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Thread: Obama's little real estate problem....

  1. #1
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    Obama's little real estate problem....

    first a former childhood friend dogging obama on his false Christianity and now this- which runs deeper as far as sales of houses/land between hussien obama and Rezko's firm....

    [QUOTE][B]Obama dogged by ties to developer By MIKE ROBINSON, Associated Press Writer
    Mon Jun 11, 3:11 PM ET[/B]

    CHICAGO - Sixteen years ago, Chicago businessman Antoin "Tony" Rezko tried to hire bright young Harvard law student Barack Obama (news, bio, voting record) to work in his real estate development company.

    Obama said no, but it was the start of a political friendship.

    Rezko contributed thousands of dollars and raised thousands more as Obama ran for the Illinois legislature, the U.S. House and the U.S. Senate. He was even involved in Obama's purchase of a family home.

    But now Rezko faces federal charges as the central figure in an Illinois corruption scandal, and Obama whose Democratic presidential campaign emphasizes a squeaky-clean image is scrambling to distance himself from his old supporter.

    "The senator and Rezko have not spoken for quite some time," Obama campaign spokesman Bill Burton said Monday.

    Last week, Obama's campaign said it was donating $23,000 to charity the total of three contributions from Rezko business associates. Last year, it donated $11,500 to purge itself of money Rezko donated.

    Obama has not been touched by the federal investigation that has resulted in extortion and fraud charges against Rezko. The allegations, which include shakedowns involving an Illinois pension fund, have nothing to do with the Illinois senator.

    But the situation is awkward for a candidate eager to avoid any trace of scandal. And while it may not have been noticed much among grass-roots voters, he and his staff have been peppered with questions from reporters.

    "I think he's responded to all of them and at the end of the day I don't think there's any indication of anything other than perhaps bad judgment," said fellow Illinois Sen. Dick Durbin. He said the facts don't appear serious enough "to derail what I consider a very positive presidential campaign."

    Veteran Democratic strategists vary in their appraisal.

    Democratic strategist Stephanie Cutter, who is not affiliated with any presidential candidate, said the situation "may leave voters with the impression Senator Barack Obama is and was indeed a politician, but I'm not sure that's earth-shattering."

    Campaign consultant Chris Lehane, who worked in the Clinton White House and for Al Gore in 2000, said it shows voters that Obama "puts his pants on the same way as any other politician" something that "undermines the core Obama brand, that he is a different kind of leader."

    Rezko, a Syrian-born U.S. citizen who owned a real estate development business and a group of fast-food franchises, has spent his career showering Illinois officials with campaign money. He was a top fundraiser for Democratic Illinois Gov. Rod Blagojevich.

    His connection to Obama began when the future senator got national attention as the first black president of the Harvard Law Review. Rezko was impressed by what he read and offered Obama a job.

    The two men kept in contact and he became one of the earliest donors to Obama's campaign when he ran for a state Senate seat in 1996.

    Their relationship came into the spotlight last October, the same month Rezko was indicted on federal charges, with the disclosure that Rezko had played a role in the senator's purchase of a home.

    Obama bought a house and lot. Rezko's wife bought an undeveloped property next door. The two parcels had once been a single tract of land.

    [B]Obama paid $1.65 million for the house and lot while Rezko paid $625,000 for the undeveloped lot. Six months later, Rezko sold a strip of his property to Obama, who wanted to increase the size of his side yard. Obama paid Rezko $104,500, which he says was the market rate. [/B]

    While Obama has said that the transaction was handled ethically, he has conceded the perception of favor-trading it created was a "boneheaded" mistake.

    Rezko is charged with plotting to shake down money management firms hoping to do business with the Illinois Teachers Retirement System, a $39 billion state pension fund, for kickbacks.

    He also is charged with swindling the General Electric Capitol Corp. out of $10 million in a deal involving the purchase of pizza restaurants.

    Rezko attorney Joseph J. Duffy declined to comment on the case.

    While Obama turned down Rezko's offer of a job back in 1991, he ended up in a group of real estate deals involving the developer anyway. He accepted a position at the law firm then known as Davis Miner & Barnhill.

    At the firm, he represented community groups that partnered with a developer in getting city and state housing rehabilitation loans. The developer was Rezko. Obama estimates he did only about five hours of work.

    Burton said Obama has fought "for the toughest possible ethics rules" and that is not "changed by anything that has happened to Tony Rezko."

