(Agencies)
Updated: 2008-03-13 06:45

Speaking in a strong and steady voice, he apologized for his actions and said: "Over the course of my public life, I've insisted, I think correctly, that people regardless of their position or power take responsibility for their conduct. I can and will ask no less of myself."

He did not address the allegations in any detail in the less than three-minute statement, and left without taking questions.

Officials said that Paterson asked for the Monday hand-over because he needed more time to prepare and wanted Spitzer to say the proper goodbye to his staff.

In a statement issued after Spitzer quit, U.S. Attorney Michael Garcia, the chief federal prosecutor in New York, said: "There is no agreement between this office and Gov. Eliot Spitzer relating to his resignation or any other matter."

Among the possible charges that law enforcement authorities said could be brought against the former governor: soliciting and paying for sex; violating the Mann Act, the 1910 federal law that makes it a crime to take someone across state lines for immoral purposes; and illegally arranging cash transactions to conceal their purpose.

Spitzer, a graduate of Princeton University and Harvard Law, could also be disbarred. In New York, an attorney can lose his license to practice law for failing to "conduct himself both professionally and personally, in conformity with the standards of conduct imposed upon members of the bar."

It was a spectacular collapse for a man who cultivated an image as an incorruptible politician hell-bent on cleansing the state of corruption. He served two terms as New York attorney general, earning the nickname "Sheriff of Wall Street," and was elected governor with a record share of the vote in 2006. The tall, athletic, square-jawed Spitzer was sometimes mentioned as a potential candidate for president.

But he also made powerful enemies, many of whom complained that he was abusive and self-righteous.

"I really don't feel vindicated," said John Faso, the Republican who lost to Spitzer for governor. But he added: "One of the many things I said was that Eliot Spitzer had one set of rules for himself and one set for everyone else. I never would have imagined it could be so glaring."

Traders on the floor of the New York Stock Exchange were transfixed by TV monitors broadcasting Spitzer's resignation, and his ruin drew scattered applause from traders as they went about buying and selling stocks. One trader said some firms even cracked champagne open — a ritual usually reserved for when the Dow hits a milestone.

In a statement, the incoming governor said he was saddened, but added: "It is now time for Albany to get back to work as the people of this state expect from us."

Barely known outside of his Harlem political base, Paterson, 53, has been in New York government since his election to the state Senate in 1985.

Though legally blind, he has enough sight in his right eye to walk unaided, recognize people at conversational distance and even read if the text is placed close to his face.

While Spitzer was famously abrasive, uncompromising and even insulting, Paterson has built a reputation as a conciliator, and lawmakers quickly embraced the new order.

"The first thing he can and I think he will do is end the era of accusation and contempt and ridicule," said Democratic Assemblyman Richard Brodsky. "I think everyone will be better off because of it."

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