Ethical questions and concerns over a nasty partisan fight have convinced John Petersen III to withdraw his nomination to the State of Wisconsin Investment Board.
Petersen, who was nominated last month by Gov. Scott Walker, informed the administration that that he was removing his name from consideration because he does not want to serve “under these circumstances,” a reference to the ethics allegations stemming from a vote he cast in 2000 during his first stint on the investment board.
During a legislative hearing Wednesday, Petersen faced tough questions about the potential conflict of interest, which was raised by a state auditor. The potential conflict related to Petersen’s vote to have SWIB, which manages the state retirement system, invest $80 million in a business that had ties to a company in which he owned stock.
