What this all about? Politicians are corrupt, take bribes, do favours etc? And......that what US politics is based on buying favors and doing deals. The US is a plutocracy boys. Just vote for your favorite crook.
On Oct 13, 10:36 pm, "[ the last patriotic Republican ]" <[EMAIL PROTECTED]> wrote: > http://www.mercurynews.com/ci_10703310?source=most_emailed > MONTEREY -- An Arizona businessman, with help from Sen. John McCain's > office, paid the federal government a mere fraction of the market > value when he bought a Fort Ord land parcel in 1999 > > On Oct 13, 6:42 am, mark <[EMAIL PROTECTED]> wrote: > > > > > In June 2005, Obama and Rezko purchased adjoining parcels in Kenwood. > > The state's junior senator paid $1.65 million for a Georgian revival > > mansion, while Rezko paid $625,000 for the adjacent, undeveloped lot. > > Both closed on their properties on the same day. > > > Last January, aiming to increase the size of his sideyard, Obama paid > > Rezko $104,500 for a strip of his land. > > > The transaction occurred at a time when it was widely known Tony Rezko > > was under investigation by U.S. Attorney Patrick Fitzgerald and as > > other Illinois politicians befriended by Rezko distanced themselves > > from him. > > > On Oct 13, 4:58 am, "[ the last patriotic Republican ]" > > > <[EMAIL PROTECTED]> wrote: > > > McCain helped businessman buy Fort Ord land for a fraction of its > > > market valuehttp://www.mercurynews.com/ci_10703310?source=most_emailed > > > MONTEREY -- An Arizona businessman, with help from Sen. John McCain's > > > office, paid the federal government a mere fraction of the market > > > value when he bought a Fort Ord land parcel in 1999, an Army appraisal > > > obtained by The Monterey Herald shows. > > > > Donald R. Diamond, an 80-year-old real estate developer, lobbyist and > > > top fundraiser for McCain's presidential campaign, bought the land for > > > $250,000, though it was valued at $7.2 million, according to Pentagon > > > appraisals made three years before the sale. > > > > He held on to the parcel for a little more than two years before > > > selling it and the buildings on it for an estimated profit of more > > > than $18 million. > > > > When negotiating with the Army over the no-bid sale, Diamond had more > > > than one advantage on other potential buyers. He held a lease on the > > > land that would have made it difficult for the Army to find another > > > buyer. When Rep. Sam Farr, D-Carmel, later criticized the Army for > > > "giving away" Fort Ord land during the 1990s, Deputy Assistant > > > Secretary of the Army Paul "PJ" Johnson said, "That was a very > > > complicated realignment and closure at Ford Ord." Johnson retired > > > later that month. > > > > But it was McCain's office, as reported earlier this year by The New > > > York Times and The Monterey Herald, that Diamond credited with helping > > > smooth out problems he encountered. At the time, McCain served on the > > > Senate Armed Services Committee. > > > > The appraisal documents > > > > -------------------------------------------------------------------------------- > > > > Advertisement > > > > ADVERTISEMENT > > > > -------------------------------------------------------------------------------- > > > were obtained under a Freedom of Information Act request. Diamond and > > > McCain's Senate office both declined to comment. > > > > The Fort Ord property in question is home to the SunBay apartments and > > > condominiums -- an enterprise whose history dates to the 1980s savings > > > and loan crisis. > > > > Now rented to a largely civilian population, the 297 apartments are > > > set in attractive, Spanish-style clusters on 24 acres bordering the > > > Bayonet and Black Horse golf courses and the Seaside Highlands > > > development. > > > > The units were built by a private developer in the 1980s, when the > > > Army desperately needed housing and, as a result, offered the builder > > > a generous $1 lease on the land for 50 years. For five decades, the > > > builder could own the structures -- not the land -- and collect market- > > > rate rents. When the lease expired, ownership of the apartment > > > buildings was to revert to the Pentagon. The appraisal of the > > > buildings and land together totaled $21 million. > > > > But when Fort Ord was dismantled in the 1990s, everything changed. > > > > It was around that time that Diamond was introduced to SunBay. His > > > fellow Arizonan Cary Marmis -- the apartments' builder -- had been > > > ordered to dispose of his holdings. Federal court filings show Marmis > > > had defaulted on loans from his bank. > > > > With Marmis' real estate holdings to be sold off by the > > > congressionally mandated Resolution Trust Corp., Diamond bid on and > > > bought several properties that included SunBay, said Dick Fitzgerald, > > > the onsite project manager for Diamond's developments in Fort Ord. > > > > Saying it was a private business matter, Fitzgerald declined to state > > > how much Diamond paid for the lease and a mortgage on SunBay's > > > buildings, but Diamond has estimated his total investment in the land > > > and buildings at around $10 million. > > > > In a court deposition, Diamond said a deal was struck so that 10 > > > percent of SunBay's ownership reverted to Marmis and his wife. County > > > real estate documents confirm that Marmis' company became part owner > > > of the apartments with Diamond. > > > > As Fort Ord began dismantling, Diamond, as leaseholder, was interested > > > in buying the land underneath his apartments. But in his deposition in > > > the Bakewell case he talked of complications in the deal. > > > > With the likelihood looming that Washington would insist the Army sell > > > off nearly all its Fort Ord acreage, the Pentagon ordered an > > > independent appraisal of the SunBay site by the Sacramento firm Smith > > > Denton Associates Inc. In a report dated July 15, 1996, the appraisers > > > said the goal was to determine a range of estimates in order to better > > > negotiate with the leaseholder, Diamond. > > > > Though the Army appeared willing to accept a discounted price, there > > > were a number of sticking points. > > > > A February 1997 "negotiators' report" by the Army indicated Diamond's > > > company had concerns over price, future water allocations and whether > > > more apartments could be added to the complex. > > > > Under oath in a taped interview as part of the Bakewell lawsuit, > > > Diamond said McCain came to his assistance after the purchase > > > negotiations became "bogged down." > > > > "I asked him if he could help expedite it," Diamond said. > > > > Although McCain's Senate office did not respond to questions from The > > > Monterey Herald, earlier this year a McCain spokeswoman told The New > > > York Times that the senator "had done nothing for Mr. Diamond that he > > > would not do for any other Arizona citizen." > > > > Diamond, however, is no ordinary constituent. Besides being a leading > > > developer in McCain's home state, he is a pro-Israel lobbyist in > > > Washington, D.C., and is among the elite "innovators" group whose > > > members have individually raised $500,000 or more for McCain's > > > presidential bid, according to the candidate's campaign Web site. > > > > Diamond also served as national finance co-chairman for McCain's > > > presidential exploratory committee, and in court documents he > > > describes himself as a longtime friend of the Republican senator. > > > > Farr found it more than a little unusual an Arizona senator would > > > become involved in a land deal in California. > > > > "This to me was just sort of out of the box," Farr said recently. > > > "Senators don't usually mess around in other states." > > > > Diamond said McCain assigned Ann Sauer, a senior aide to McCain at the > > > time, to the case. > > > > Sauer was well-known around the Pentagon and had previously worked as > > > a staff member for the Senate Armed Services Committee. Sauer declined > > > to comment for this story. > > > > Fitzgerald said Sauer set up a meeting for him with Johnson, the > > > deputy assistant secretary of the Army. > > > > "That was the extent of her involvement to the best of my knowledge," > > > he said. > > > > But in his deposition, Diamond said Sauer stepped in after the initial > > > meeting and "got the thing resolved" when negotiations reached a > > > stalemate. > > > > Years later, he thanked her for the help "because it was taken care > > > of," Diamond said in deposition. "In some way, she showed up and got > > > the thing resolved, and at some time when I was in Washington I met > > > her ... to thank her." > > > > The recently released Army documents show that after the independent > > > appraisal was turned in, some in the Pentagon reasoned the government > > > couldn't get full market price for the land because it was encumbered > > > by Diamond's lease, which still had 40 years left to go. > > > > While the independent appraisers supplied estimates in the millions, > > > the Army reappraised the land taking into consideration the lease and > > > assuming the land and building would still be worth $21 million when > > > the lease ran out 42 years later. Taking into consideration those > > > factors, they figured the plot was worth less than $300,000 at the > > > time. > > > > The premise the land and buildings would be worth $21 million some 42 > > > years later was incorrect. Given an appreciation rate of, for example, > > > 4 percent, the property could actually be worth several hundred > > > million dollars in four decades. > > > > Even so, the documents show Army officials were not eager to accept > > > Diamond's original offer made in a draft purchase agreement. A Feb. > > > 14, 1997 government memo states that Diamond at first offered $125,000 > > > for the land, an offer the Army refused. > > > > "PJ" Johnson ultimately signed a memo approving the $250,000 SunBay > > > sale in 1999. > > > > In 2001, just over two years after he bought the land, Diamond sold > > > SunBay -- the land, the buildings and the lease -- to a Northern > > > California developer for $28 million.- Hide quoted text - > > > - Show quoted text -- Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. 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