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.




© Copyright The Santa Fe New Mexican. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. AP contributed to this report.