Login or register
Richardon's path to Cabinet nominee
| The New Mexican and wire services
Posted: Sunday, January 04, 2009
-
Story Tools
Font Size:
Richardon's path to Cabinet nominee Facebook
Get FREE Daily Headlines by email!

advertisement
Notable events leading to New Mexico Gov. Bill Richardson's withdrawal of his bid to become commerce secretary:

Early 2003: Richardson wins legislative approval of a $1.6 billion highway and transportation construction program called Governor Richardson's Investment Partnership, or GRIP.

October 2003: CDR Financial Products Inc. CEO David Rubin contributes $25,000 to Richardson political committee Moving America Forward.

2004: Bonds are issued for GRIP transportation program. CDR, which is based in Beverly Hills, Calif., becomes part of a team of investment and financial advisers selected by the New Mexico Finance Authority to put together the GRIP financing. CDR earns at least $951,000 in fees in 2004 for its services to the authority.

June 2004: CDR — under its former name, Chambers, Dunhill, Rubin and Co. — donates $75,000 to a political committee that Richardson established, Si Se Puede! Boston 2004 Inc. The donation comes a couple of months after the transportation financing arrangement won state approval.

Dec. 6, 2006: Bloomberg.com reports that the IRS is investigating CDR, "which has advised local governments on more than $17 billion of derivatives since 2003." The article mentions the GRIP work in New Mexico, and CDR's contributions to Richardson PACs.

2005: Rubin gives $10,000 to Richardson's re-election campaign.

August 2008: The Albuquerque Journal reports that the FBI is looking into the CDR contracts and possible connection to Richardson contributions. The New Mexico Finance Authority issues a statement saying it is "cooperating fully" with federal authorities in their investigation of CDR in connection with the 2004 issuance of bonds.

Nov. 14, 2008: Richardson meets in Chicago with President-elect Barack Obama, who interviews him about being secretary of state. New York Sen. Hillary Rodham Clinton also is considered for position.

Nov. 23, 2008: Democratic official says Richardson is Obama's choice for commerce secretary.

Dec. 3, 2008: Obama announces his selection of Richardson as commerce secretary, calling him a leading "economic diplomat for America" in troubled times.

Dec. 10, 2008: Richardson's expected replacement as New Mexico governor, Lt. Gov. Diane Denish, announces a transition advisory team.

Dec. 15, 2008: Bloomberg.com breaks the news that a federal grand jury is investigating how CDR won its contract. The next day, Richardson leaves the room at a news conference, ignoring reporters' questions about the investigation. He hasn't spoken with state reporters since.

Jan. 4, 2009: Richardson withdraws his name from consideration for commerce secretary.


You must login to make comments.
Click on the link below to register for a free account. This is a new system and previous accounts are not transferred to this system. You'll be asked for your name and e-mail address. A confirmation e-mail with a password will be sent to you at the address you provide. Once you've logged into the system, you'll be able to view and contribute comments. Please be respectful to your fellow users and post under your own name. Send questions to webeditor@sfnewmexican.com

Email:
Password:
Remember me
Register here for a free username and password

Comments (0)
What do you think? Add your two cents to the conversation by contributing your view on the news. Please, be respectful to the community and your fellow users and use your real name when posting. Inappropriate postings will be removed and your privileges to comment further might be suspended. If you'd prefer to submit a letter to the editor for possible inclusion in The New Mexican's print edition, visit our submissions page.


(not you? logout)



advertisement
  • Truett Collins commented on
  • Truett Collins commented on
  • Truett Collins commented on
  • peter trujillo commented on
  • Paula Lozar commented on
  • Ambro A commented on
  • Just Watching commented on
  • C S commented on