http://72.14.203.104/search?q=cache:BcyFuDfGydcJ:www.tnr.com/doc.mhtml%3Fi%3Dw061002%26s%3Dlillyornstein100606+hastert+land+deal&hl=en&gl=us&ct=clnk&cd=5Hastert's real estate transactions have been reported extensively in the Chicago press and picked apart in a June report issued by the Sunlight Foundation. But they have been largely ignored in the national media. A careful examination of the facts in the case, however, leads to the conclusion that there are compelling reasons beyond the Foley case to call for the speaker's resignation from the post.
Here are the essential facts: In August, 2002, Hastert bought 196 acres of land in rural Kendall County, Illinois for $2,125,000. According to the Chicago Tribune, Hastert bought the plot in two separate transactions. The first deal gave him a house, barn, swimming pool, and 17 acres of land for $1.2 million. In the second deal, he obtained an additional 179 acres on an adjacent property for a little less than $5,200 per acre. The least valuable portions of the second deal were two fields, separated from the rest of the farm by a stream and inaccessible by road.
That was a big deal for a life-long politician and wrestling coach like Hastert, but harmless enough. Eighteen months later, however, Hastert's purchase took a new direction. The speaker entered into a real estate agreement with Dallas Ingemunson, the chair of the Kendall County Republican Party, and a campaign contributor named Tom Klatt. The three men formed a real estate trust and purchased an additional 69 acres of land adjacent to Hastert's two inaccessible fields. The trust paid $1,033,000 for the land, or about $15,000 per acre--more expensive turf than Hastert's plot in part because of its access to a road.
And here's where the deal first begins to acquire a pungent odor: The trust then added Hastert's two fields to the jointly acquired parcel and credited Hastert with 62 percent ownership apparently on the presumption that Hastert's $5,200 land was equal in value to his partners $15,000 land.
These deals coincided with a protracted battle in Congress sparked by the expiration of the 1998 highway bill. Hastert's purchase of his new home and the additional 179 acres of land took place the same month that the House Transportation Committee prepared for its first hearings on a new highway bill--a bill that would be rife with opportunities for members of congress to bring new roads to their districts in the form of earmarks, changes in infrastructure that could have a major effect on real estate values.
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rest of story talks about how he uncharacteristically shephered a very controversial bill though the house, and sold the property he bought at a profit of SEVERAL MILLION bucks, while LYING about the particulars
well worth the exposure
what a surprise that the M$M has ignored it. wonder if it will blow up if the Foley thing really takes off to the point where Hastert really gets put under the microscope