So apparently you can lose money in real estate. Defense contractor MZM bought Republican Rep. Duke Cunningham (yeah the guy who says "Top Gun" was based on him) San Diego home for $1.6 million dollars. A few months later MZM decided to resale the house without ever using it, the catch is they could only get $900,000 for it. So MZM took a $700,000 loss in the matter of a few months.
Why should you care? At the same time Cunningham was helping MZM procure tens of millions in defense contracts. Illegal? We'll see, but certainly helping somebody you have personal business relationships with (MZM is also Cunningham's third largest contributor) to win federal contracts is a breach of ethics.
Just another case of the GOP's disdane for ethics and values. Just another case of the GOP's disdane for the public.
Tuesday, June 14, 2005
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