The Chicago Tribune Takes on Saint Obama's Real Estate Deal

The Chicago Tribune reports:

Obama would be wise to explain, fully and quickly, the prelude to a real estate deal and subsequent transactions related to his acquisition of a $1.65 million home on Chicago's South Side. If Obama doesn't shine his own spotlight on his real estate relationship with indicted political fundraiser Antoin "Tony" Rezko, he'll be fielding questions about Rezko in two years and in 20.

First among those questions with staying power: Why would Obama allow himself any connection to Rezko? The developer notoriously attaches himself to political figures, often parlaying friendships into business dealings that have attracted official suspicions for several years.

An article in Wednesday's Tribune explained how Obama bought his house in June 2005 for some $300,000 less than the asking price. The same day, Rezko's wife bought the adjoining lot, paying the full $625,000 asking price. The Rezko involvement invited a second question for Obama: whether Rezko's wife in effect subsidized Obama's purchase of the opulent home and also provided an abutting private preserve that adds to its ambience. The article reported that the lot isn't accessible from the public street but can be reached from Obama's property.

Obama spokesman Robert Gibbs unequivocally denies that the Rezkos subsidized Obama's purchase. He portrays the real estate dealings as ordinary and entirely aboveboard. As the Tribune article noted, there's nothing illegal or untoward about an aggressive developer buying hot property next door to a rising political star. But these are not normal times for Rezko or Obama, longtime friends whose fortunes have taken sharp turns in opposite directions.

Smoke was rising from Tony Rezko long before his wife bought a lot next to Obama's. Federal prosecutors accuse him of scheming to extort money from companies seeking business with state government. Rezko pleads innocence.

Still no word yet from Frank Rich on this one.