"Recent developments in the Comptroller's race are deeply troubling," said Spitzer in a statement. "The outcome of the Ethics Commission investigation presents information that compromises Alan Hevesi's ability to fulfill his responsibilities."

"J. Christopher Callaghan's experience and substantive positions lead me to believe he is not qualified to be Comptroller. Therefore, I can no longer support either candidate in the state Comptroller's race. I am confident that State Senate proceedings will carefully evaluate the facts and recommend appropriate action. In the event that Mr. Hevesi is removed from office through such a proceeding, it is the obligation of state leaders to act in a bipartisan manner to find a highly-qualified replacement."

UPDATE: Here's Alan Hevesi's response:

--Jason Horowitz