CNNMoney.com
Companies Economy International Corrections Pre-market Trading After-hours Trading Winners/Losers/Actives Bonds Currencies Commodities World Markets Money Magazine Real Estate Mutual Funds Taxes Ask the Expert Money 101 Autos Loan Center Best Places to Live Ask the Expert Millionaires in the Making Ultimate Guide to Retirement Retirement Calculators Best Funds Ask the Mole Best Places to Retire Personal Tech Big Tech Blog Techland Blog Sectors and Stocks Fortune 500 Techs Tech Talk 100 Best Places to Launch Ultimate Resource Guide Small Biz Makeovers FSB 100 Ask & Answer Fortune 500 Technology Investing Management Rankings Main Create Portfolio Edit Portfolio Create Alerts Edit Alerts

Source: Richardson to head Commerce

President-elect Barack Obama plans to nominate New Mexico Gov. Bill Richardson for secretary of Commerce, a Democratic insider says .

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

Can the Big Three make vehicles that Americans want to buy?
  • Yes, if they get a bailout
  • Yes, if they file for bankruptcy
  • No

WASHINGTON (CNN) -- President-elect Barack Obama plans to nominate New Mexico Gov. Bill Richardson to be secretary of Commerce, a Democratic source told CNN on Tuesday.

The nomination of the former energy secretary has been widely expected.

Richardson has been on Obama's list for the position from the start, a senior Democratic source said, and the two spoke about it on November 14.

If Richardson steps down as chief executive of New Mexico, Democratic Lt. Gov. Diane Denish will take over. She was Richardson's running mate in the 2002 and 2006 gubernatorial elections.

It's a very different situation in neighboring Arizona, where another Democratic governor, Janet Napolitano, also will step down to join the Cabinet. Arizona doesn't have a lieutenant governor. Under state law, Secretary of State Jan Brewer - a Republican - will take over.

Richardson sought the Democratic presidential nomination but dropped out of the race after a poor showing in the January 8 New Hampshire primary.

Both Obama and Sen. Hillary Clinton then lobbied hard for an endorsement from Richardson, who served as U.N. ambassador as well as energy secretary during the Clinton administration.

He announced on March 21 that he would back Obama, saying that his "affection for Hillary Clinton and President Bill Clinton will never waver" but "it is now time for a new generation of leadership."

In April, Richardson said he had been "very close to endorsing" Clinton but decided not to after the campaign became negative.

His endorsement was viewed as an act of betrayal by some longtime Clinton supporters.

CNN political analyst James Carville, who has close ties to both Clintons, likened Richardson's endorsement to Judas' betrayal of Christ.

Richardson responded by saying that Carville and other Clinton supporters believe they are a "dynasty" and that they were "clinging to the throne."

Hillary Clinton was named this week as Obama's pick for another Cabinet post, secretary of state.

CNN's Candy Crowley, Ed Hornick and Paul Steinhauser contributed to this report.  To top of page

Features
2:18pm: Forget about the credit crunch and falling house prices. The job market is the biggest economic problem -- and it's likely to get worse before it gets better. more
Markets Last Change
Dow Jones 8,599.18 -143.28 / -1.64%
Nasdaq 1,571.59 -45.42 / -2.81%
S&P 500 890.35 -19.38 / -2.13%
10-year Bond 111 28/32 Yield: 2.38%
U.S.Dollar 1 euro = $1.344 -0.026
January 9, 2009 4:03 PM ET
CompanyPrice% Change
Lehman Brothers Holdings Inc 0.07 35.29%
Lennar Corporation 9.42 -17.60%
Level 3 Communications Inc 1.53 15.91%
Jones Apparel Group, Inc 4.96 -13.74%
Jan 9 3:56pm ET †
More Galleries
CES: The year of the tiny projector Pico projectors pack big imaging power into tiny devices. Want to carry around your own personal movie theatre? Check out these 6 pico gadgets, previewed at CES. More
Take this job - or shove it With three job seekers for every opening, the unemployed are taking any position they can find. Even if it means a huge pay cut. Here's how people are coping. More
Detroit Auto Show: What's new An industry in crisis rolls out its latest weapons as some of the industry's biggest names fight for survival. More

© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.