Obama Transition Hits Big Bump

Former Clinton Administration official and current Governor of New Mexico, Bill Richardson has withdrawn his name from contention to be Barack Obama's Secretary of Commerce.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," he said Sunday in a report by NBC News' Andrea Mitchell. "But I have concluded that the ongoing investigation also would have forced an untenable delay in the confirmation process."

He said he plans to continue in his role as governor. "I appreciate the confidence President-elect Obama has shown in me, and value our friendship and working partnership. I told him that I am eager to serve in the future in any way he deems useful. And like all Americans, I pray for his success and the success of our beloved country."

Make no mistake about this. Richardson is concerned about the direction that investigations into his shady business dealing might take.