Sunday, March 8, 2009

Senator Dodd: Pardon for a Partner

Kevin Rennie, a former state legislator, has a piece at the Hartford Courant which discusses Sen. Christopher Dodd's support for the 2001 pardon of Edward R. Downe. The pardon was one of many that was granted "without the traditional review by the Justice Department" at the end of the Clinton administration. Downe had been convicted of tax and securities fraud. Rennie notes that Downe's real estate development partner, William "Bucky" Kessinger, had purchased a 1,700-square-foot home in Ireland with Dodd in 1994 for $160,000. Dodd and Downe also purchased a condominium together in Washington, D.C., in 1986. Says Rennie:

A presidential pardon is a rare possession, especially when the man pardoned, Downe, still owed millions to the Securities and Exchange Commission for his violations. Rarer still, however, is the real estate developer, like Kessinger, who appears to have left hundreds of thousands of dollars in appreciated value on the table for his minority-share partner. Dodd appears to have latched onto one — and, on paper, has turned a profit like the Wall Street pirates he once loved but now disdains.

See full article here.

No comments:

blogger templates | Make Money Online