A deal’s in the works and the governorship is his get out of jail free card. He resigns, cops to nothing worse than a misdemeanor to protect his law license, takes some time off to “heal,” then reemerges as a partner at some white shoe criminal defense firm, earning the millions per year that’ll keep him well supplied with all the high-priced (read: $80,000) hookers he can shake a, er, stick at.

All’s well that ends well. Except for his wife and three kids, of course. Vaya con dios, steamroller.

Gov. Eliot Spitzer is set to resign Wednesday, sources tell CBS 2 Political Reporter Marcia Kramer, but insiders say he’s going to use the resignation as a bargaining chip to cut a deal with federal prosecutors and he won’t step down until that happens. The talks have been going on since Tuesday morning…

The very real problem for Spitzer, as he well knows having been a prosector and the former Attorney General is that he could be charged with a number of things that carry jail time: tax evasion, money laundering, bringing a prostitute across state lines from New York to Washington…

Sources say the resignation is expected sometime Wednesday morning, but it is unclear whether he will do it in writing or in a farewell speech. All of this, of course, is pending on the outcome of any deal he cuts.

Exit question: Is the resignation plus the burning humiliation he’ll suffer as details of his kink fu start coming out in the press enough punishment here, or does he have to do time? Shame as titanic as this is enough for me but, like CBS says, the U.S. Attorney’s going to have to explain the unequal treatment if Spitz gets off with a wrist slap.

Update: “Women Ponder Why Spitzer’s Wife Stood By.” Maybe she loves him, maybe she felt sorry for him, maybe she just figured it’s What One Does in these situations. None of which affects the fact that he, like every other pol under these circumstances, is a cretin for asking her to do so.

Update: “Kristen” remains as yet unknown but there’s a photo here of one of his previous “providers.” I’m not going to say a word.

Quote: “[L]awyers close to the case say New York Gov. Eliot Spitzer is prepared to resign and has his letter written.” Mrs. Spitzer’s evidently left the city with their kids sometime this afternoon; Spitz himself remains behind.