If you've been getting your daily dose of news from CitizenSugar or glanced at any other news source in the past 24 hours, you'd know that New York Governor Eliot Spitzer has gotten himself into a bit of a mess. The onetime Sheriff of Wall Street has been implicated in what's being called a sex ring and prostitution scandal. He wasn't caught in an actual tawdry act and there was no barging into the bedroom scene or anything like that. We all know that money talks, and money is exactly what let the scandal out of the bag.
Suspicious money transfers led a bank to alert the IRS. The bank's action was in line with federal law, which says they're required to report to the IRS transactions totaling $5,000 or more if the transactions "involve potential money laundering or a violation of the Bank Secrecy Act." When the IRS found out that the accounts were connected to Spitzer they got the FBI involved. Why did he need to hide a large amount money? It's simple — the Emperors Club prostitution ring he was involved with charged between $1,000 and $5,500 an hour for its services.