New Post: New-SPConfigurationDatabase : Value cannot be null

The Configuration Wizard is also failing with more detail in the Event logs:

Failed to create the configuration database.
An exception of type System.ArgumentNullException was thrown. Additional exception information: Value cannot be null.
Parameter name: password
System.ArgumentNullException: Value cannot be null.
Parameter name: password
at Microsoft.SharePoint.Administration.SPFarm.ValidateLogonAccount(String& username, SecureString password)
at Microsoft.SharePoint.Administration.SPManagedAccount.SetPassword(SecureString value)
at Microsoft.SharePoint.Administration.SPApplicationPool..ctor(String name, SPWebService service)
at Microsoft.SharePoint.Administration.SPWebApplication.CreateDefaultInstance(SPWebService service, Guid id, String applicationPoolId, SPProcessAccount processAccount, String iisServerComment, Boolean secureSocketsLayer, String iisHostHeader, Int32 iisPort, Boolean iisAllowAnonymous, DirectoryInfo iisRootDirectory, Uri defaultZoneUri, Boolean iisEnsureNTLM, Boolean createDatabase, String databaseServer, String databaseName, String databaseUsername, String databasePassword, SPSearchServiceInstance searchServiceInstance, Boolean autoActivateFeatures)
at Microsoft.SharePoint.Administration.SPWebApplication.CreateDefaultInstance(SPWebService service, Guid id, String applicationPoolId, IdentityType identityType, String applicationPoolUsername, SecureString applicationPoolPassword, String iisServerComment, Boolean secureSocketsLayer, String iisHostHeader, Int32 iisPort, Boolean iisAllowAnonymous, DirectoryInfo iisRootDirectory, Uri defaultZoneUri, Boolean iisEnsureNTLM, Boolean createDatabase, String databaseServer, String databaseName, String databaseUsername, String databasePassword, SPSearchServiceInstance searchServiceInstance, Boolean autoActivateFeatures)
at Microsoft.SharePoint.Administration.SPAdministrationWebApplication.CreateDefaultInstance(SqlConnectionStringBuilder administrationContentDatabase, SPWebService adminService, IdentityType identityType, String farmUser, SecureString farmPassword)
at Microsoft.SharePoint.Administration.SPFarm.CreateAdministrationWebService(SqlConnectionStringBuilder administrationContentDatabase, IdentityType identityType, String farmUser, SecureString farmPassword)
at Microsoft.SharePoint.Administration.SPFarm.CreateBasicServices(SqlConnectionStringBuilder administrationContentDatabase, IdentityType identityType, String farmUser, SecureString farmPassword)
at Microsoft.SharePoint.Administration.SPFarm.Create(SqlConnectionStringBuilder configurationDatabase, SqlConnectionStringBuilder administrationContentDatabase, IdentityType identityType, String farmUser, SecureString farmPassword, SecureString masterPassphrase)
at Microsoft.SharePoint.Administration.SPFarm.Create(SqlConnectionStringBuilder configurationDatabase, SqlConnectionStringBuilder administrationContentDatabase, String farmUser, SecureString farmPassword, SecureString masterPassphrase)
at Microsoft.SharePoint.PostSetupConfiguration.ConfigurationDatabaseTask.CreateOrConnectConfigDb()
at Microsoft.SharePoint.PostSetupConfiguration.ConfigurationDatabaseTask.Run()
at Microsoft.SharePoint.PostSetupConfiguration.TaskThread.ExecuteTask()