Dominique Strauss-Kahn was granted bail Thursday afternoon after spending over four days in Riker's New York jail for allegations on sexually assaulting a hotel maid. Judge Michael Obus offered to remove Strauss-Kahn from the prison cell after a if it was agreed that he post a $1 million bail.

Along with the bail, an additional $5 million insurance bond will need to be paid during Strauss-Kahn's house arrest. Strauss-Kahn has also surrendered his passport as he was considered a flight risk. He will be wearing a monitoring device on his wrist which will monitor his location 24 hours a day. Armed guards will be on watch outside of a rented New York apartment where Strauss-Kahn and his wife, Anne Sinclair, will reside.

The former IMF Chair resigned from his position with an official letter to the board. It was stated that he wished to devote his strength, time, and energy to proving his innocence. An arraignment hearing is scheduled for June 6 where Strauss-Kahn is expected to plead not guilty.

IMF New York New York