Newark Ex-Mayor’s Deals Stir Questions

The New York Times reports:

In November 2004, an ornate four-story building in the Military Park historic district of Newark was sold to a corporation called P.P.S.J. for $2.6 million. It was not just any buyer: the sole officer was the powerful mayor of Newark, Sharpe James, then in his fifth and final term.

It was far from Mr. James’s only land acquisition. During the past 15 years, Mr. James, his wife and their three sons have bought and sold 18 properties in Newark, on the Jersey Shore and in South Carolina, selling them for $1.4 million more than the purchase price, records show. They currently own eight properties with an assessed value of $3.2 million.

Many of those acquisitions followed a pattern, a review of the family’s properties shows. Most were financed by the same bank, Crown Bank, whose president has done extensive business with the city. Several were purchased in areas where Mr. James’s administration was investing public redevelopment money. And on at least three occasions, Mr. James used campaign funds to rent buildings he owned.

Who says you can't get rich going into politics?