Eliot Spitzer's first ad in the New York City comptroller race wastes no time addressing the elephant in the room.

"Look: I failed -- big time," Spitzer begins in the ad. "I hurt a lot of people. When you dig yourself a hole, you either lie in it the rest of your life, or you do something positive."

Spitzer then lays out his platform and suggests his opposition will be funded by Wall Street types who don't want to have to deal with him as comptroller.

"If you hear any negative noise -- and you will -- keep in mind where it's coming from," he says. "Maybe being hated by the Wall Street firms isn't such a terrible thing."

Spitzer concludes the ad by saying he wants to give New Yorkers "a fair shot."

"I'm asking voters to do the same for me," he says.

Spitzer faces Manhattan Borough President Scott Stringer in the September Democratic primary.