Believe That and We Have a Bridge in
to Sell You
The scandal in
is pretty straight forward. The Governor
of the state and his wife openly and actively promoted a company in return for
gifts, loans and other benefits. Now it
is purported that the Governor’s wife bought
stock in the company without the knowledge of her husband.
First lady Maureen McDonnell purchased stock in troubled nutritional supplements maker Star Scientific twice in the past three years without the governor's knowledge, according to an attorney representing her in an ongoing federal investigation into ties between Virginia's first family and the company and its chief executive.
And what Mrs. McDonnell did is kinda revealing.
Bill Burck, a
lawyer representing Maureen McDonnell in the criminal investigation, said late
Friday that Maureen McDonnell bought 6,000 shares worth about $30,000 in the
summer of 2011 for herself and her children. She then sold it in December 2011
at a substantial loss, $15,000, the attorney said. Washington
Okay then what did she do?
Then, in January of 2012, the first lady bought back the shares.
So we know two things.
- Mrs. McDonnell sold the stock to avoid reporting ownership at the end of the year. She may also have been motivated to create a tax loss, and presumably did not violate wash sale tax rules, but who knows with these folks.
- Mr. McDonnell knew about the stock ownership because it would have showed up on the joint tax return.
Well we also know a third thing. The McDonnell are a greedy unscrupulous couple. But then we knew that before this latest revelation.