House Minority Leader Nancy Pelosi’s husband, a real estate developer and investment banker, stands to make millions of dollars in a previously undisclosed residential real estate project in California as a partner with the father of a woman Mrs. Pelosi helped become ambassador toHungary, records show.
Paul F. Pelosi’s investment in Russell Ranch is worth at least $5 million and possibly as much as $25 million in a deal put together by his friend and longtime business associate, Angelo Tsakopoulos, patriarch of a multimillion-dollar real estate development firm, according to Mrs. Pelosi’s latest personal-disclosure statement.
Despite his involvement in the project dating back to the late 1990s, Mrs. Pelosi first listed the investment in May 2010 on her federal financial-disclosure forms covering the couple’s finances during 2009. The forms are required annually and are supposed to identify assets she and her husband have that are worth more than $1,000.
The first Russell Ranch listing came a month after The Washington Times raised questions about business dealings between Mr. Pelosi andMr. Tsakopoulos and Mrs. Pelosi’s successful efforts to help his daughter, Eleni Tsakopoulos-Kounalakis, become ambassador. For 2009, Mrs. Pelosi reported that the Russell Ranch investment was worth between $1 million and $5 million. The next year, she listed the value as between $5 million and $25 million.
To re-cap: OneUnited Bank received $12 million in federal TARP bailout money after Waters’ office personally intervened and lobbied the Treasury Department in 2008. The minority depository institution was seeking a backdoor government rescue from its reckless decision to squander nearly $52 million of its bank capital on Fannie Mae and Freddie Mac preferred stock. Lavish spending by top bank executive Kevin Cohee, who boasted a company-financed Porsche and a Santa Monica, Calif., beachfront mansion, compounded the bank’s problems.
After the federal bailout of Fannie/Freddie, OneUnited’s stock in the government-sponsored enterprises plunged to a value estimated at less than $5 million. Only through Waters’ intervention was OneUnited able to secure an emergency meeting with the Treasury and its then-Secretary Henry Paulson.
Where, oh where is our next George Washington, John Adams, even Thomas Jefferson....?