From the Albuquerque Journal:

"Gov. Bill Richardson has withdrawn from his nomination as U.S. commerce secretary, citing concerns about the timing of a federal grand jury investigation involving his administration in New Mexico."

Note the waffle: "citing concerns about the TIMING of a federal grand jury investigation." Not the FACT that there is a federal grand jury investigating Richardson's operation.

According to the Journal, this all has to do with a California financial firm, CDR Financial Programs of Beverly Hills "which received $1.4 million for its work" on a bond issue.

"The FBI and U.S. Attorney's Office want to know how" a California financial firm, CDR Financial Programs of Beverly Hills, "got hired in 2004 to work on the $1.6 billion bond issue used to fund highway projects and the Rail Runner commuter train."

What they think happened was the chief executive of the California firm made two contributions totaling [at least] $85,000 to political organizations attached to Richardson. Here's why it raised the eyebrows of the feds:

"The first came six days after CDR was hired as a special adviser on the bond deal; the second was four days before Finance Authority staff recommended the company get the no-bid deal to manage the escrow account."

Whoa! Check, please (literally)! The no-bid deal? Not only a no-bid deal but there doesn't appear to be (what we in the business world would normally call) a contract involved, either. Again from the Albuquerque Journal:

"If you want to look at the formal contracts, you're out of luck. There don't appear to be any."

I know that's way more than you want to know about what the case is all about. Me, too. But that's not the part that is of interest.

President-elect Barack Obama announced the nomination of Peso Bill on December 3. The Journal published the existence of the investigation in August - some four months before Obama tapped Richardson. Continued...