Monday, February 25, 2008
Clink... Clunk.... Clod.
the bits fall into place
LONDON A British-Iraqi billionaire lent millions of dollars to Barack Obama’s fundraiser just weeks before an imprudent land deal that has returned to haunt the presidential contender, an investigation by The Times discloses.
The money transfer raises the question of whether funds from Nadhmi Auchi, one of Britain’s wealthiest men, helped Mr Obama buy his mock Georgian mansion in Chicago.
A company related to Mr Auchi, who has a conviction for corruption in France, registered the loan to Mr Obama’s bagman Antoin “Tony” Rezko on May 23 2005. Mr Auchi says the loan, through the Panamanian company Fintrade Services SA, was for $3.5 million.
Three weeks later, Mr Obama bought a house on the city’s South Side while Mr Rezko’s wife bought the garden plot next door from the same seller on the same day, June 15.
...It is unclear how Mrs Rezko could have afforded the downpayment of $125,000 and a $500,000 mortgage for the original $625,000 purchase of the garden plot at 5050 South Greenwood Ave.
In a sworn statement a year later, Mrs Rezko said she got by on a salary of $37,000 and had $35,000 assets. Mr Rezko told a court he had “no income, negative cash flow, no liquid assets, no unencumbered assets [and] is significantly in arrears on many of his obligations.”
...Mr Rezko ... has bankrolled Mr Obama’s political career since his first run for the Illinois state senate in the mid-1990s…
Mr Obama has publicly sought to atone for his closeness to Mr Rezko, paying $150,000 to charity to distance himself from a man accused of political corruption.
...The spotlight fell on Mr Rezko’s ties to Mr Auchi last month when the Chicago businessman was thrown in jail for violating his bail terms by failing to declare a different $3.5 million loan from the British billionaire, made in April 2007. Prosecutors feared Mr Rezko, who travels widely in the Middle East, might flee to a country without an extradition treaty such as his birthplace of Syria.
...According to court documents, Mr Rezko’s lawyer said his client had “longstanding indebtedness” to Mr Auchi’s GMH. By June 2007 he owed it $27.9 million.
Under a Loan Forgiveness Agreement described in court, Mr Auchi lent Mr Rezko $3.5 million in April 2005 and $11 million in September 2005, as well as the $3.5 million transferred in April 2007.
That agreement provided for the outstanding loans to be “forgiven” in return for a stake in the 62-acre Riverside Park development.
...An aide to Mr Obama said he did attend an event at the Four Seasons at which Mr Rezko was present but does not remember meeting Mr Auchi. “He shook a lot of hands and met a lot of people,” the aide said. “We do not remember individual people.”
...Mr Auchi’s lawyer said the purpose of the Fintrade Services loan was to “assist the financial position” of a pizzeria company called AR Pizza, in which GMH held a shareholding. He said the loan had since been repaid in the form of a greater stake in the Chicago 62-acre land project ...
That’sa some spicy pizza.”
dork.
The Lovely Boazo
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