Posted on 10/25/2013 2:41:45 AM PDT by Cincinatus' Wife
Terry McAuliffe has promised voters he is committed to transparency, but in the final days of a Virginia governor’s race he leads, the Democrat has steadfastly refused to explain a complicated financial arrangement involving several family trusts and a union-owned insurance and investment company.
For the arrangement, known in real estate parlance as a covenant not to encumber, Mr. McAuliffe — along with two other trustees for family trusts in his wife’s name — asked a bank for a $750,000 letter of credit “for the benefit of” Union Labor Life Insurance Co., or Ullico, the union-owned company that came under a congressional investigation a decade ago for risky investments.
As part of the deal, new liens or sales contracts could not be placed on the family’s home in McLean, Va., without the bank’s permission, according to land records that The Washington Times located in Fairfax County.
The document was signed by Mr. McAuliffe and his wife as owners of their home property that was used in the transaction.
[SNIP]
The covenant between Mr. McAuliffe and Ullico appears to have escaped notice during a 2003 U.S. House investigation into how the company lost so much money in Global Crossing.
The Times was alerted to the document, sitting in a county records office, by a former labor official and prominent Democrat who was familiar with Ullico’s loan arrangement with McAuliffe......
[SNIP]
(Excerpt) Read more at washingtontimes.com ...
Is the GOPe also silent on the matter?
These weasels make me want to puke!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.