SANTA FE, N.M.—One of Gov. Bill Richardson’s longtime friends and political advisers worked as a consultant for the California firm at the center a federal pay-to-play investigation that derailed the Democratic governor’s appointment as commerce secretary.
A Denver-based firm operated by Mike Stratton was a consultant for CDR Financial Products on business in New Mexico, including in 2004 when the company worked on bond deals with the New Mexico Finance Authority that are part of the grand jury investigation. It earned almost $1.5 million in fees for those transactions.
Stratton’s work for CDR is significant because as a longtime, close friend and adviser to Richardson he was in position to know about the governor’s fundraising machinery, including the committees that received contributions from CDR.
CDR and its chief executive, David Rubin, contributed $110,000 to Richardson political committees in 2003-2005. Federal investigators are looking at whether political contributions influenced the decision to hire CDR.
