Times have changed. 10 years ago - hell, two years ago - this wouldn't get any press.
The key is the lying part. If he knew, and it sure looks like it, he's gotta go. Sorry.
Had he come out last week or whatever and said, "Yes, I knew about it, but I was trying to protect the family from going broke and yada yada", he'd have looked a lot better than the potential outcome now. He could recovered from that. Take a little heat then versus an inferno now. Seems simple.
DON'T LIE!! EVAR!!