What's been mostly overlooked in this story is that the pricey home that the Obamas purchased would not have been affordable to them had Senator Obama not taken advantage of a loophole in senate ethics rules and collected a $1.9 million advance from his publisher. Obama signed the deal with Crown Publishers while he was a Senator-elect, not a senator. Hillary Clinton pulled a similar maneuver while she was a senator-elect.
Today's Chicago "free registration required" Tribune weighs in on Obama and Tony:
Obama would be wise to explain, fully and quickly, the prelude to a real estate deal and subsequent transactions related to his acquisition of a $1.65 million home on Chicago's South Side. If Obama doesn't shine his own spotlight on his real estate relationship with indicted political fundraiser Antoin "Tony" Rezko, he'll be fielding questions about Rezko in two years and in 20.
First among those questions with staying power: Why would Obama allow himself any connection to Rezko? The developer notoriously attaches himself to political figures, often parlaying friendships into business dealings that have attracted official suspicions for several years.
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Obama spokesman Robert Gibbs unequivocally denies that the Rezkos subsidized Obama's purchase. He portrays the real estate dealings as ordinary and entirely aboveboard. As the Tribune article noted, there's nothing illegal or untoward about an aggressive developer buying hot property next door to a rising political star. But these are not normal times for Rezko or Obama, longtime friends whose fortunes have taken sharp turns in opposite directions.
Smoke was rising from Tony Rezko long before his wife bought a lot next to Obama's. Federal prosecutors accuse him of scheming to extort money from companies seeking business with state government. Rezko pleads innocence.
Related posts: Obama and his vacant lot neighbor, Tony Rezko
Obama on Rezko real estate deal details: "I don't recall"
UPDATE: 3:35 PM CST: AP has some more details, as it reports on a bond related hearing for Tony Rezko that took place late Thursday. As for the vacant lot next to the Obamas, it appears Rezko's wife owns the property, but that raises more questions than answers.
From AP:
Prosecutors asked Rezko to provide more information about possible international assets and whether there were any properties belonging to Rezko's wife and children that should be disclosed.
"We just registered concerns," said Assistant U.S. Attorney Christopher S. Niewoehner. The international assets include a contract Rezko is negotiating involving a power plant in Iraq, he said.
Also among the "concerns" is a vacant lot next to the home of U.S. Sen. Barack Obama owned by Rezko's wife.
Niewoehner said a newspaper article about the lot brought the issue to their attention.
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