Bill Richardson bows out of commerce secretary job

New Mexico Gov. Bill Richardson is withdrawing his nomination to be commerce secretary, citing the distraction of a federal investigation into ties to a company that has done business with his state. Two Democratic officials told CNN the investigation involves a California company that won municipal bond business in New Mexico after contributing money to various Richardson causes. In a statement Sunday, Richardson said he asked Obama "not to move forward" with his nomination now. READ FULL STORY
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