Richardson Withdraws From His Nomination To Lead Commerce
Keywords: finance, markets, legislation, ENR, government, engineering news-record, equipment & materials, costs
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Delivery: Immediate Online Access
Publication Date: 07-JAN-09
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Article Description| Gov. Bill Richardson (D-N.M.) has withdrawn from his nomination as commerce secretary in President-elect Barack Obama’s Cabinet. In a Jan. 5 news conference, Richardson stated that an ongoing federal grand jury investigation into a state contract related to Governor Richardson’s Investment Partnership (GRIP), won by Beverly Hills, Calif.-based CDR Financial Products, “would have forced an untenable delay in the confirmation process.” The investigation centers around a $1.48-million consulting contract CDR won in 2004 with the New Mexico Finance Authority, a state agency that finances infrastructure projects. CDR was part of a team of financial services firms that advised NMFA on interest-rate swaps and refinancing of funds related to the $1.6-billion GRIP bond ... |
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