Feds Looking into Gambling Deal
On cue from Ben's post yesterday, the Daily News
is reporting today that the Feds are going to take a look at the land deal that could net State Sen. Michael Stack and his family millions:
Gov. Rendell yesterday confirmed that his administration received a federal subpoena for records of a land deal that could add up one day to a jackpot for a state senator and his family.
The subpoena was issued after the Daily News detailed two weeks ago that state Sen. Mike Stack III and his family own part of a 46-acre riverfront plot in Fishtown. A Las Vegas casino company that wants to build a slot machine parlor there holds a $40 million option on the land.
Rendell defended the state's nascent gaming industry, saying it is not "mired in controversy and scandal," as suggested in a recent Washington Post editorial.
"Frankly, if you asked me for records, I wouldn't have anything to give you," Stack said. "I'm a small shareholder."
Stack and his four siblings each own 4 percent of Beach Street Corp., one of two companies that own the 46 acres.
His father, 58th Democratic Ward Leader Michael Stack Jr., owned another 20 percent but last month gave that stock to his wife, Municipal Court Judge Felice Stack, because he is facing felony forgery and conspiracy charges in an unrelated matter.
I will not be shedding tears for the "small shareholder." He and his family own 40 percent of a company that will make millions off of a gambling deal. Can you say, conlict of interest?