Richardson Withdraws From Obama Cabinet Over Investigation

Citing the unfolding investigation of a company that had business dealings with his New Mexico administration, Gov. Bill Richardson has withdrawn his name as Barack Obama's Secretary of Commerce.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."

Obama has accepted Richardson's withdrawal with "deep regret." Now the speculation about Richardson's replacement begins, as well as a chorus of "ah HAH" from the right.