Will Bunch has an excellent article on some potentially shady dealings by the senator form Pennsylvania. & this is the guy that supposed to be writing the new "ethics" rules for the Senate. Pity the fool who falls for this one.
"What was curious was the source of the increased mortgage. It was a new private bank catering to “affluent investors and institutions” -- whose officers have contributed $24,000 to Santorum’s political action committees and re-election campaign -- called Philadelphia Trust Company.
Rick and Karen Santorum do not appear to fit the profile of customers to whom the financial institution would normally issue a loan of any kind. According to information currently posted on Philadelphia Trust’s Web site, banking services “are offered at no additional charge to our clients” and “are available only to investment advisory clients whose portfolios we manage, oversee or administer. Interest rates on loans and deposits are competitive. Loan payments will be customized to match each client’s specific needs. Approved loans will be collateralized by your investment portfolio.”
Santorum’s financial disclosure forms filed with the clerk of the Senate show that he has never maintained an investment portfolio with Philadelphia Trust. For that matter, the senator would hardly fit the profile of the “affluent investor” that the Philadelphia bank seeks -- namely, people with investment assets of at least $250,000. On his 2002 disclosure form, Santorum listed liquid assets, primarily retirement accounts and life insurance, in a range no greater than $140,000."
No comments:
Post a Comment