    [/QUOTE]

    [url]http://news.yahoo.com/s/ap/20070611/ap_on_el_pr/obama_donor[/url]

  2. #2
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    these obama posts are really encouraging to me

    why?

    if this is the best GOP can come up with, Obama is clean.

  3. #3
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    [QUOTE=bitonti]these obama posts are really encouraging to me

    why?

    if this is the best GOP can come up with, Obama is clean.[/QUOTE]


    hate to tell you skippy...it's only June of '07...

    this sh!t comes from his rat opponents and is likely just scratching the surface...

  4. #4
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    [QUOTE=bitonti]these obama posts are really encouraging to me

    why?

    if this is the best GOP can come up with, Obama is clean.[/QUOTE]

    Agreed: What is the allegation here? That he paid for land he bought from his neighbor?

    Also, this story is eight months old, and has already been vetted thoroughly by any number of media outlets. It went nowhere.

    Can't blame CBTNY for posting it now, though: Sometimes college newspapers run old stories, so he's probably only recently seen it.
    Last edited by nuu faaola; 06-12-2007 at 11:19 AM.

  5. #5
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    [QUOTE=nuu faaola]Agreed: What is the allegation here? That he paid for land he bought from his neighbor?

    Also, this story is eight months old, and has already been vetted thoroughly by any number of media outlets. It went nowhere.

    Can't blame CBTNY for posting it now, though: Sometimes college newspapers run old stories, so he's probably only recently seen it.[/QUOTE]

    vetted through the media??? that's laughable....

    as with everything else to date with hussien obama (pro live birth abortions, etc) it's been dismissed by the media....

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    [QUOTE=Come Back to NY]vetted through the media??? that's laughable....

    as with everything else to date with hussien obama (pro live birth abortions, etc) it's been dismissed by the media....[/QUOTE]

    Rrrriiiiiiiight. Because campaigns don't do opposition research and leak the results to the media.

    It may be news to you, but this was first reported (by the media you describe as so eager to dismiss it) in November. It's been weighed in on dozens of times since and it is clearly what it appears to be: A legitimate land deal with a shady character.

    Obama has since thought better of the relationship and stopped doing business with Rezko.

    Do you see something inherently wrong or corrupt with returning contributions from someone once they've been indicted?

  7. #7
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    [QUOTE=AP]Obama has not been touched by the federal investigation that has resulted in extortion and fraud charges against Rezko. The allegations, which include shakedowns involving an Illinois pension fund, have nothing to do with the Illinois senator.[/QUOTE]

    I'm not seeing the story here. If one were to look at every donor or aquaintance of every Politician in America, I believe we'd find plenty of these kind of Characters involved with almost every Politician, of every stripe, we have.

    It all goes back to "being friends with powerful people helps". It isn't coruption per se....but it isn't far off either. I'm just not seeing anything in the article to get worked up over.

    What I'd get worked up over is finally cleaning up our system, and banning Political donations. Money =/= Speech. Money = Corruption, or at best, the Appearance of Corruption.

  8. #8
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    [QUOTE=Warfish]I'm just not seeing anything in the article to get worked up over...[/QUOTE]

    Classic liberal hypocrisy... ;)

  9. #9
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    [QUOTE=nuu faaola]Rrrriiiiiiiight. Because campaigns don't do opposition research and leak the results to the media.

    It may be news to you, but this was first reported (by the media you describe as so eager to dismiss it) in November. It's been weighed in on dozens of times since and it is clearly what it appears to be: A legitimate land deal with a shady character.

    Obama has since thought better of the relationship and stopped doing business with Rezko.

    [/QUOTE]

    I'm well aware of the stories written by the Trib about this...the fact is where there's smoke there's fire...

    [QUOTE]Do you see something inherently wrong or corrupt with returning contributions from someone once they've been indicted?[/QUOTE]

    no...but someone should tell harry reid that...

  10. #10
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    [URL=http://www.boston.com/business/blog/filter/bullcrap.jpg]http://www.boston.com/business/blog/filter/bullcrap.jpg[/URL]

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    [QUOTE=Come Back to NY]I'm well aware of the stories written by the Trib about this...the fact is where there's smoke there's fire...

    ...[/QUOTE]

    Then why, eight months later, has nothing more come out about this?

    "The fact is" that there's nothing to it, regardless of how badly you wish that wasn't the case.

  12. #12
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    [QUOTE=nuu faaola]Then why, eight months later, has nothing more come out about this?

