A California congressman who is under federal investigation for his dealings with a defense contractor announced Thursday that he will not seek re-election.

U.S. Rep. Randy "Duke" Cunningham made the disclosure at a hastily arranged news conference.

"The time has come for me to conclude the public chapter in my life," the eight-term San Diego-area Republican said, reading from a brief written statement. "Quite simply, right now I may not be the strongest candidate."

[...]

Cunningham has been shadowed by questions concerning his relationship with Mitchell Wade, the founder of MZM Inc., a defense firm.

Wade purchased Cunningham's 3,826-square-foot house north of San Diego in 2003, then put it back on the market and eventually took a $700,000 loss when he resold it a year later. During that span, home prices in San Diego County rose an average of nearly 25 percent.

At the same time, MZM Inc. was increasing its federal contracting business.

Cunningham is a member of the House Appropriations defense subcommittee and the Permanent Select Committee on Intelligence, both of which oversee the kind of classified intelligence work MZM does for the military.

The congressman also faces questions about the arrangement under which he has lived on a yacht belonging to Wade and moored in Washington.

Posted by: Jonathan Singer / 5:06 PM | Basie! Home