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Find out more about Ed: Ed Duffy has been a news junkie for as long as he can remember. In 1972 he stayed up late with his transistor radio to his ear listening to the final election returns. He was 8. During his three years in the Army he worked composing responses to Congressional Inquiries. Now he has a monthly business paper of his own, several blogs on a variety of subjects and a graphic design and print shop. His passions are his family, free markets, free people and the truth. |
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Former presidential candidate Governor Bill Richardson of New Mexico has withdrawn from consideration for the position of Commerce Secretary in the Obama administration.
Richardson said he fears a federal investigation into a company which had done business with the state of New Mexico might delay his nomination. The decision to nominate Richardson to the post was announced by the Obama administration on December 3, almost 4 months into the investigation. Richardson's withdrawal 30 days later raises questions as to what has changed between then and now.
A federal grand jury in Albuqerque is investigating a California firm called CDR Financial Products Inc. CDR had advised Jefferson County, Alabama on bond deals that now threaten to cause the biggest municipal bankruptcy in U.S. history before being hired to do similar work for the state of New Mexico. The company received almost $1.5 million in fees from the New Mexico Finance Authority in 2004 after it had donated $100,000 toward Richardson's efforts to register minority voters and cover Democratic National Convention expenses in 2004. $25,000 was given to a political action committee called Moving America Forward, which was formed by Richardson. The other $75,000 went to an organization called Si, Se Puede, Boston 2004 Inc. which helped raise money for the Democratic National Convention, which Richardson chaired. The F.B.I is trying to determine if staff at the governor's office played any part in the hiring of CDR.
The CDR/Richardson inquiry is part of a much broader investigation into corruption in the municipal bond market nationwide.
Both CDR and Governor Richardson deny any wrongdoing. It is curious though, that just a month ago, neither Richardson nor the Obama transition team saw the investigation as a problem.
Bill Richardson has been the Governor of New Mexico since 2002. He served as ambassador to the United Nations as well as Energy Secretary in the Clinton administration and has also served in the House of Representatives. He ran for the Democratic nomination for president in 2008 before withdrawing and endorsing President Elect Obama.
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