How bad is the investigation into Bill Richardson going? Real bad.

“Bill Richardson is withdrawing his nomination to be commerce secretary, FOX News confirmed Sunday.

Richardson, who will remain governor of New Mexico, is facing a federal grand jury investigation into whether he exchanged government contracts for contributions to three Richardson political committees.

Richardson denies any wrongdoing but the investigation won’t be finished before he has to go to a Senate confirmation hearing.

“Let me say unequivocally that I and my administration have acted properly in all matters and that this investigation will bear out that fact,” Richardson said in a statement. “But I have concluded that the ongoing investigation also would have forced an untenable delay in the confirmation process.”

Obama said he was accepting Richardson’s request to withdraw with “deep regret.”

Yeah, I’ll bet. Seems that not even cutting the goatee off is going to help him.