The Chicago Tribune broke the story back in November. It begins in 2004 with Obama's $1.9 million book advance for The Audacity of Hope. In June 2005, Obama used the money to purchase a $1.65 million Georgian revival home on Chicago's South Side—$300,000 less than the asking price. On the very same day, Rezko, a Democratic Party fund-raiser and developer, bought the adjacent empty lot at the asking price from the same owner (the house and the lot were previously owned by the same person). Rezko, who had raised money for Obama and known him since the senator attended Harvard Law School, did not develop the empty lot. In January 2006, he sold a 1,500-square-foot slice of it to Obama for $104,000, a fair sum in that market.
Here's the question: Did Rezko orchestrate his same-day purchase of the lot at full price so that the seller would give Obama a break on the price of the adjacent house? Was Obama in on the deal? And did Rezko never intend to develop the lot, giving Obama a nice roomy side yard, a favor which he'd call in later?
Obama says he did talk to Rezko before the purchase, but only because a person who had renovated it for a previous owner had once worked with Rezko, who owns other properties in the South Side. He didn't arrange the joint purchase with him. He bought the house at such a good price, Obama has told the papers, because it was being unloaded in a "fire sale."
There's no evidence that the senator is fibbing or that the indicted fund-raiser asked anything in return for his neighborly behavior (though that might have been just a matter of time). Obama hasn't tried to change his story, even though Rezko is now talking to investigators.
-snip
http://www.slate.com/id/2155501
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