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 STORYRead more…
With his choice of New Mexico Gov. Bill Richardson as commerce secretary, President-elect Barack Obama broke with tradition, putting a longtime public servant in a position that has recently been held by private-sector executives.
Richardson, who was one of Obama's rivals for the Democratic nomination, has spent almost his entire career in prominent government roles -- as a governor, congressman, United Nations ambassador and energy secretary. Obama cited the range of Richardson's experience in naming him to his economic team Wednesday, saying he would be a domestic strategist and "a leading economic diplomat." READ FULL STORYRead more…
