Whoops: citing an ongoing investigation focused on his state's potentially shady dealings with a California company, CDR Financial Products, Gov. Bill Richardson has withdrawn his name for the cabinet position of Secretary of Commerce.

"Let me say unequivocally that I and my Administration have acted properly in all matters and that this investigation will bear out that fact," Richardson says, "But I have concluded that the ongoing investigation also would have forced an untenable delay in the confirmation process." Obama has not yet nominated a replacement, though he did put out this statement: "Governor Richardson is an outstanding public servant and would have brought to the job of Commerce Secretary and our economic team great insights accumulated through an extraordinary career in federal and state office." [MSNBC]

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