Well it seems that Kevin Rennie was correct. It seems I was correct. It seems your better instincts were correct. That Irish cottage that the senior Senator bought for a song with the help of his financial friends is worth just a little bit more than he had disclosed. OK … more than a little bit.
A new appraisal of the Irish cottage owned by Sen. Christopher Dodd concludes that it is worth about three times as much as Dodd has been reporting on his financial disclosure forms.
The new value of the cottage, located on Inishnee in Galway County, is $658,000, according to Dodd’s 2008 financial disclosure form released today.
The appraisal was done by the same person who did the original one in 2002 when the 1,200 square-foot cottage was evaluated at about $190,000.
Let’s see … a 65% increased in 8 years and a 300% plus increase in 6 years. Dodd’s people say he doesn’t think much about the cottage but reported the new value in the interest of “good faith”. My guess is, and Michelle Malkin’s guess is, there’s a little bit more at work here than good faith. She points to this in a complaint filed by Judicial Watch in April.
(Judicial Watch has sought additional documents about this property from government authorities in Ireland.)
According to the complaint, Senator Dodd, Chairman of the Senate Banking, Housing and Urban Affairs Committee, allegedly failed to report the gift in 2002 and may have filed inaccurate Senate Financial Disclosure forms related to the property ever since, in violation of the 1978 Ethics in Government Act. The penalty for filing false financial disclosure forms is $50,000 and up to one year in prison.
Dodd’s initial investment in this little gem was $12,000. That’s right, $12,000. They then bought out their partner Kessenger (who owned 2/3 of the house) in 2002 for $177,000. And from that point on … the value of the cottage never changed on a single Senate disclosure form, until now.
And Dodd’s not the only one getting rich … Good old Dick”Pol Pot”Durbin apparently is psychic too. Enough!
Update: Go here to see what Dodd had to say about his Countrywide mortgage in March. “I disclosed everything.”
Then go here to see how we questioned the value of the cottage in March.
Update 2: Oh yeah …. and remember this one?
Update 3: Dodd also addressed his wife Jackie’s presence on the boards of Pharmaceutical boards and receiving an income of about $500,000 last year. We address this issue here.
What struck as I read through the article was not so much her appointments to the boards … which come after her marriage to Dodd, but her qualifications. She lists her consulting firm as one of her qualifications but there apparently is no record of any clients in recent years.
But Clegg Dodd’s consulting firm has neither clients nor a current business phone listing. ”There are no clients now and there have been no clients for three and a half years,” she said, responding to written questions.
Her only other qualifications appear to be her time as a legislative staffer on the banking committee and vice president for congressional affairs for the Export-Import Bank. These are fine indeed, but I would question whether they qualify a person to be the board member who overseas audits.
Dodd’s explanation is a familiar refrain … “Hey, you wouldn’t be saying this if she weren’t a woman.” Nothing like addressing the issue.