One-time presidential contender Bill Richardson is bowing out of his Secretary of Commerce posish that Barack Obama had appointed him. He's under investigation for a company that did business with him during his campaign, and then "just so happened" to get a lucrative deal with the state of New Mexico. But in the age of Rod Blagojevich, we say that Richardson shouldn't have stepped down until there are profanity-laden phone transcripts as evidence.

A person familiar with the proceedings has told The Associated Press that the grand jury is looking into possible "pay-to-play" dealings between CDR Financial Products and someone in a position to push the contract through with the state of New Mexico.

Richardson 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."