New York Governor Eliot Spitzer is about to make an announcement regarding his admission to his most senior administration officials that he had been involved in a prostitution ring. The announcement comes just one week after federal prosecutors arrested four people for connections to an expensive prostitution operation. No word as to whether the busted ring is that which the governor had been involved.

This connection is especially shocking given Spitzer's reputation as a tough-on-crime reformer and his nickname, "the Sheriff of Wall Street." For all breaking updates on this story, including the "Client 9" details, read more.

Update: Rumors are flying while we're waiting for Spitzer's announcement. Some are even saying that Spitzer is about to resign? Updates as we know them.

Update II: His statement was shockingly brief. He apologized, and said nothing about stepping down. He said that he had "violated his obligation to his family." Adding that he failed the standards he set for himself. He took no questions and said he needed time to rededicate himself to his family, and said he would "report back."

Update III: According to the Times the announcement was prompted by implications that Spitzer had been caught on a federal wiretap arranging to meet with a high-priced prostitute at a Washington hotel last month.

The wiretap recording captured a man identified as Client 9 on a telephone call confirming plans to have a woman travel from New York to Washington, where he had reserved a hotel room. The person briefed on the case identified Mr. Spitzer as Client 9.

Update IV: Here are the "Client 9" documents with all of the details, including the name of the woman involved.

Update V: Apparently the political ramifications of this announcement are already spreading. Some are saying that Hillary's campaign website has already had mentions of Spitzer's name removed.

Update VI: The Times City Room has an extensive fact-filled, non-sensational, play-by-play of all of the events.

What do you think is going on here? Are you shocked or is it much ado about nothing? Just a couple of weeks ago we were talking about Spitzer's excitement about being a superdelegate on The Colbert Report. I wonder if that's still an option. . . .

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