Tuesday, June 28, 2005

Let's get Randy

Think you already know most of the major ways to pay off a politician? A California congressman may have come up with a new trick.

In 2003, Randy "Duke" Cunningham of San Diego sold his house to a defense contractor and contributor named Mitchell Wade -- who paid $1.7 million. At the same time, Wade's business increased its fat federal contracts.

Wade later re-sold the house, taking a $750,000 loss, even though property values had risen considerably. The obvious suggestion: "Duke" sold the property an an inflated price to disguise a pay-off.

Until now, I've always felt that the cleverest way to disguise a pay-off was the book gimmick, wherein the payEE forks over big dough to buy multiple copies of an unreadable tome ghost-written for some pol. Duke seems to have come up with something genuinely new. Congratulations!

1 comment:

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