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Fired Man Questioning Rezko Loan Sues

Get in line with Obamathought now people. No sense in risking your job.

I wonder how much attention this story will get? Why is the media not curious about why records about things that might embarrass Barack Obama seem to conveniently disappear?

A former employee of Mutual Bank Corp. seeks $4.2 million in damages, claiming he was wrongfully fired after alerting his superiors to concerns involving a loan given to felon Antoin "Tony" Rezko.

In a lawsuit filed in Cook County Circuit Court, Kenneth J. Conner, a graduate of Benedictine University in Lisle, says his bosses at Mutual Bank in south suburban Harvey terminated him after he spoke up about a missing report regarding a South Side Chicago parcel belonging to Rezko, a fundraiser for Illinois politicians who was convicted in a multimillion-dollar kickback scheme.

Rezko's wife, Rita, in June 2005 closed on purchasing the parcel for $625,000, aided by a $500,000 loan from Mutual, the lawsuit states.

A portion of the property - 10 square feet - was eventually sold in January 2006 to Barack and Michelle Obama.

However, Conner claims when bank officials asked him in either late 2005 or early 2006 to appraise the property, he concluded the parcel was overvalued by at least $125,000. He said his report was included in a file kept by the bank.

The lawsuit then states on Oct. 19, 2006, the bank received a subpoena from a Chicago grand jury asking for that bank file while federal officials investigated Rezko. The lawsuit alleges the file turned over to FBI officials failed to include Conner's report and instead reflected an appraisal dated June 15, 2005, stating the value of the parcel was $625,000. Conner claims when he discovered his report was removed, he went to his bosses who fired him in October 2007, not wanting attention from a high-profile case.


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Comments (6)

But the good news is, that ... (Below threshold)

But the good news is, that every whistle blower fired for exposing corruption of Friends of Obama will receive a tax cut in his new, lower paying job!

Deja Vu. First thing that ... (Below threshold)
iurockhead:

Deja Vu. First thing that popped into my mind was Whitewater. Think this guy will have a cat disappear, find a shotgun shell and threatening note in his car, or maybe get his car tires filled with nails?

I'm the first to admit I'm ... (Below threshold)
Adrian Browne:

I'm the first to admit I'm not the brightest bulb in the batch especially when it comes to math but I don't understand this story at all.

Is the issue that the Obamas paid less than the real value of the property with the help of the Rezkos? The article doesn't state how much they Obamas paid. Do we know how much the Obamas paid? How many square feet was the original parcel that Rita paid $625,000 for? Was the 10 square feet of property that the Obamas bought worth the same PER SQUARE FOOT once it was sliced off of the original parcel? Maybe it's value per square foot decreased or increased once it was sliced off. Real estate changes value over time but if the Obamas unduly benefitted from a shady real estate deal Senator Obama shouldn't become president.

How does Mr. Conner know what was included or not included in the files the FBI received?

Perhaps a Special Prosecutor should be called in.

Well, it seems there were s... (Below threshold)

Well, it seems there were several appraisals of the property of which Obama bought a section of from Rezko. There was "Adams Appraisal", "Howard B. Richter & Associates" and Mr. Connor, who worked for Mutual Bank. Adams Appraisal valued it at $625k. Mr. Connor valued it at $500k.

Richter and Associates was hired by Obama to do an appraisal and isn't saying what they valued it at or whether it was for the entire property or just the strip he bought. When he was asked point blank if Rezko had an appraisal performed for the 10-foot strip, all he said was he himself had one done by Richter.

Frankly, it looks like there was some appraisal shopping going on there and Mr. Connor's got yanked from the file for reasons we can only guess.

There is plenty of speculation right now that Rezko is singing like a bird to investigators and we're not likely to find much out until after the election.

Why 10 square feet? Isn't t... (Below threshold)
Jay Dean:

Why 10 square feet? Isn't that only slightly larger than a 3 foot by 3 foot square? Or a one foot by 10 foot strip of land? Are the lots in that neighborhood so unbelieveably cramped that this could possibly make any difference at all? The transaction took place for some reason; I just can't imagine what that reason mioght possibly be.

The "10 square feet" has to... (Below threshold)

The "10 square feet" has to be a typo. I believe it was a ten foot wide strip along one side of the property, if I remember correctly.




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