POLITICIANS REMAIN UNDER SCRUTINY FOR SWEETHEART STOCK PAYOUTS
|| By FITSNEWS || North Carolina governor Pat McCrory is facing an ethics complaint over questionable payouts received from controversial lender Tree.com. According to Progress NC Action, McCrory is hiding “clear conflicts of interest and sources of income” related to his involvement with the company.
Last month, the Associated Press reported McCrory and U.S. Rep. Mark Sanford had “accepted six-figure stock payouts from an online mortgage broker accused by regulators of deceiving its customers.”
According to the AP report, Sanford “received his $108,539 in Tree.com stock after taking office in Congress” – although the company didn’t disclose the payout until May 2014. The wire service says Sanford’s acceptance of the money had “never been made public” prior to its report.
Sanford has been criticized for his receipt of nearly a quarter million from Tree.com from April 2012 to May 2013, but no investigation has been launched into his dealings with the company.
South Carolina Democrats have been clamoring for one, though.
“Sanford’s payout from a company under investigation required last minute maneuvering to avoid losing money when he took office,” S.C. Democratic Party chairman Jamie Harrison said last month. “Working families across South Carolina don’t get sweetheart $239,159 buyouts. Our elected officials must be open and honest about their financial dealings. I encourage the appropriate oversight bodies to review the details of this questionable transaction.”
We concur …
Regardless of their ideological affiliation or party label, elected officials have an obligation to work for the people – not the special interests. Sweetheart paydays like those received by McCrory and Sanford erode the public’s faith in their government – and are among the reasons we’re warming to draconian restrictions on income for elected officials.
Public service isn’t self-service … or at least it shouldn’t be.