Support for LAist comes from
We Explain L.A.
Stay Connected

Share This

News

Possible Pay-to-Play Dealings with Beverly Hills Firm Leads to Richardson's Withdrawal

richd.jpg
LAist relies on your reader support.
Your tax-deductible gift today powers our reporters and keeps us independent. We rely on you, our reader, not paywalls to stay funded because we believe important news and information should be freely accessible to all.

Even before President-elect Barack Obama nominated New Mexico Gov. Bill Richardson to be his Secretary of Commerce, a grand jury investigation was under way regarding Richardson's hiring of Beverly Hills-based CDR Financial Products. CDR won a lucrative contract to advise the New Mexico Financial Advisory in 2004, but not before donating $100,000 to two Richardson organizations.

He will continue to serve as governor although the investigation may "extend for several weeks or, perhaps, even months," according to a joint statement from Richardson and Obama.

CDR has been federally investigated at least twice for allegedly bribing government officials to allow the company to sell municipal bonds.