Blagojevich under water on his home loan

[marmar]

Blagojevich Took Home-Equity Credit Line as Legal Bills Grew
By Timothy J. Burger


Dec. 20 (Bloomberg) -- With legal bills from a federal corruption probe nearing $1 million a year ago, Rod Blagojevich and his wife took out a $104,000 home-equity line of credit on their Chicago residence, real estate records show.

The credit line, details of which haven’t been previously revealed, highlight the financial pressure facing the Illinois governor as federal investigators expanded their inquiry into his actions.

Blagojevich, accused Dec. 9 of trying to sell the vacant U.S. Senate seat of President-elect Barack Obama, said yesterday he would contest the charges. He vowed at a news conference to “fight until I take my last breath.”

“I’m here to tell you right off the bat that I am not guilty of any criminal wrongdoing, that I intend to stay on the job, and I will fight this thing every step of the way,” he said.

Blagojevich and his former chief of staff, John Harris, are charged with conspiracy to commit mail and wire fraud as well as solicitation of bribery. They are accused of using the governor’s power to fill the Senate seat as a chance to reap more than $1 million in campaign contributions.

Federal agents recorded several of Blagojevich’s conversations during their probe, capturing the governor bemoaning his lack of money.

He had mounting legal bills, among other expenses. By last December, Blagojevich’s campaign had paid the Chicago-based law firm of Winston & Strawn more than $1 million over the previous 24 months. It still owed the firm $965,352, according to Illinois campaign disclosures. ........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aC5wR3rCvqIA&refer=home

[Skink]

1. What they don't have Governor residences in Chicago.

[Tangerine LaBamba]

2. The capitol is Springfield

He lives in his private home in Chicago. I don't understand that at all.

[lavenderdiva]

4. wasn't there some stink or something about his refusal to live

in the Governor's mansion?

[dipsydoodle]

3. That's why

campaign funds have been locked - to deny fraudent use.