"How Privileged Democrats Pay for Their Houses"

[WhiskeyGirl]

Like millions of Americans, Delaware Republican Senate nominee Christine O'Donnell has had trouble covering her mortgage and other bills over the years. Her opponents consider this a scandal of disqualifying proportions. But there's a bigger disgrace: It's all the sanctimonious Democrats who have exploited their entrenched political incumbency to pay for multiple manses and vacation homes -- while posing as vox populi.

Former senior senator from Delaware and current Vice President Joe Biden has a custom-built house in Delaware's ritziest Chateau Country neighborhood. It is now worth at least $2.5 million and is the Bidens' most valuable asset. Biden tapped campaign funds to pay for his compound's lawn needs...

How can Main Street set up a campaign fund to pay for law maintenance?

In 1996, Biden sold his previous mansion to MBNA Vice Chairman John Cochran. The asking price was $1.2 million. Cochran forked over the full sum. Biden then paid $350,000 in cash to real estate developer Keith Stoltz for a 4.2-acre lakefront lot. Stoltz had paid that same amount five years earlier for the undeveloped property.

Reporter Byron York looked at comparable properties in Biden's neighborhood and found three cases where homes in the area went "for a good deal less than their appraised value. In comparison, it appears Cochran simply paid Biden's full asking price."

Biden's office denied any sweetheart deals took place, but York noted that it appeared MBNA indirectly helped Cochran buy the Biden house through six-figure executive compensation funds listed as moving expenses and losses suffered on the sale of his previous home.

To be clear, no laws were broken. These arrangements were simply a continuation of Biden's decades-long, Beltway business-as-usual relationships with a deep-pocketed corporate benefactor -- which, by the way, later hired his son. Nice nepotism, if you can get it.

Then there's President Barack Obama's own $1.7 million Chicago manse -- which was financed with a discounted mortgage from Northern Trust and infamously included a shady land swap with convicted felon donor/developer Tony Rezko. A report released by the Federal Election Commission in February 2009 underscored that the Obamas received reduced loan rates (saving $300 a month, or $108,000 over the life of a 30-year loan) because of their high-profile positions.

Northern Trust offered the super jumbo loan to the Obamas in anticipation of entering "long-term financial relationships" with the successful couple. The FEC refused to call the Obamas' mortgage deal an illegal corporate contribution, but it was an obvious act of favor-trading. Northern Trust employees had contributed $71,000 to Obama since 1990.

GOP candidates like Christine O'Donnell, who have weathered personal financial troubles, have a lot more in common with the 14 million Americans underwater on their mortgages than these privileged Beltway boys. Perhaps fat-cat Democrats in crony-funded houses should put down their stones.

More here - http://townhall.com/columnists/MichelleMalkin/2010/09/24/how_privileged_democrats_pay_for_their_houses/page/full/

How many Americans have access to funds that compensate them for losses due to moving on previous homes?

How much do all these 'losses' cost the Treasury in lost revenue?

Obamacare introduced the $600 1099, to keep business honest.  Where is the 1099 for all these losses?  All these fund payments?

Is this the problem with Washington?  Certain classes of folks, like politicians just use the system to avoid taxes?

They never see financial impact of their legislation, just the rewards?

Why shouldn't these people have taken a loss?  Isn't it part of the decision one make when they move or take another job?