As most of you no doubt know by now:

Gov. Eliot Spitzer has been caught on a federal wiretap arranging to meet with a high-priced prostitute at a Washington hotel last month, according to a person briefed on the federal investigation.

The wiretap recording, made during an investigation of a prostitution ring called Emperors Club VIP, 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 room. The person briefed on the case identified Mr. Spitzer as Client 9.

The governor learned that he had been implicated in the prostitution probe when a federal official contacted his staff last Friday, according to the person briefed on the case.

The governor informed his top aides Sunday night and this morning of his involvement. He canceled his public events today and scheduled an announcement for this afternoon after inquiries from the Times.

Spitzer’s brief announcement, delivered around 3:15 p.m., expressed remorse for betraying the trust of his family and the public, but did not acknowledge any involvement in prostitution. Nor did the governor immediately resign, as some pundits speculated.

The implications here extend far beyond the livable streets corner of the universe, obviously, but since it’s our beat, consider this an open thread to discuss the potential fallout. Item one: congestion pricing.