Erin Callan doesn’t look like a master of the universe in her crocheted dresses and bright-red leather jackets.

Playing out the final scene of an almost Shakespearean drama, New York Governor Eliot Spitzer resigned in disgrace today after revelations that he had been caught on wiretaps arranging to meet a high-priced call girl in a Washington hotel.

Three Wall Street executives were held up by a Congressional Democrats today as poster boys for executive compensation run amok.

Two of the three - E. Stanley O’Neal, chairman and chief executive of Merrill Lynch, and Charles O. Prince III, head of Citigroup - lost their jobs last fall after the collapse of the subprime mortgage market which they had once ridden to huge profits.

In the end, it would seem that the bottom line at Bear Stearns Cos. for James Cayne was the bottom line.

The investment bank’s leader went through public relations hell in November when The Wall Street Journal reported that he had spent a lot of time playing either golf or bridge in July while his company was struggling with losses in its sub-prime mortgage funds.

Citigroup yesterday named a new leadership team, whose mission will be to pull the company out of staggering debt from the mortgage crisis.

Vikram S. Pandit was appointed CEO, and Winfried F.W. Bischoff became chairman. The two men succeed Charles Prince, who resigned after reporting up to $11 billion in new losses.

The appointment of John Thain to head troubled Merrill Lynch proves, yet again, the long reach of Goldman Sachs.

Thain, currently CEO of the New York Stock Exchange, began his career as an investment banker at Goldman. He went on to become co-president and co-chief operating officer.

As the New York Times reports, Thain was chosen not only for his success at the exchange, but also for his background at Goldman.

The No Child Left Behind act is a bonanza for private tutoring firms, including Sylvan Learning.

Under the act’s provisions, students enrolled in schools judged to be failing are entitled to free tutoring, paid for by taxpayers. The costs total $2.5 billion annually, according to U.S. News and World Report.

Tutoring companies contract with individual states and school districts. Sylvan provides such tutoring at about half of its 1,200 U.S. locations, according to Tabatha Sweeney-Gehrt, Sylvan’s director of new business development. At some centers, she says, business has doubled because of the service.