal circumstances) and the tough budget climate. But Pataki is optimistic, given Paterson's experience in state government. NYC Comptroller Bill Thompson said that NY State is in "able hands," noting that Paterson is a "person of conviction" and that the first matter of business is passing a state budget.

Paterson issued a statement:

Like all New Yorkers I am saddened by what we have learned over the past several days. On a personal level Governor Spitzer and Silda have been close and steadfast friends. As an elected official the Governor has worked hard for the people of New York.

My heart goes out to him and to his family at this difficult and painful time. I ask all New Yorkers to join Michelle and me in prayer for them.

It is now time for Albany to get back to work as the people of this state expect from us.