Bill Richardson Withdraws Nomination as Commerce Secretary Due to Ongoing Investigation

NBC News has reported that New Mexico Governor Bill Richardson has withdrawn his nomination for the next Commerce Secretary due to an ongoing investigation over whether he exchanged government contracts for campaign contributions, essentially, "pay-to-play." He has denied any wrongdoing in the matter, but said that the on the investigation won't be finished before he has to go to Senate confirmation hearings.

"Let me say unequivocally that I and my administration have acted properly in all matters and that this investigation will bear out that fact," Richardson told NBC News.

"But I have concluded that the ongoing investigation also would have forced an untenable delay in the confirmation process." Barack Obama also told NBC he accepted Richardson's decision to withdraw with "deep regret."

"Governor Richardson is an outstanding public servant and would have brought to the job of Commerce Secretary and our economic team great insights accumulated through an extraordinary career in federal and state office," Obama said. Source: NBC News

Richardson is withdrawing because of questions raised by federal investigators, who have been looking into whether Richardson and his administration improperly steered state contracts towards CDR Financial Products, a Beverly Hills, Calif.-based firm founded by David Rubin, who is a major financial contributor to Richardson.

In 2003 and 2004, around the time CDR was awarded nearly $1.5 million in state contracts, Rubin and CDR donated $100,000 to Richardson's political action committees. I believe that where is smoke, there is a fire and this isn't close to being resolved. Funny, Bill Richardson wanted the Secretary of State position, knowing that this investigation was a potential threat. Stay tuned folks, there will definitely be more to come on this RichardsonGate scandal.