Saturday, September 06, 2008

Biden's Shady Real Estate Deals

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Leave it to the local media to look into what exactly Joe Biden has been up these last 36-years while he's lived off the people of this country:

In 1996, Biden sold a home in Greenville for the asking price of $1.2 million -- more than six times what he paid two decades earlier -- to John R. Cochran III, a top executive at the MBNA credit card bank that was a longtime political benefactor.

Using profits from that sale, Biden paid $350,000 cash to real estate executive and developer Keith D. Stoltz for 4.2 vacant acres -- a long, narrow lot a few miles from Biden's old home. Stoltz had bought that same lot five years earlier for the same price.

Stephen Pyle, who sold the land to Stoltz in 1991, said he was surprised that Stoltz, who lived on a neighboring estate, did not make any profit selling to Biden. "That doesn't sound like Keith Stoltz," Pyle, an artist who now lives in Texas, said of Stoltz, whose company recently proposed a $525 million project at nearby Barley Mill Plaza, a former DuPont Co. office campus.
Riddle me this, why would a guy who is a savvy enough businessman to propose a huge project sell a property that had definitely appreciated for the same price he bought it--less taxes he paid, essentially at a loss?

The next logical question would be did Biden have anything to do with this guys getting approval for the project or any other project he was involved in.

This is old-time politics at its best, just as Obama and Rezko made shady deals, it appears that Biden made a dubious deal here as well.

Biden doesn't seem too comfortable talking about this nice little arrangement he found he found himself in:

Biden would not agree to be interviewed, campaign spokesman David Wade said in a written statement, because of "time constraints -- he's going a million miles an hour."
Shocking, I know.

This is what the media as a whole should be doing, not only checking out McCain and Palin but Obama and Biden as well. They've been diligent on the former two and have ignored the last two.

1 comment:

Anonymous said...

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John Bill


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