WC Varones

Don't lend your hand to raise no flag atop no ship of fools

Greenspan exposes Senator's affair

Republican Senator John Ensign admitted an affair with a campaign staffer. There are lots of angles to this story: Ensign was a rising star in the party, a moral conservative, and a 2012 Presidential contender.

But the angle that interests me is that Greenspan's housing crash caused the revelation. Ensign's honey and her husband took out a $1.2 million loan on their house at the peak of the bubble, and didn't appear to be able to cover the payments. They obviously can't refinance or sell with the house something like 50% underwater. So they did what lots of folks with embarrassing news on a wanna-be President would do:
Douglas Hampton [honey's husband] was paid about $101,000 in 2008 and $144,000 in 2007 as Ensign’s administrative assistant. But a financial disclosure form he filed in 2007 and 2008 – required for senior congressional staffers - showed only checking and savings account worth a maximum $30,000 combined.

A review of public records shows that the Hamptons in 2006 took out a $1.2 million mortgage on their Las Vegas home, at an interest rate of 8 percent.

Political insiders in Nevada and in the Senate said that Ensign decided to acknowledge the affair publicly after the husband of the woman he had been seeing asked him for a substantial sum of money.

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