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Possible Pay-to-Play Dealings with Beverly Hills Firm Leads to Richardson's Withdrawal
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.
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You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
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