Scrutinized Investment Made Senator $822,000

[Rose Siding]

WASHINGTON — Sen. Ted Stevens (R-Alaska) made $822,000 last year from the sale of a controversial real estate investment with an Anchorage developer who had obtained a huge federal contract with his help, records show.

In 1997, Stevens invested $50,000 with developer Jonathan B. Rubini. Last year, at Stevens' request, Rubini and his partner bought back the senator's interests in their deals for $872,000, according to Senate financial disclosure forms made public Tuesday.

About three years after he made that investment, Stevens helped Rubini secure a $450-million Air Force housing contract. The senator had no financial interest in that deal.

Stevens and his investments have been the subject of a fact-finding inquiry by the Senate Select Committee on Ethics that he requested following a Los Angeles Times investigation of his dealings with Rubini in late 2003. The ethics inquiry is continuing.

http://www.latimes.com/news/nationworld/politics/la-na-stevens15jun15,1,1159334.story?coll=la-news-politics-national

[Norquist Nemesis]

1. And just think!

This guy is in line for the POTUS! Fits right in with the rest of the crooks.

[Tempest]

2. Senator's Way to Wealth Was Paved With Favors

He wielded extraordinary power in Washington for more than three decades, eventually holding sway over nearly $800 billion a year in federal spending.

But outside the halls of the U.S. Senate, which is a world of personal wealth so rarified some call it "the Millionaires' Club," Sen. Ted Stevens (R-Alaska) had struggled financially.

Then, in 1997, he got serious about making money. And in almost no time, he too was a millionaire — thanks to investments with businessmen who received government contracts or other benefits with his help.

Added together, Stevens' new partnerships and investments provide a step-by-step guide to building a personal fortune — if you happen to be one of the country's most influential senators.

They also illustrate how lax ethics rules allow members of Congress and their families to profit from personal business dealings with special interests.

Among the ways that Stevens became wealthy:



The original story is no longer on the LA Times web site, but you can find it here: http://tinyurl.com/9y45h

[Tandalayo_Scheisskopf]

3. I remember a time when...

This sort of thing was illegal. A quaint time, long remanded to history's dustbin.

[consuming]

4. 3. Can't believe what GB gets away with!