Land Deal Gives Hastert 300% Profit (buys land, Congress gives road, sell)

http://blogs.abcnews.com/theblotter/2006/06/land_deal_gives.html

Land Deal Gives Hastert 300% Profit
June 16, 2006 10:19 AM

Rhonda Schwartz Reports:

Speaker of the House Dennis Hastert (R-IL) realized an estimated $2 million dollar profit last year on an Illinois land deal that included acreage near a future interstate highway Hastert pushed to build.

The land was sold just five months after Hastert inserted a $207 million appropriation bill for the Prairie Parkway highway during a closed-door Congressional budget conference.

The deal, representing a 300 per cent return on investment, was reported in Hastert's financial disclosure form filed this week, although the role of a secret trust set up by Hastert to sell the land was not disclosed.

A spokesman for Hastert, Ron Bonjean, confirmed the details, which were first reported by Bill Allison of the Sunlight Foundation, an on-line political watchdog group. The Speaker's spokesman said land in the Plano, Illinois area is "booming," and the future highway had no impact on the price.<snip>

This is how the economy works.

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The above comments were how a freeper responded to this article on another message board.

:-(

the future highway had no impact on the price.

Yeah right. Well, Denny, I've got some land near a toxic waste landfill I'll sell you. Since what's nearby has no impact on price it won't matter, right?