Postrel pretty much called this one five years ago in her blog, when Spitzer was gaining in prominence and power. I ran into that entry when Googling for other references to the so-called Antarctica Liberation Front and found an old classmate had the same funny memories I did of Spitzer's over-the-top self-importance being completely deflated by a bunch of really funny, really smart (and in one case, really short) guys with nice dramatic effect. There's an even more detailed description of the 1980 dismantling of Spitzer-dom, followed a few months later by the true story of why I continue to crack up, 28 years later, genesis of "Daniel P Arovas Hall".
I've tried really, really hard not to devolve into politics here, because my views are my own, and because they tend to be a bit stilted. But I think there's an HR object lesson in all of this: if you're going to be tough, be tough consistently (and not selective in your enforcement); if you're going to claim morality; be consistently moral. But most of all, don't ever, ever get so serious that you forget to have fun.