While this is a blow to Bill Richardson, he is understanding of the politicas at play and was contrite in removing his name from consideration. According to CNN, in a statement Sunday, Richardson said he asked Obama "not to move forward" with his nomination now.
"I do so with great sorrow. But a pending investigation of a company that has done business with New Mexico state government promises to extend for several weeks or, perhaps, even months," the statement reads. "Let me say unequivocally that I and my Administration have acted properly in all matters and that this investigation will bear out that fact. But I have concluded that the ongoing investigation also would have forced an untenable delay in the confirmation process. Watch why Richardson bowed out »"Given the gravity of the economic situation the nation is facing, I could not in good conscience ask the President-elect and his Administration to delay for one day the important work that needs to be done."