After Hastert inserted a $207 million appropriation bill - XDTalk Forums - Your HS2000/SA-XD Information Source!

manic mechanic · 06-16-2006, 11:34 AM

Land Deal Gives Hastert 300% Profit
June 16, 2006 11:00 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.

Hastert and partners sold the land to developers who plan a large residential sub-division about five miles from the new highway.

Local citizens fighting the highway project were outraged to learn of the Hastert deal. "I think he clearly has his own personal interest and not the public's by buying and selling land to developers for personal profit, when it has a negative long-range effect on the community," said Jan Strasma, head of community group Citizens Against the Sprawlway.

Hastert's spokesman said that Hastert had been a proponent of the highway for 20 years, and there was nothing improper in the deal.

According to Hastert's disclosure form and county property records, a 69-acre parcel was put into a trust, Little Rock Trust #225, on May 2, 2005.

Two months later, in July 2005, Hastert pushed the highway appropriation bill through a conference committee.

On Aug. 6, 2005 President Bush appeared with Hastert at a ceremony in Illinois to celebrate the new highway's funding.

On Dec. 7, 2005 the trust sold the parcel of land to the developers.

The spokesman said, for tax reasons, Hastert used part of his $2 million profit to buy a 275-acre farm in Wisconsin that Hastert intends to use as a future retirement home.

http://blogs.abcnews.com/theblotter/...eal_gives.html

I can see why he wants to retire to Wisconsin, it a long shot from IL.

Mark S. · 06-16-2006, 12:00 PM

We've got the best Congress money can buy!

Captain Ray · 06-16-2006, 12:27 PM

There was nothing illegal about this.. the land was 5 miles away from the development.. this is just another ruse by you liberals..

Don't you ever fear that these allegations will get so tiresome that if you ever have a REAL objection that nobody will listen? The story of the little boy who cried wolf comes to mind...

Raymond

jkswiss · 06-16-2006, 12:34 PM

Maybe nothing illegal but it clearly seems unethical. You buy said piece of land. Two months later you get a highway to run across your land that you just bought. You then sell that land for a huge profit. Something doesn't sit right with me about that. There seems to be a level of conflict of interest here, i.e. his interests about himself over the interest of his constituents.

bd1 · 06-16-2006, 01:06 PM

There are no ethics in the Republican Culture of Corruption.

Their only shame is in getting caught.

bd

Captain Ray · 06-16-2006, 01:19 PM

Quote:

Originally Posted by jkswiss

Maybe nothing illegal but it clearly seems unethical. You buy said piece of land. Two months later you get a highway to run across your land that you just bought. You then sell that land for a huge profit. Something doesn't sit right with me about that. There seems to be a level of conflict of interest here, i.e. his interests about himself over the interest of his constituents.

What do you mean by ethical? Are you saying he is not a nice man? I am sure his grandchildren would disagree.

If you had a chance to sell a piece of property for a big financial gain.. are you saying you wouldn't?

That's ridiculous.

Raymond

mgeoffriau · 06-16-2006, 01:22 PM

Ray, you keep forgetting....profit is evil.

Captain Ray · 06-16-2006, 01:26 PM

Quote:

Originally Posted by mgeoffriau

Ray, you keep forgetting....profit is evil.

Sorry.. I forgot.. I guess only Liberals are allowed to make money.. like George Soros who ruined entire countries by trading currency should be allowed to eat Kobe beef and escargot... Republicans who legally sell property are not nice men...

Raymond

jkswiss · 06-16-2006, 03:20 PM

I wonder what kind of lives you people lead sometimes. You see nothing inherently wrong with buying up land, pushing a piece of legistlation through to profit from it, and then selling it. Hell, these people should just do this full time for their term, make a killing, and retire from the political arena.

I'm out. Peace.

06-16-2006, 11:34 AM	#1
manic mechanic XDTalk 1K Member Join Date: Jun 2005 Location: michigan, down the river Posts: 1,128	After Hastert inserted a $207 million appropriation bill Land Deal Gives Hastert 300% Profit June 16, 2006 11:00 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. Hastert and partners sold the land to developers who plan a large residential sub-division about five miles from the new highway. Local citizens fighting the highway project were outraged to learn of the Hastert deal. "I think he clearly has his own personal interest and not the public's by buying and selling land to developers for personal profit, when it has a negative long-range effect on the community," said Jan Strasma, head of community group Citizens Against the Sprawlway. Hastert's spokesman said that Hastert had been a proponent of the highway for 20 years, and there was nothing improper in the deal. According to Hastert's disclosure form and county property records, a 69-acre parcel was put into a trust, Little Rock Trust #225, on May 2, 2005. Two months later, in July 2005, Hastert pushed the highway appropriation bill through a conference committee. On Aug. 6, 2005 President Bush appeared with Hastert at a ceremony in Illinois to celebrate the new highway's funding. On Dec. 7, 2005 the trust sold the parcel of land to the developers. The spokesman said, for tax reasons, Hastert used part of his $2 million profit to buy a 275-acre farm in Wisconsin that Hastert intends to use as a future retirement home. http://blogs.abcnews.com/theblotter/...eal_gives.html I can see why he wants to retire to Wisconsin, it a long shot from IL. __________________ The 2nd amendment makes all the others possible. If we ever forget that we're One Nation Under God, then we will be a nation gone under." Ronald Reagan

06-16-2006, 12:27 PM	#3
Captain Ray XDTalk 1K Member Join Date: Oct 2004 Location: Oregon Posts: 1,693	There was nothing illegal about this.. the land was 5 miles away from the development.. this is just another ruse by you liberals.. Don't you ever fear that these allegations will get so tiresome that if you ever have a REAL objection that nobody will listen? The story of the little boy who cried wolf comes to mind... Raymond __________________ \"I have been driven many times upon my knees by the overwhelming conviction that I had nowhere else to go. My own wisdom and that of all about me seemed insufficient for that day.\" ~Abraham Lincoln~

06-16-2006, 01:22 PM	#7
mgeoffriau XDTalk 1K Member Join Date: May 2005 Location: Jackson, MS Posts: 1,077	Ray, you keep forgetting....profit is evil. __________________ I felt early on I wasn't going to be a respectable citizen. -- Cormac McCarthy We are hard pressed on every side, but not crushed; perplexed, but not in despair; persecuted, but not abandoned; struck down, but not destroyed.

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06-16-2006, 12:00 PM	#2
Mark S. XDTalk 500 Member Join Date: Oct 2003 Location: Fullerton, CA Posts: 733	We've got the best Congress money can buy!

06-16-2006, 12:34 PM	#4
jkswiss XDTalk 1K Member Join Date: Dec 2004 Posts: 1,085	Maybe nothing illegal but it clearly seems unethical. You buy said piece of land. Two months later you get a highway to run across your land that you just bought. You then sell that land for a huge profit. Something doesn't sit right with me about that. There seems to be a level of conflict of interest here, i.e. his interests about himself over the interest of his constituents.

06-16-2006, 01:06 PM	#5
bd1 XDTalk 500 Member Join Date: Feb 2006 Location: Western NC Posts: 626	There are no ethics in the Republican Culture of Corruption. Their only shame is in getting caught. bd

06-16-2006, 03:20 PM	#9
jkswiss XDTalk 1K Member Join Date: Dec 2004 Posts: 1,085	I wonder what kind of lives you people lead sometimes. You see nothing inherently wrong with buying up land, pushing a piece of legistlation through to profit from it, and then selling it. Hell, these people should just do this full time for their term, make a killing, and retire from the political arena. I'm out. Peace.