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May 25, 2012
Mark Clayton: Is Hillary's State Dept. hacking Al Qaeda? Not quite
Erika Bolstad: Temple cancels Wasserman Schultz speech
The Kosher Gourmet by Ethel G. Hofman: The former president of the International Association of Culinary Professionals, whose members included the likes of Julia Child, is back with contemporary Shavous cuisine: Ruby Fruit Soup, Sweet Noodle Kugel with Cheese, Key Lime Curd, Calsone Casserole Frittata with Wild Mushrooms, Sun-dried tomatoes and Olives, Baked Tilapia with Pepper Cheese Cream and Brown Sugar Shortbread
May 24, 2012
Jeff Jacoby: The peace process battered Israel's reputation
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The Kosher Gourmet by Penelope Wall: PHILLY CHEESE STEAKS --- hold the steak!
May 23, 2012
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The Kosher Gourmet by Emma Christensen:A simple way to do fish right
May 22, 2012
Warren Richey: Can US group challenge overseas surveillance act? Supreme Court to decide
Thomas M. Anderson: Walking Away From a Mortgage
The Kosher Gourmet by Megan Gordon: Enjoy a celebration of the most rich and layered flavors: Black bean, sweet potato and quinoa chili
May 21, 2012
Mark Clayton: Cybersecurity: How US utilities passed up chance to protect their networks
Howard LaFranchi: NATO summit: Who will foot the bill for long-term Afghanistan security?
Chris Farrell : Earn Dividends in Emerging Markets with This WisdomTree ETF
Stephen Whiteside, Ph.D. : Mayo Clinic Medical Edge: Social anxiety disorder --- or just shy?
Guy Jackson : Victim's father regrets death of Lockerbie bomber
The Kosher Gourmet by Mario Batali: Famed chef's veal shoulder farsumagru: A festive meat course for late spring
May 18, 2012
Rabbi Berel Wein: Striving: The People of the Book's Book for (All of) the People
Steven Goldberg: 5 Great Stock Picks and the Exchange-Traded Fund that Owns Them
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The Kosher Gourmet by Carolyn Malcoun: DIY healthy lunchbox treats: HOMEMADE FRUIT BARS for kids and brown-bagging adults alike
May 17, 2012
Warren Richey: Teacher fired for being unwed and pregnant can sue religious school, court rules
Josh Mitnick: Netanyahu's 'centrist' coalition is already proving it's anything but
Steven Goldberg: Earn Dividends in Emerging Markets with This WisdomTree ETF
Amina Khan: Research links coffee to lower death rates
The Kosher Gourmet by Faith Duran : Cheesy Potato Breakfast Casserole with Cheddar and Sun-Dried Tomatoes
May 16, 2012
Carmen Terzic, M.D., Ph.D. : Mayo Clinic Medical Edge: A variety of exercises can help improve balance
Melissa Healy: National strategy on Alzheimer's disease aims to halt it by 2025
The Kosher Gourmet by Joyce White : GOODNESS GRACIOUS: GREENS! 4 winning recipes that are no longer just for down-home folks (Includes expert tips & techniques)
May 15, 2012
Kristen Chick: Obama administration resumes arms sales to Bahrain despite serious unresolved human rights issues. Activists feel abandoned
Pat Mertz Esswein: Homes are now affordable again and mortgage rates are low. What you need to know before you buy
Kathy Kristof: Our Practical Investor Fights Inflation with These 6 Investments
Sue Hubbard, M.D.: The Kid's Doctor: Lactose intolerant young child? Check again
The Kosher Gourmet by Kathy Hunt: Spread a Little Excitement with EXOTIC CONDIMENTS (4 RECIPES)
May 14, 2012
Lisa Gerstner: How to Protect Your Identity, Finances If You Lose Your Phone
Harvard Health Letters: Heart disease and dementia
The Kosher Gourmet by Megan Gordon: MANGO COCONUT OAT MORNING MUFFINS are a bright but hearty delight
May 11, 2012
Jessica L. Anderson: Get the Best Deal on a Used Car
Jett Stone: Forget face-lifts and fake knees. Scientists have seen the fountain of youth --- and it's broccoli
The Kosher Gourmet by Chef Mario Batali: The famed chef's vegetable dish that tastes true to the season: FAVAS AND SUGAR SNAP PEAS WITH POTATOES AND TARRAGON
May 10, 2012
Sergei L. Loiko: Putin sends warning to U.S., NATO in Victory Day speech at Red Square
Mary Rourke: How being a 'mentch' got Vidal Sasoon his start and fighting in Israel's War of Independence provided him with confidence and a strong sense of his own identity
Jeff Bertolucci: Get Home Phone Service for Less Than $10 a Month
The Kosher Gourmet by Betty Rosbottom: Gleaming with its golden, crimson, and snowy white hues, this silken smooth and creamy STRAWBERRY ORANGE TRIFLE looks impressive, but is easy to prepare
May 9, 2012
Sharon Palmer, R.D. How you can reduce your risk -- or delay -- chronic diseases associated with aging
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Jewish World Review
Sept. 27, 2010
/ 19 Tishrei, 5771
How Privileged Democrats Pay for Their Houses
By
Michelle Malkin
http://www.JewishWorldReview.com |
Like millions of Americans, Delaware Republican Senate nominee Christine O'Donnell has had trouble covering her mortgage and other bills over the years. Her opponents consider this a scandal of disqualifying proportions. But there's a bigger disgrace: It's all the sanctimonious Democrats who have exploited their entrenched political incumbency to pay for multiple manses and vacation homes — while posing as vox populi.
