An Obama-Rezko Primer

Chicago real estate developer and fast-food magnate Antoin "Tony" Rezko leaves federal court in Chicago in this Oct. 19, 2006, file photo. Rezko spent years pouring thousands of dollars in campaign contributions into Barack Obama's climb from the Illinois legislature to Capitol Hill, and helped him raise tens of thousands more. But these days Rezko is snared in a nasty political scandal and facing a federal corruption trial that begins next month. (AP Photo/Nam Y. Huh, File)

http://www.boston.com/news/nation/articles/2008/03/10/an_obama_rezko_primer/

AN OBAMA-REZKO PRIMER

By Christopher Wills
Associated Press Writer / March 10, 2008
SPRINGFIELD, Ill.—Sen. Hillary Rodham Clinton has been questioning her rival Sen. Barack Obama's relationship to political donor Tony Rezko, now on trial for fraud -- particularly Rezko's involvement in the purchase of Obama's Chicago home. Here's a look at what's going on and what it means:

more stories like thisQ: Who is Tony Rezko?

A: Antoin "Tony" Rezko is a millionaire Chicago businessman who has long helped young politicians raise money and make connections. Raised in Syria, he moved to Chicago to study engineering but wound up making money in real estate and fast food. He is now on trial in federal court on mail fraud, wire fraud, money laundering and attempted extortion charges.

Q: What is his relationship to Obama?

A: He's been friendly with Obama for years, even offering him a job after Obama finished law school. Obama turned down the offer, but a political friendship developed. Rezko and his family donated at least $21,457 to Obama -- and helped raise tens of thousands more -- for his campaigns in Illinois, though not for his presidential bid. He also advised Obama on the purchase of a new Chicago home and, in his wife's name, purchased a vacant lot next to the new Obama home at the same time.

Q: Why is Rezko on trial?

A: Prosecutors allege he tried to shake down companies seeking contracts from Illinois regulatory boards for campaign contributions and payoffs. They say he used his influence with Gov. Rod Blagojevich to get people appointed to the boards and then threatened to have them block contracts unless the companies paid millions of dollars in kickbacks.

Q: What does that have to do with Obama?

A: Nothing. No one has alleged that Obama has anything to do with the charges against Rezko, nor has Obama been charged with any wrongdoing. Obama has donated to charity the money that Rezko donated to his campaigns, as well as money from other Rezko friends and partners, a total of $150,000.

Q: Did Rezko help Obama buy his Chicago home?

A: Yes and no. Obama says he sought Rezko's advice as a real estate developer and even toured the property with him but got no financial assistance from Rezko. Instead, Obama paid $1.65 million for the house in June 2005 by using money from a book contract and taking out a mortgage.

But Rezko's wife did buy the vacant lot next door, which made it easier for Obama to buy the house. Both pieces of property were owned by the same couple and they insisted on selling them at the same time, but Obama couldn't afford both. Rezko's purchase of the empty lot allowed the home sale to go through, although Obama says Rezko wasn't the only person interested in the lot.Continued...

Q: Did Obama and Rezko coordinate their purchases?

A: Obama says they didn't. He says Rezko became interested in the lot while advising him on the house and then bought the land on his own, for $625,000.

Q: Where did Rezko get the money to buy the lot?

A: That's not clear. Some court documents related to his criminal case show that at the time of the land purchase, creditors were pursuing Rezko for more than $10 million. Rezko argues in the case documents that he is essentially broke now. This raises the question of how he was able to come up with $125,000 and a $500,000 mortgage to buy the property. He later resold the lot at a profit.

Q: Did Obama get a special deal on the price of his home?

A: The sellers originally asked for $1.95 million but agreed to sell for $1.65 million after rejecting two lower offers from the Obamas. The Obama campaign says it has an e-mail from the sellers stating that this was the best offer they got and that the price for the house had nothing to do with Rezko buying the vacant lot.

Q: So Rezko bought the lot next door. Was that the end of his involvement?

A: No. Obama later bought one-sixth of that lot so that he would have a bigger side yard. Its value was appraised at $40,500, Obama says, but he paid one-sixth of what Rezko originally paid, or $104,500.

Definitely a pro-Barry world around here.

This story gets a lot more attention on other progressive blogs - those that care to check the facts about the two candidates.

Why wouldn't it be on page 7? The MSM already hit him with this heavily on March 3rd.

It is a pseudo-scandal, there is nothing there. I don't understand why HRC supporters think the same story should be on page one every day

was in the Washington Post, I think

but never back them up with any links.

that Fitz cleared him, that he has not been subpoenaed and that the proscutor didn't mention him as involved in any way. I'm always amused by the cognitive dissonance on display by hilly supporters around here. Hsu, Giustra, Gupta, Paul, income tax, suspicious sales of worthless stock, Burckle, off shore tax havens and so much more lurk in the Clintonian closets, and all you poor little things have is Rezco. bwahahahah.

I read the answers and all of it seemed okay with me? Well, I guess if it makes Hillary and her supporters happy they can keep screaming REZKO. Whatever...:shrug:

A: Nothing.


Says it all.

Won't prevent shill-bots from screaming it every ten minutes until we shut her (and her drones) down, though.