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June 14, 2005

Republican House Member Randy Cunningham Takes Bribe, Pockets $700,000

Paul Kedrosky reports:

Infectious Greed: Best/Worst Real Estate Broker in California: Rep. Randy Cunningham apparently has the best real estate broker in California. He sold his Del Mar, California, house in November of 2003 for a tidy $1,675,000. A month later, however, the person who bought the house from Cunningham put the house back on the market, but it took eight months to sell the house, and the price fell $700,000. It seems the buyer's agent was the worst broker in California. Too bad.

Then again, there are some puzzles here. The man who bought the house from Cunningham was Mitchell Wade, a defense contractor doing business as MZM, Inc. Wade's company had received millions of dollars in defense business, and Cunningham sits on the House Intelligence Committee. These are things that make you go 'Hmmmm.'

Is is possible that Del Mar's beachside prices fell precipitously during the biggest real estate boom ever in southern California? As the figure here shows, no, it's not likely at all. So we're left with believing that either the buyer & seller had the most bizarre yin/yang experience in real estate history, or there is more to this than meets the eye.

Why hasn't Cunningham been indicted, and expelled from the House of Representatives yet?

Posted by DeLong at June 14, 2005 10:18 AM