Coach, the "word on the street" here is that he'll soon resign. If he doesn't within, say, 36 hours or so, the Minority Leader of the NYS Assembly (Republican Jim Tedisco) will be asking the Speaker of the Assembly (Democrat Sheldon Silver) to start impeachment procedings. BUT, knowing how ethically challenged Silver is, it's 50/50 that he would actually do what Assemblyman Tedisco asks.
Silver refuses to quit the Manhattan law firm he's part of (Weitz & Luxembourg), and on the W & L site, there was a link for people who wanted to sue the NYS government last year (until an outcry forced its' removal). Recently, someone connected with the law firm was appointed to a special governmental panel, and Silver said, "There's no conflict of interest whatsoever," or words to that effect. Oh--to the first sentence of this paragraph, it would be considered a "conflict of interest" for Silver to be employed by said law firm--yet he refuses to have the Republicans in the Assembly bring the complaint before the New York State Ethics Commission, which is something that he must do before the Ethics Commission can proceed.
Also, a senior aide to Silver had to resign a couple of years ago for drugging female interns and then having sex with them. Silver came under a fair amount of criticism fo his role in that mess.