WASHINGTON -- President-elect Barack Obama suffered the first blow to his Cabinet today as Commerce Secretary-designate Gov. Bill Richardson withdrew from consideration, citing an investigation of a company's business dealings with the state government he leads.
The New Mexico governor said in a statement released this afternoon that he was withdrawing because the investigation would have "forced an untenable delay in the confirmation process."
"A pending investigation of a company that has done business with New Mexico state government promises to extend for several weeks or, perhaps, even months," Richardson said, without further identifying the subject of the investigation.
A federal grand jury in Albuquerque has been investigating how Beverly Hills, Calif.-based CDR Financial Products won state contracts that generated about $1.5 million in fees after donating $100,000 to political organizations affiliated with Richardson.
CDR and its CEO, David Rubin, have contributed at least $110,000 to three political committees formed by Richardson, according to an Associated Press review of campaign finance records. The largest donation, $75,000, was made by CDR in June 2004 -- a couple of months after the transportation financing arrangement won state approval -- to a political committee that Richardson established before the Democratic National Convention that year.
rest http://www.chicagobreakingnews.com/2009/01/commerce-secretary-nominee-withdraws.html
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