Florida Senator and GOP presidential hopeful Marco Rubio would have never had a career in politics had it not been for a group of shady South Florida Republican Cuban-American politicos who helped propel a young Rubio from Tallahassee to Washington, DC.
When Rubio bought his Miami home in December 2005 for $550,000 he was given a $185,000 home equity loan of credit from U.S. Century Bank, a Doral bank controlled by his deep-pocketed Cuban-American supporters in Miami-Dade. Rubio never declared the loan as income. For 37 days after Rubio closed on the mortgage, the value of his home appreciated in value $5,000 a day for 37 days, which ultimately raised the home’s value to $735,000. Rubio was a member of the Florida House of Representatives at the time of the questionable loan and immediate daily rise in assessed home value, which WMR was told by a knowledgable source in Miami violated the home assessment regulations established by Freddie Mac and Fannie Mae.
Rubio’s tax form release for 2005 never included Schedule E, which lists all sources of income. In 2008, Rubio actually had the nerve to tell theMiami Herald, “I try to over-disclose as opposed to under-disclose,” to which the Palm Beach Post responded, “He [Rubio] would look less like a politician trying to legitimize what looks like a political investment in him if, two years ago, he had ‘over-disclosed’ his ties to U.S. Century Bank.
A Palm Beach Post editorial of April 7, 2008, had the following to say about Rubio’s dubious mortgage deal: “Rep. Rubio bought his house in December 2005 for $550,000. Suddenly, though, it was appraised at $735,000. Even for housing-bubble times, that was impressive. Officials at U.S. Century Bank, however, say there were no political favors, that the loan was legal and is being dutifully repaid. The appreciation in value only looks as if it happened in just 37 days. In fact, Rep. Rubio signed a contract to purchase his home at pre-construction prices the year before an appraisal showed that $185,000 increase in value. But why did it takeThe Miami Herald questioning Rep. Rubio for him to acknowledge the loan and correct his state-required financial disclosure forms? As the Heraldreported, U.S. Century’s board includes: developer Sergio Pino, whose companies donated $3,000 to Rep. Rubio’s campaign in 2006 and who has joined Rep. Rubio in fighting expanded slot machines; developer Rodney Barreto, who also is founding partner of a Tallahassee lobbying firm with lots of clients that have business before the Legislature; and Jose Cancela, who is involved with Floridians for Property Tax Reform, which also lobbies Rep. Rubio, for tax cuts. Miami-Dade County residents have an even greater interest in Rep. Rubio’s ties to U.S. Century’s board. Rep. Rubio may run for Miami-Dade mayor, and several U.S. Century board members have ties to Neighborhood Planning Co., a partner with Lennar Corp. and the Easton Group in plans to develop 800 acres of farmland outside the urban development boundary. Rep. Rubio says he doesn’t see why his loan and omission are newsworthy and that he has nothing to hide.”
Rubio’s cronyism with Miami-Dade’s Cuban-American mafia, as well as his mismanagement of money and the Republican Party’s credit card, are much more troubling than “good family-man” Rubio covering up his gay past in South Beach.
The Rubio cronyism story is developing and there is more to come…
Wayne Madsen is an investigative journalist who consistently exposes cover-ups from deep within the government. Want to be the first to learn the latest scandal? Go to WayneMadsenReport.com subscribe today!
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