    "The fact is" that there's nothing to it, regardless of how badly you wish that wasn't the case.[/QUOTE]

    that's why obama trying to distance himself from this guy....

    of course paying 1/6th the price for a lot of land next to a 7-figure house seems rather ethical...

  13. #13
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    [QUOTE=Come Back to NY]that's why obama trying to distance himself from this guy....

    of course paying 1/6th the price for a lot of land next to a 7-figure house seems rather ethical...[/QUOTE]

    It wasn't the entire lot, it was a 10-foot strip of land apparaised at $40,500, so Obama actually paid more than 2x the appraised value for it.

    [url]http://www.washingtonpost.com/wp-dyn/content/article/2006/12/16/AR2006121600729_pf.html[/url]

    "Later, the Obamas bought a 10-foot-by-150-foot piece of the lot for $104,500. An appraisal put the value of the strip at $40,500, a spokesman said, but Obama considered it fair to pay one-sixth of the original price for one-sixth of the lot."

    There goes that theory.

  14. #14
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    [QUOTE=nuu faaola]It wasn't the entire lot, it was a 10-foot strip of land apparaised at $40,500, so Obama actually paid more than 2x the appraised value for it.

    [url]http://www.washingtonpost.com/wp-dyn/content/article/2006/12/16/AR2006121600729_pf.html[/url]

    "Later, the Obamas bought a 10-foot-by-150-foot piece of the lot for $104,500. An appraisal put the value of the strip at $40,500, a spokesman said, [B]but Obama considered it fair to pay one-sixth of the original price for one-sixth of the lot."[/B]

    There goes that theory.[/QUOTE]

    try again.....

    he admits paying "one-sixth" the orignal price...who is the "spokesman" who put the value of land @$40K????

    Obama must live in the only neighborhood where houses valued at seven figures has land available at $40K....

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    [QUOTE=Come Back to NY]try again.....

    he admits paying "one-sixth" the orignal price...who is the "spokesman" who put the value of land @$40K????

    Obama must live in the only neighborhood where houses valued at seven figures has land available at $40K....[/QUOTE]

    It was a professional appraisal. Those are a matter of public record. And, again, the strip was 10 feet, not the entire lot.

    Could you be any more destroyed in this argument?

  16. #16
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    [QUOTE=nuu faaola]It was a professional appraisal. Those are a matter of public record. And, again, the strip was 10 feet, not the entire lot.

    Could you be any more destroyed in this argument?[/QUOTE]

    can you be any more ignorant with your need to make sh!t up???

    "a professional appraisal"??? where in the article does it state that??? who is the "spokesman" that quotes the appraisal in the arguement???

  17. #17
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    [QUOTE=Come Back to NY]can you be any more ignorant with your need to make sh!t up???

    "a professional appraisal"??? where in the article does it state that??? who is the "spokesman" that quotes the appraisal in the arguement???[/QUOTE]

    There is no such thing as an amateur appraisal. Apparaisers need to be licensed. Ever apply for a home mortgage? The bank sends a pro to assess what a piece of land should be worth before it lends you money for the transaction.

    That aside, I am not making up that the strip was only 10 feet, which makes your earlier nonsense about how land could be so cheap next to a seven-figure home completely absurd. It's not a big piece of land, it's just an add-on to the fringe of his yard.

  18. #18
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    [QUOTE=Come Back to NY]btw: notice any inconsistencies in the article???




    again....who is the "spokeman"?? how did a 9000 sq ft lot all of a sudden turn into 10ft-by-150ft???


    you got owned....[/QUOTE]

    Learn to read:

    It says "Later, the Obamas bought a 10-foot-by-150-foot [B]piece of the lot [/B] for $104,500."

  19. #19
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    [QUOTE=nuu faaola]There is no such thing as an amateur appraisal. Apparaisers need to be licensed. Ever apply for a home mortgage? The bank sends a pro to assess what a piece of land should be worth before it lends you money for the transaction.

    That aside, I am not making up that the strip was only 10 feet, which makes your earlier nonsense about how land could be so cheap next to a seven-figure home completely absurd. It's not a big piece of land, it's just an add-on to the fringe of his yard.[/QUOTE]



    so now it was the banks appraiser who was the "spokesman"??

  20. #20
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    [QUOTE=nuu faaola]Learn to read:

    It says "Later, the Obamas bought a 10-foot-by-150-foot [B]piece of the lot [/B] for $104,500."[/QUOTE]


    my bad....

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