Spitzer does his "Swan Song" to the delight of Wall Street

"Get ready for a schadenfreude festival on Wall Street." - Barry Ritholtz, director of equity research at Fusion IQ in New York.

We're not sure if there'll be popcorn and peanuts, but Eliot Spitzer's fall from grace is likely to go down as Schadenfreude on Wall Streetone the most celebrated and juiciest sex scandals since you-know-who. At least this one was outed before he took the reins of the entire country.

Spitzer presented a crusader image to the world, the guardian of all that is good and just and right in New York. Now he's a joke. And all of Wall Street is having a party in his honor.

Schadenfreude \SHOD-n-froy-duh\, noun:
A malicious satisfaction obtained from the misfortunes of others.

In case you missed all the fun yesterday, Spitzer got caught with his pants down when a federal sting operation revealed his sordid involvement in an upscale prostitution ring. As New York attorney general, Spitzer had built a career out of throwing the book at men like himself.

"Every time we turn over a rock, there are more vermin crawling beneath it," he said during an industry-wide mutual fund scandal in 2003.

Traders cheered when The New York Times' news circulated. "The industry will be hoisting an extra toast," said Geoff Bobroff, a consultant to the mutual fund industry.

If you're on your way to New York this week to see all the sights, take time to visit Wall Street. New Yorkers are known for their standoffishness, but we're betting that will change this week.