Richardson Withdraws as Obama Commerce Secretary Pick

Richardson Withdraws as Obama Commerce Secretary Pick (Update1)
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By Bill Schmick

Jan. 4 (Bloomberg) -- New Mexico Governor Bill Richardson, President-elect Barack Obama’s pick to serve as U.S. secretary of Commerce, withdrew from consideration for the post today, citing a pending investigation into a company that has done business with his state.

Obama accepted Richardson’s decision with “deep regret,” according to a statement released by his transition team.

Richardson, in a statement also released by Obama’s team, gave no details on the probe except to say that it “promises to extend for several weeks or, perhaps, even months” and “would have forced an untenable delay in the confirmation process.”

He said he and his administration had “acted properly in all matters,” and the investigation would “bear out that fact.” He said he would continue in his role as governor.

A federal grand jury is investigating how a company that advised Jefferson County, Alabama, on bond deals that threaten to cause the biggest municipal bankruptcy in U.S. history, did similar work in New Mexico after making contributions to Richardson’s political action committees.

The grand jury in Albuquerque is looking into Beverly Hills, California-based CDR Financial Products Inc., which received almost $1.5 million in fees from the New Mexico Finance Authority in 2004 after donating $100,000 to Richardson’s efforts to register Hispanic and American Indian voters and pay for expenses at the Democratic National Convention in 2004, according to people familiar with the matter.

To contact the reporter on this story: Bill Schmick at wschmick@bloomberg.net.

 

Who cares really? We can pretty much see what the new admin is like: Business as usual, crooks from all over the country in power and some Democratic party Supreme Court appointments in the offing... and that set like a blue diamond in potmetal against a backdrop of economic calamity...

 

State documents show CDR was paid a total of $1.48 million in 2004 and 2005 for its work on a transportation program.

CDR and its CEO, David Rubin, have contributed at least $110,000 to three political committees formed by Richardson, according to an AP review of campaign finance records.

Dang these deals are sweet! Pay $110,000 and get back $1.48 million in 1 to 2 years!!

 

This presidential- elect administration is the most corrupt administrations in US history.

 

Remember when "El Diablo" threw Hillary under the bus and endorsed Obama during the primary........risky move.

 

Too funny!
Your logic defies description.