Somewhere, Dick Grasso is smiling. Somewhere, Henry Blodget is kicking up his heels. And somewhere, Ken Langone's meatball hero is a little tastier.

Also on Portfolio.com: Spitzer's Mixed Signals Tales of the tapes. Spitzer's Foes Eliot Spitzer has a certain way with people.

But if anyone on Wall Street is gloating following the bombshell news that Governor Eliot Spitzer of New York, the onetime Sheriff of Wall Street, has been implicated in a prostitution scandal, they're doing so in private.

A handful of Spitzer's former adversaries declined to comment on the stunning turn of events, first reported on the New York Times website, or they did not return requests for comment.

"It would be totally inappropriate for me to comment," former New York Stock Exchange C.E.O. Grasso told Portfolio.com. Spitzer sued in 2004 to have Grasso return the bulk of his nearly $140 million pay package.

Former American International Group chairman and C.E.O. Hank Greenberg, who was forced to resign under pressure from Spitzer, was similarly tight-lipped.

"Mr. Greenberg will not be saying anything about this," his spokesperson said.

Former Wall Street analyst Blodget, whom Spitzer targeted for sending private emails that conflicted with his public stock analysis, did not return requests for comment.

Meanwhile, the news dominated Wall Street chatter on Monday, prompting near-glee from financial-industry sources, who have long resented Spitzer's sometimes heavy-handed pursuit of Wall Street figures.

"Wall Street is beside itself in an orgy of schadenfreude," said Barry Ritholtz, C.E.O. of Wall Street research company FuisonIQ. "There are a lot of high fives on the Street today."

CNBC's Jim Cramer, an old friend of Spitzer's, said he hoped the allegations against the governor were not true.

"Someone earlier said there were rumblings. There's no rumblings about this," Cramer said on CNBC. "Eliot's my friend. So he's my friend, he'll be my friend after. You know, I just hope it's not true. If it's true, it's obviously very sad. It's bad."

In a televised press conference, Spitzer did not refer to a report in the Times article linking him to a call-girl scandal. Citing "a person briefed on the federal investigation," the Times said that federal agents investigating a high-priced prostitution ring had intercepted phone calls in which the governor arranged a liaison at a Washington hotel in February.

Instead, Spitzer told reporters gathered at a press conference in New York City that he wanted to "briefly address a private matter" without being more specific.

"I have acted in a way that violated the obligations to my family and that violates my—or any—sense of right and wrong," said Spitzer, who is married and has three children. "I apologize first, and most importantly, to my family. I apologize to the public, whom I promised better," he said.

"I do not believe that politics in the long run is about individuals," he added. "It is about ideas, the public good, and doing what is best for the state of New York. But I have disappointed and failed to live up to the standard that I expect of myself. I must now dedicate some time to regain the trust of my family."

He concluded by saying, "I will not be taking questions. Thank you very much. I will report back to you in short order. Thank you very much."

Spitzer didn't offer his resignation or even talk about leaving office. Instead, he said, "We vowed to bring real change to New York, and that will continue."

The Times article linked Spitzer to the arrest last week of the operators of a business called Emperors Club V.I.P. That firm charged $1,000 an hour for what it described as a "three-diamond" prostitute and $3,100 an hour for a "seven-diamond" call girl.

The website offered clients membership in the Emperors Club's Icon Club, a status that allowed the clients to access restricted areas of the website and permitted them to schedule appointments for illegal prostitution services with the highest-ranked prostitutes, whose fees started at $5,500 an hour.

During his eight years as New York State's attorney general, a job that allowed him to pursue civil and criminal prosecutions against corporate officers, Spitzer took on some of the most powerful people on Wall Street.

His targets included Grasso, who was then chairman of the N.Y.S.E., and Langone, who was Grasso's biggest supporter on the N.Y.S.E. board. Spitzer also pressured A.I.G. to force out Greenberg, its longtime chairman, and exposed Blodget for hyping stocks to help investment bankers sell their services to clients.

Spitzer was easily elected governor in 2006, running largely on his record as a Wall Street reformer.

If Spitzer steps down, Lieutenant Governor David Paterson would succeed him. Paterson, who is legally blind, would be New York's first black governor.

Also on Portfolio.com:

• Spitzer's Mixed Signals: Just what was Governor Spitzer doing in Washington?
• Spitzer Hurts Hillary: Matt Cooper looks at the impact on the Democratic presidential race.
• Legacy on Wall Street: Felix Salmon looks back on Spitzer's days fighting corruption.
• Tomorrow's Wood Today: Jeff Bercovici wonders what the headlines will be.
• Spitzer's Foes: A look back at some of Eliot Spitzer's most prominent enemies.