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M a c r o M a y h e M

Monday, June 13, 2005

Duke Cunningham and his big money from the Military Contractors...

My word... It seems that "Duke" Cunningham has been caught in mid-scandal. Compliments of the Union Tribune

Mitchell Wade bought the San Diego Republican's [Duke Cunningham] house for $1,675,000 in November 2003 and put it back on the market almost immediately for roughly the same price. But the Del Mar house languished unsold and vacant for 261 days before selling for $975,000.
Meanwhile, Cunningham used the proceeds of the $1,675,000 sale to buy a $2.55 million house in Rancho Santa Fe.
[...] And Wade, who had been suffering through a flat period in winning Pentagon contracts, was on a tear 'reeling' in tens of millions of dollars in defense and intelligence-related contracts.

...To which Cunningham has been on the Committees that appropriate the expeditures.

Asked if he had supported funding requests benefiting MZM, Cunningham said, "Oh, sure. Just like I have supported Qualcomm and everything else. Titan. SAIC. TRW."
MZM has also been a major contributor to Cunningham's political campaigns, having donated $13,000 in the 2003-04 election cycle.


Let's get this straight. Cunningham attempts to sell his Del Mar home for 1.6 million dollars. Wade, owner of MZM military defense, agrees to purchase the home for 1.6 million dollars. Wade uses his Nevada based business to purchase the home. Then, turns around and puts it on the market 261 days later. The home sells for 700,000 dollars less than what Mr. Wade paid for it. In the meantime, Cunningham buys a new home for 2.25 million(twice as much), in Rancho Santa Fe. and Wade is "reeling-in" multi-million dollar defense contracts.

Cunningham suprisingly comes out on top of a real estate deal that leaves his top contributor out 700,000 dollars. But, somehow Mitchell Wade benefits from new defense contracts and a home in Rancho Santa Fe.

Write to the Union Tribune and North County Times and tell them to do more investigative reports on the conduct of our Congress representative.


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