Former senior senator from Delaware and current Vice President Joe Biden has a custom-built house in Delaware's ritziest Chateau Country neighborhood. It is now worth at least $2.5 million and is the Bidens' most valuable asset. Biden tapped campaign funds to pay for his compound's lawn needs. He secured the new estate with the help of a corporate executive who worked for Biden's top campaign donor, credit card giant MBNA.
In 1996, Biden sold his previous mansion to MBNA Vice Chairman John Cochran. The asking price was $1.2 million. Cochran forked over the full sum. Biden then paid $350,000 in cash to real estate developer Keith Stoltz for a 4.2-acre lakefront lot. Stoltz had paid that same amount five years earlier for the undeveloped property.
Stoltz told the Wilmington News Journal that "the residential real estate market was soft" at the time he sold the land to Biden. But "soft" for whom? Stoltz was a well-off businessman who didn't appear to be in such dire financial straits that he needed to unload the property quickly in a weak market.
Reporter Byron York looked at comparable properties in Biden's neighborhood and found three cases where homes in the area went "for a good deal less than their appraised value. In comparison, it appears Cochran simply paid Biden's full asking price."
Biden's office denied any sweetheart deals took place, but York noted that it appeared MBNA indirectly helped Cochran buy the Biden house through six-figure executive compensation funds listed as moving expenses and losses suffered on the sale of his previous home.
To be clear, no laws were broken. These arrangements were simply a continuation of Biden's decades-long, Beltway business-as-usual relationships with a deep-pocketed corporate benefactor — which, by the way, later hired his son. Nice nepotism, if you can get it.
North Dakota Democrat Sen. Kent Conrad and Connecticut Democrat Sen. Chris Dodd made cozy arrangements with subprime sleaze lender Countrywide. Portfolio.com reported that Conrad "borrowed $1.07 million in 2004 to refinance his vacation home with a balcony and wraparound porch in Bethany Beach, Del., a block from the ocean."
Senate Banking Chair Dodd received two discounted loans in 2003 through Countrywide's VIP program. He borrowed $506,000 to refinance his elite townhouse in Washington, D.C., and $275,042 to refinance a home in East Haddam, Conn. Countrywide helpfully waived fractions of points on the loans. The lower interest rates could have saved Dodd a combined $75,000 during the life of the 30-year loans.
Dodd had known about the preferential treatment on his loans since 2003, yet continued to deny that he was treated like a VIP, refused to acknowledge wrongdoing and encouraged government-sponsored mortgage enterprises Fannie Mae and Freddie Mac to invest in Countrywide's risky loans.
Not content with two shady home deals, Dodd got in on a real estate scheme for an Irish cottage and nearly 10 acres of land with William Kessinger, a businessman tied to his close friend, insider trader Edward R. Downe Jr.
Downe had pleaded guilty to tax and securities law violations and was banned for life from the business. In 2001, Dodd helped Downe obtain one of the treasured presidential pardons on Bill Clinton's last day in office. A year after that, as Irish real estate prices went through the roof, Dodd purchased Kessinger's share of the estate at a discount. He failed to include the obvious quid-pro-quo gift on Senate disclosure forms: Help a crooked friend, reap a cut-rate real estate deal.
Prominent members of Team Obama benefited from similar special home deals. Politico.com noted that the Clintons secured a $1.35 million loan from Democrat pal and fundraiser Terry McAuliffe for their New York estate; Obama special envoy Richard Holbrooke snagged a sweetheart loan to refinance his Telluride, Colo., ski vacation home from the Countrywide VIP program; and Obama's close confidante and erstwhile vice presidential search committee panelist Jim Johnson accepted more than $7 million in below-market-rate loans from Countrywide.
Then there's President Barack Obama's own $1.7 million Chicago manse — which was financed with a discounted mortgage from Northern Trust and infamously included a shady land swap with convicted felon donor/developer Tony Rezko. A report released by the Federal Election Commission in February 2009 underscored that the Obamas received reduced loan rates (saving $300 a month, or $108,000 over the life of a 30-year loan) because of their high-profile positions.
Northern Trust offered the super jumbo loan to the Obamas in anticipation of entering "long-term financial relationships" with the successful couple. The FEC refused to call the Obamas' mortgage deal an illegal corporate contribution, but it was an obvious act of favor-trading. Northern Trust employees had contributed $71,000 to Obama since 1990.
GOP candidates like Christine O'Donnell, who have weathered personal financial troubles, have a lot more in common with the 14 million Americans underwater on their mortgages than these privileged Beltway boys. Perhaps fat-cat Democrats in crony-funded houses should put down their stones.
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Michelle Malkin Archives
© 2009, Creators Syndicate
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