These two shits would look great "Tarred and Feathered". On Mon, Feb 23, 2009 at 7:21 PM, Keith In Tampa <[email protected]>wrote:
> Dodd's 'Cottage': A Cozy Purchase > > http://www.courant.com/news/opinion/editorials/hc-rennie0222.artfeb22,0,3796755.column > Kevin Rennie | NOW YOU KNOW February 22, 2009 > > Ireland does not easily give up its secrets. That may have been one > attraction it held for Sen. Christopher Dodd in 1994 when he became an owner > of a refuge on nearly 10 acres on the Irish west coast. The murky tale > includes a felonious inside trader, a Kansas City businessman, a > presidential pardon and what appears to be a financial bonanza to Dodd > during the Irish property boom. > > The saga of Dodd's lucrative Irish odyssey reveals that his two 2003 > sweetheart loans from subprime mortgage titan Countrywide Financial were not > the first time he enjoyed a financial advantage from a wealthy benefactor. > The trail begins at one of New York's most desirable addresses. > > In 1993, Dodd's close friend, New York bon vivant Edward R. Downe Jr., got > a heaping helping of justice when his insider trader scheme caused him to > plead guilty to violating tax and securities laws. Downe, who lived at > exclusive 25 Sutton Place on the Upper East Side with his then wife, heiress > Charlotte Ford, was nabbed setting up foreign accounts to make illegal > insider stock trades for himself and some socialite friends. Dodd attended > Downe's sentencing, where the schemer received three years' probation and > 3,000 hours of community service. Downe agreed a year later to pay $11 > million to the SEC. > > While Downe fought the SEC in 1994 about paying the penalty, Dodd and > William Kessinger of Kansas City, Mo., whom Dodd knew through Downe, > purchased a house and nearly 10 acres (4 hectares in local parlance) on the > island of Inishnee in the affluent Roundtree section of Connemara, in County > Galway, Ireland, for $160,000. > > > <http://www.courant.com/news/opinion/editorials/hc-rennie,0,2918453.columnist> > > Kessinger and Downe have a history as business partners in a Missouri real > estate investment company. > > Dodd, who says he contributed $12,000 to the purchase price, owned > one-third of the house, Kessinger two-thirds. They purchased the property > with a two-year mortgage from the seller of the property that was, according > to Dodd's Senate financial disclosures for both 1994 and 1995, between > $100,001 and $250,000. > > The Irish land registry isn't open to the public in the manner of the > American system. It probably appeared unlikely that anyone would discover > the curious appearance of Downe's nearly illegible signature as the witness > to Kessinger's signing the official transfer document. Downe, convicted, on > probation and banned for life from the securities business, described > himself as "private investor" on the document and included his New York > address. > > When Downe agreed to pay $11 million to the SEC in 1994, he claimed he was > virtually bankrupt. Six months later, he made $2,000 in contributions to > Dodd, again listing his occupation as "private investor." Must be a lot of > loose change in the cushions at 25 Sutton Place, even in a "bankrupt" > pauper's grand apartment. > > In 1996, the Irish mortgage needed to be paid, and it was. A new mortgage > was obtained, according to Dodd, for the same amount. He has reported > collecting rent in ranges from $201 to $15,000 on his Senate ethics filings, > though the names of the people who rented are not disclosed. Through 2001, > Dodd declared his interest in the Irish property as worth between $50,001 > and $100,000. > > In 2001, Dodd did the favor of a lifetime for his pal, Downe. The veteran > senator circumvented the normal Department of Justice vetting process and > got Downe a full pardon from President Bill Clinton on his last day in > office. Dodd initiated the pardon request and included in his two-page > letter to Clinton the tidbit that he speaks to Downe nearly every day. > > Buddies Downe and Dodd probably mentioned the Irish property now and then > in their frequent surveys of the world's highs and lows. While they were > speaking daily, real estate prices in Ireland were exploding. > > Between 1994 and 2004, according to the Central Bank of Ireland, prices of > existing homes (as opposed to new ones) nearly quadrupled. But not according > to a 2002 bank appraisal that Dodd used in the purchase of Kessinger's > interest. > > That year, a year after Dodd obtained a pardon for Downe, Dodd purchased > Kessinger's two-thirds interest in the Irish hideaway for only $127,000, > according to Dodd. Irish property records obtained for this story show it as > $122,351. That was slightly more than its value eight eventful years before, > but much less than what might have been expected given the explosion of > Irish real estate prices. > > At the same time, Dodd financed the purchase of Kessinger's share with a > 20-year variable rate mortgage from an Irish bank for approximately $159,000 > at 3.85 percent. > > In his 2002 Senate financial disclosure, Dodd, who berates bankers for > failing to disclose the truth about their investments, reported the value of > the "cottage" as between $100,001 and $250,000. > > So it continues through Dodd's 2007 disclosure (his most recent). However, > a vague and shifty note by the senator appears in his 2006 and 2007 > disclosures when he declares "value based on appraisal at time of purchase." > > > Senate ethics rules require the valuation of an asset be from the close of > the reporting period, which is Dec. 31. Dodd's spokesman says the rules > require "a good faith estimate of the dollar value," not an annual > reappraisal. To make a disclosure that reflected the effect of the Irish > property boom risked unwelcome questions as Dodd began his quest for the > presidency. > > Someone might also have noticed that of all the affluent seaside towns in > all the world, it's the one where Dodd has a home that Downe and current > wife, Mary, have in the past few years have been sponsors of local events. > Dodd and the Downes have even been sponsors of the same horsey Champion of > Champions event in tony Roundstone. Dodd says the Downes have never stayed > at or rented his house in Inishnee, nor had any financial role in it. > > Now, as Dodd suffers public contempt for failing to offer a credible > explanation for his dealings with Countrywide, he also faces questions about > possible financial advantages gained in Ireland. U.S. Senate ethics > investigators, now looking into Countrywide, should ask. > > > > > > -- *~@):~{> --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
